Five notable African fundraising closes

We highlight five African private capital fundraising closes over the past 12 months, as featured in our Dealmaker’s Log, a database of reported investment deals, exits, and fundraising milestones. Subscribe to this service here

1. African Infrastructure Investment Managers closes fund at $748m

African Infrastructure Investment Managers announced the final close of its fourth pan-African infrastructure fund, African Infrastructure Investment Fund 4.

The fund achieved its hard cap, with $748 million raised from a diverse investor base across Africa, Europe, Canada, US, Middle East and Asia with an additional $206 million approved for co-investments alongside the fund. Read the full article

2. Adenia secures $470m for latest Africa PE fund

Adenia Partners, a private equity firm focused on growth opportunities in Africa, closed its fifth fund, Adenia Capital V (or Fund V) at its $470 million hard cap. The fund, which was oversubscribed, attracted commitments from new and existing investors globally.

Fund V is sector-agnostic with financial services, renewable energy, consumer goods, telecommunications, healthcare, education, business services, light manufacturing, and specialty distribution as areas of particular focus. Read the full article

3. Metier Capital Growth Fund III reaches a final close of $219m

Metier announced the final close of its Metier Capital Growth Fund at $219 million, exceeding its targeted fund size of $200 million.

The fund has a geographic focus on sub-Saharan Africa and is expected to make eight to 12 equity and equity-related investments into mid-market companies with strong growth features in sectors that benefit from regional economic and demographic trends such as population growth and increased urbanisation. Read the full article

4. TLcom Capital closes second fund at $154m

TLcom Capital, the Africa-focused venture capital firm, announced the final close of its TIDE Africa Fund II at $154 million.

At more than twice the size of TLcom Capital’s first fund, TIDE Africa Fund II is oversubscribed and sees participation from several new LPs alongside returning LPs from the firm’s first Africa-focused fund, TIDE Africa Fund I, closed in 2020. These include the European Investment Bank; Allianz and DEG Impact’s joint venture, AfricaGrow; Visa Foundation; and Bertelsmann. Read the full article

5. Ghana: Injaro announces final close of new fund

Injaro Investment Advisors Limited announced the final close of its multi-sector Ghana cedi-denominated private equity fund, the Injaro Ghana Venture Capital Fund.

The fund, which is backed by local pension funds, achieved a final close with an AUM of GHS 216 million (about $17.4 million) on December 29, 2023. Read the full article

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