US-based investor fund-of-funds manager Capria Ventures has touched first close on its emerging markets-focused early-stage deals vehicle.
The investor has brought in an undisclosed amount for the first close of Global South Fund II, which is targeting $100 million at final close.
Fund II has been lifted to first close by a number of institutional investors, foundations, family offices and individual investors.
LPs in the fund include Gates Ventures and Oblate International Pastoral Investment which committed undisclosed amounts to the fund as part of the first close.
Foundations in the first close also include Crystal Springs Foundation, Sall Family Foundation and Brakeman Family Trust.
Fund II has also raised capital from two undisclosed founders of Pioneer Square Labs, a US based venture capital firm.
“In 2023 alone, Global South economies (ex. China) are expected to outpace their advanced economy counterparts — by around $100 billion –, creating nearly limitless opportunities for entrepreneurs building startups serving those markets,’’ said Will Poole, co-founder and managing partner at Capria. ‘’With Capria’s Fund II, we will continue investing in the most promising early-growth tech startups, bringing founders into our collaborative global network.”
Larry Cohen, chief executive officer at Gates Ventures represented the investor.
Rufus Whitley, chief investment officer at Oblate International Pastoral Investment represented the investor.
Global South Fund II will invest equity in early-stage energy technology companies across the emerging markets.
The fund will primarily look to back deals across Africa, Southeast Asia, Latin America, the Middle East, and India.
The fund will be invested in 20 to 25 venture capital deals across the emerging market.
Deals from the fund include Paymob, an Egypt-based financial services technology company sealed in 2020.
Capria through the fund also backed MAX, a Nigeria-based technology company focused on the logistics space.
Capria had over $200 million in assets under management as of 2023. The investor has offices in US, India, and Kenya.
The investor also manages a number of fund-of-funds.
Fund Card
| Fund Name | Global South Fund II |
| Fund Manager | Capria Ventures |
| Target ($) | $100m |
| Fund Size Class | Mid-Cap ($100m to $499m) |
| Target (Base Currency) | $100m |
| Hard Cap | n/d |
| Latest Fund Size | n/d |
| Final Close (Base Currency) | n/a |
| Year Closed | n/a |
| Latest Fund Event | LP Commitment |
| Latest Fund Update | First close |
| Interim Close(s) | First close (n/d) (2023) |
| Current LPs Profiles | Family offices, Institutional investors, Foundations, Individual Investors |
| Current LPs Geographies | US |
| Current LPs & Amounts | Gates Ventures (n/d), Oblate International Pastoral Investment (n/d), Crystal Springs Foundation (n/d), Sall Family Foundation (n/d), Brakeman Family Trust (n/d) |
| Cornerstone LP | Bespoke request |
| Structure | n/d |
| Fund Type | Venture Capital |
| Domicile | n/d |
| Fund Tenure | n/d |
| Deal Size Range | n/d |
| Sectors | n/d |
| Geographical Focus | Emerging markets |
| Country Focus | n/d |
| Predecessor Fund | Global South Fund I |
| Predecessor Deals | See predecessor fund |
| Lead Fundraiser | Will Poole, Co-founder and Managing Partner (Capria) |
| Fund Legal Advisers | n/d |
| Other Advisers | Bespoke request |
| Fund Administrator | Bespoke request |
| Placement Agent | Bespoke request |
| Target Fund Returns | Bespoke request |
| Carry | Bespoke request |
| Hurdle | Bespoke request |
| Management Fees | Bespoke request |
| Related News Stories | Available shortly |
| Deals in Fund | Kueski, Agrofy, MAX, Paymob |
| Fund Exits | Bespoke request |
| Fund Contact | Will Poole, Co-founder and Managing Partner (Capria) |
| Notes |
|
| Fund status | Open |
| Fund Phase | Raising |
Source: Deal Book Africa
