DPI secures $900M Investment for Innovation-led African Startups
Africa focused investment firm Development Partners International (DPI), has announced that African Development Partners III Fund (ADP III), has exceeded its $800m targets, and is set to hold a final close at $900m, with an additional $250m of dedicated co-investment capital.
This final investment brings the firm’s total investment in the continent to of $1.15b, establishes ADP III as one of the largest funds dedicated to investing global capital in Africa.
ADP III secured capital from a broad range of leading pension and sovereign wealth funds, development finance institutions, endowment and foundations, insurance companies, fund-of-funds, asset managers, and impact investors.
DPI will use its proprietary DPI Management System (“DPIMS”) toolkit to deliver impact funding for African startups in line with 10 of the UN Sustainable Development goals, as well as driving the highest standards of Environmental, Social and Governance (ESG).
ADP III will be used to invest in established and growing startups in industries that benefit from Africa’s fast-growing middle class and the increasing digital transformation of the continent.
Runa Alam, co-founder and Chief Executive of DPI speaking said that Africa presents an interesting market as the firm will look to fund innovative startups.
“Africa remains an exciting investment destination with positive demographics, rising adoption of technology, and rising consumer and business spending. Against this backdrop, DPI has continued to generate top-quartile returns by leveraging our team’s deep-rooted local expertise across the African continent.
“As we look towards the future with our ADP III fund, we will focus on innovation-driven companies leading the digital transformation of the economies in which they operate.
“In addition, our deep integration of impact and ESG initiatives in the investment life cycle has been widely recognized and ensures we are known as a trusted partner,” said Alam.
“This is a testament to DPI’s track record and ability to create institutional-grade investment opportunities in Africa, while continuing to deliver sustained environmental and economic impact” said Joanne Yoo, Managing Director at DPI.
“The strong support for ADP III validates our strategic focus, creative approach and investment discipline. We are grateful for the trust that our investors have placed in DPI, and we are confident that our talented team will continue to deliver competitive returns and impact”.