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Convergence hits final close at over $200m for ICT infrastructure fund

Africa Global Funds
July 28, 2015, midnight
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Word count: 369

Convergence Partners, a specialist African investment management firm, has announced the successful final close of the Convergence Partners Communication Infrastructure Fund (CPCIF), reaching over $200m in capital commitments.

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Convergence Partners, a specialist African investment management firm, has announced the successful final close of the Convergence Partners Communication Infrastructure Fund (CPCIF), reaching over $200m in capital commitments.

Andile Ngcaba, Chairman of Convergence Partners, said: “We believe the current fund size is well suited to the scale of infrastructure investment opportunities we are seeing across the continent, including fibre, data centres, wireless/spectrum, fintech and ICT platforms that enable e-learning and broadcast and media.”

CPCIF reached its final close with capital commitments from the Public Investment Corporation (PIC), acting on behalf of the Government Employees Pension Fund (GEPF), and an Africa-focused fund of funds.

Additional investors in the Fund include Convergence Partners (as sponsors), the International Finance Corporation (IFC), the European Investment Bank (EIB), the Dutch Development Bank (FMO), the Development Bank of Southern Africa (DBSA) and the CDC Group (CDC).

CPCIF retains its position as the largest fund dedicated solely to ICT infrastructure in Africa.

It is anticipated that CPCIF will deploy capital to portfolio investments across the African ICT infrastructure spectrum, improving access to technology as well as communication and broadband services.

The Fund has a strong pipeline, notably in West Africa, where Convergence Partners is opening a local Nigerian office; enhancing the effective execution of investments and the management of portfolio company performance on the ground.

Ngcaba said that access to quality ICT infrastructure is a catalyst for more competitive and efficient business operations and provides new business models for traditional industries such as financial services, healthcare, education and retail; driving sustainable growth and socio-economic development.

“Convergence Partners takes an active, value adding approach to investment management; leveraging its on the ground expertise to generate significant returns for investors,” he said.

Founded in 2006, Convergence Partners is an investment management firm focused on the telecommunications, media and technology sector in Africa.

The private equity house has a strong track record of sourcing, critically evaluating, structuring and managing successful investments that generate significant returns within the ICT sector.

Investments that currently form part of CPCIF include: Comsol, a wireless network deployment and solutions company and FibreCo, a national long-haul network (both in South Africa); as well as Synergy Communications (SynCom), an investment platform for enterprise and wholesale communication services providers, which amalgamates fixed and wireless technologies across sub-Saharan Africa.

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