Last month, Africa-focused private equity fund manager Emerging Capital Partners (ECP) reached a final close for ECP Africa Fund IV (AFIV), attracting more than US$640 million in commitments to the fund and related co-investments.
The fund’s investors include Old Mutual Africa Private Equity Fund of Funds, a 57 Stars-managed vehicle, public and private pension funds, sovereign wealth funds, funds of funds and development finance institutions Proparco, DEG, African Development Bank and OPIC.
The fund has also attracted the largest representation of African investors in ECP's history, with a significant contribution from a variety of African pension funds and insurance companies. African investors represent over half of the total number of investors.
AFIV will seek controlling and significant minority investments in the financial services, consumer goods, telecommunications, information technology, infrastructure and logistics sectors. The fund has already invested in four companies with operations across seven countries.