Convergence Partners raises $298 million to promote digital inclusion across Africa

Convergence Partners, a Pan African private equity investor focused on the technology sector across sub-Saharan Africa, announced that it has raised $296 million for its Convergence Partners Digital Infrastructure Fund (CPDIF).

This represents the firm’s largest fund to date bearing in mind that its first close in 2021, was $120 million. This brings total funds under management to more than $600m.

Founded in 2006, Convergence Partners is an investment management firm focused on the Technology Media Telecoms (TMT) sector in Africa. As impact investors, Convergence Partners brings its skills, experience and capital to accelerate communications access and ICT infrastructure development on the Continent, focusing on initiatives that increase availability of communications, broadband services and new technology offerings to the people of Africa.

The firms launched CPDIF in in June 2020, focusing on investing in digital infrastructure opportunities across sub-Saharan Africa. The fund is used to invest in crucial digital infrastructure, such as fiber networks, data centers, wireless, towers, cloud, IoT, AI, etc. that drives growth of the region’s digital economy. Along with physical assets, it also focuses on initiatives that enhance access to education, financial services, healthcare, and other essential services via digital technology.

“The closing of CPDIF is a major step forward for Convergence Partners and for the development of the digital economy in sub-Saharan Africa,” says Brandon Doyle CEO and Founding Partner of Convergence Partners – “This closing is just the beginning, and we look forward to working with our investors and partners to build the digital infrastructure required to support the growth of the region’s digital economy. We strongly believe such collaborations promote innovation, entrepreneurship, skill development, and job creation by vastly expanding access to the internet and all the essential digital tools it provides.”

“We are extremely grateful for the continued support of our repeat investors and the new support given to us from first-time investors that have joined us on this journey to address the challenge of the digital inclusion across the Continent, one technology at a time. As we are 7 years away from 2030 we commit to addressing SDGs and preparing Digital Infrastructure for Africa which is soon to be home to 2 Billion people with the youngest population on our planet,” says Andile Ngcaba, Chairman and Founding Partner at Convergence Partners. ” We will continue to build on our original vision by investing in digital infrastructure that is a key enabler for digital inclusion.   This Fund will enable us to continue leveraging our deep knowledge of technology, investments and the African market to deliver measurable impact.”