Synergy Private Equity Fund has announced its first close of $56.25m on September 12, 2014. 

The Synergy Private Equity Fund (SPEF) is a $75m-target ($100m hard cap) private equity fund domiciled in Mauritius and focused on mid-sized investments in high growth sectors in Nigeria and Ghana.

In addition to the first close amount of $56.25m, it has also secured a further $10m towards its second (final) close, which is planned for Q1 2015.

First close investors in SPEF include four development finance institutions (DFIs) and two Funds of funds.

Following months of intense fundraising, the Manager is pleased to now be in a position to deploy capital to fund investments in attractive opportunities in its robust pipeline.

The asset manager plans to make its first investment in the coming days based on approvals already secured from its Investment Committee.

The investment thesis in based on building a robust and proprietary pipeline of deals, making investments at attractive valuations and managing for value to enable exits at attractive valuation multiples.

At the moment the company is engaged with a number of international and local investors who are at various stages of due diligence as potential second close investors in the fund.