Development Partners International (DPI), an investment firm focused on Africa, raised $900 million to invest in innovation-led companies.
The company, in a statement to LEADERSHIP said the African Development Partners III Fund, has exceeded its $800 million target, and is set to hold a final close at $900 million, with an additional $250 million of dedicated co-investment capital.
It added that, “this brings a total of $1.15 billion for investments on the continent. The fundraising establishes ADP III as one of the largest funds dedicated to investing global capital in Africa.
Co-founder and chief executive of DPI, Runa Alam, said: “Africa remains an exciting investment destination with positive demographics, rising adoption of technology and rising consumer and business spending. Against this backdrop, DPI has continued to generate top quartile returns by leveraging our team’s deep-rooted local expertise across the African continent.”
The managing director of DPI, Joanne Yoo said: “the strong support for ADP III validates our strategic focus, creative approach and investment discipline. We are grateful for the trust that our investors have placed in DPI, and we are confident that our talented team will continue to deliver competitive returns and impact.”