Convergence Partners Closes USD 10 M Investment In 42Markets Group

Convergence Partners has announced the acquisition of a strategic stake in 42Markets Group, an incubator, investor, and builder of high-growth specialist businesses in the financial and capital markets sector. The investment is through its Convergence Partners Digital Infrastructure Fund (CPDIF), a USD 296 M private equity fund focused on investing in digital infrastructure opportunities across sub-Saharan Africa. The introduction of Convergence Partners as new investors will enable the 42Markets Group to accelerate growth through the buildout of its product set and further geographic expansion. 

42Markets Group is focused on the digital transformation and improved efficiency of capital markets in Africa. The business is well placed to enable second tier capital markets to improve their capabilities to reduce friction and costs, and improve transparency and real-time risk management, across a broad range of financial products, ultimately extending the reach of banking and financial services to a broader cross section of the population.

Convergence Partners is one of the leading private equity investment managers focused on the technology sector in sub-Saharan Africa, with a 20-year history of investing in digital infrastructure in the region. With more than USD 600 M under management, including the recently launched Convergence Partners Digital Infrastructure Fund, which is focused on long term investments in data centers, fiber networks, wireless and towers, edge, artificial intelligence (AI), Internet of Thing (IoT), cloud and fintech and platforms across the continent.