Convergence Partners has announced the first close of its third fund, the Convergence Partners Digital Infrastructure Fund (CPDIF) at US$120 million. The fund is focused to invest in companies operating in the digital technology sector and ICT infrastructure with a geographical focus on African countries. 

The fund is targeting a final size of US$250 million. The list of investors includes such leading institutions as the CDC Group, International Development Finance Corporation (DFC), the European Investment Bank (EIB), the International Finance Corporation (IFC) and Proparco. 

CPDIF investments will be in the digital infrastructure ecosystem, specifically fibre, wireless, data centres, towers etc., as well as 5G, Cloud, Internet of Things (IoT), Artificial Intelligence (AI), fintech and network virtualization. The fund has already invested in Ctrack, the business sits at the intersection of AI and IoT with all its solutions being cloud-delivered.