Convergence Partners, a South African private equity firm, has announced that its Convergence Partners Digital Infrastructure Fund (CPDIF) has closed at $296 million, exceeding its initial objective by more than 18%.
Launched in June 2020, the Convergence Partners Digital Infrastructure Fund saw a first closure of $120 million in July 2021.
The firm said in a statement that the close was supported by both current and new investors in the fund, including pension funds, financial institutions based in Europe and Africa, and international and regional development finance institutions (DFIs).
The fund’s primary investment concentration is on sub-Saharan African prospects in digital infrastructure, such as fiber networks, data centers, wireless, towers, cloud, Internet of Things (IoT), and artificial intelligence (AI).
This closing is just the beginning, and we look forward to working with our investors and partners to build the digital infrastructure needed to support the growth of the region’s digital economy, said Brandon Doyle, CEO and founding partner of Convergence Partners, in a statement regarding the funding.
The fund also aims to create and support programs that support digital technology access to key services like healthcare, financial services, and education.
The venture capital firm 4DI, the provider of IT infrastructure solutions Dimension Data, and the operator of fiber network Fibreco are among the companies in Convergence Partners’ portfolio.
The Convergence Partners Digital Infrastructure Fund, which takes the company’s total funds under administration to over $600 million, is the largest fund the company has ever created.
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