African Capital Alliance (ACA) has raised a total of approximately $570m of committed capital for its fourth private equity fund, Capital Alliance Private Equity IV (CAPE IV).

 As a result, ACA has become the first West Africa-focused fund manager to raise over $1bn in aggregate capital commitments, since its formation in 1997. 

Over its 19-year history, ACA has built a strong and diverse network of investors across the world and CAPE IV has attracted a broad mix by type and geography.

The Fund has received support from leading institutions, including public and corporate pension funds, sovereign wealth funds, funds of funds and development finance institutions, some of whom have supported ACA since its first fund, CAPE I. 

Cyril Odu, CEO of ACA, said: “The success of our fundraising is a strong endorsement, by both our existing and new investors, of ACA's position as a premier player in West Africa and of the long-term economic fundamentals of the region.”

CAPE IV intends to continue the successful strategy of ACA's previous funds, focusing on an attractive and diversified pipeline of deals across its target sectors including: business services, energy, fast moving consumer goods (FMCG), financial services, and telecommunications, media & technology (TMT).

Among the Fund's initial investments are Beloxxi industries, a leading Nigerian biscuit manufacturing company, and Continental Reinsurance, the largest private Pan-African re-insurer outside of South Africa.

“About a third of our fund is already committed and we continue to find compelling opportunities to deploy capital in investments which offer significant resilience and favorable growth prospects,” Odu said.