Top 30 Funds to Watch in 2021 (Free Content)

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LPs looking at Africa are set for a busy year as fund managers continue to push forward with their strategies, in a bid to bring their latest funds to final close. Private Equity Africa looks at some of the key vehicles to look out for in 2021*.

ADIWALÉ PARTNERS is on the fundraising trail with its West Africa-focused vehicle. The fund is targeting opportunities across West Africa, particularly in the Francophone region. Adiwalé touched first close in 2019.

ADVANCED FINANCE AND INVESTMENT GROUP (AFIG) is in the market with its sophomore generalist fund. AFIG’s current LPs in the vehicle include a US-based pension fund, which picked it for its first foray into Africa.

AFRICA CAPITALWORKS is raising a permanent capital private equity vehicle. The fund is structured to invest across Sub-Saharan Africa (SSA). Africa Capitalworks sealed its first deal in 2020.

AFRICINVEST is in the market with its fourth Africa-focused fund.  The investor is also in the market with its second financial services-focused fund, two French-Africa investment strategies and a technology fund.

ALITHEIA IDENTITY MANAGERS is on the road with its small-cap fund, looking to back deals across SSA – with a focus on women-owned businesses. The vehicle touched second close in 2020.

ALTA SEMPER CAPITAL has been raising its maiden Africa-focused fund, which will back companies operating in the consumer and healthcare sectors – with a strategy to acquire controlling stakes. The GP expects to touch final close by the second quarter of 2021.

ÀRGENTIL CAPITAL PARTNERS is approaching the first close of its third vehicle. The fund sees Àrgentil grow its reach into the rest of West Africa – with the investor’s previous funds having been focused on Nigeria.

ARUWA CAPITAL MANAGEMENT is on the fundraising trail with its West Africa-focused vehicle. The fund has a leaning towards the consumer goods, healthcare, financial services and business services sectors. Aruwa delivered its first deal from the fund in 2019.

ASCENT CAPITAL AFRICA is on the fundraising trail with its sophomore regional generalist fund. The vehicle has a focus on East Africa and is 50% larger than its maiden vehicle. The vehicle will co-invest alongside Fanisi Capital’s sophomore fund. Ascent took over the management of Fanisi Capital’s sophomore fund in 2020.

BERKELEY ENERGY is nearing the first close of its sophomore renewable energy vehicle. The fund will back renewable energy companies across SSA, building upon the preceding funds’ strategy.

CARDINALSTONE CAPITAL ADVISERS (CCA) is on the road with its maiden West Africa-focused fund. The fund has a generalist strategy and is looking to back small and medium-sized companies based in Nigeria and Ghana. The fund hit first close in 2019.

CENTUM CAPITAL is on the fundraising trail with its maiden private equity fund – as it works to grow its private equity strategy. Centum Capital is the private equity arm of Centum Investment Company – which currently executes its private equity strategy directly from its balance sheet.

CEPHEUS GROWTH CAPITAL PARTNERS is nearing the final close of its maiden country-focused generalist vehicle. The investor is looking to back companies across Ethiopia – with a leaning towards the consumer and agriculture sectors. The investor sealed its second deal from the fund in 2020.

CRITERION AFRICA PARTNERS (CAP) is working towards the final close of its specialist vehicle. The fund will invest in timber assets across SSA, with a focus on Southern and East Africa. The fund hit first close in 2018.

DEVELOPMENT PARTNERS INTERNATIONAL (DPI) is in the market with its third generalist private equity fund. The Africa focused fund is almost two thirds higher than what it was initially looking to raise with its previous fund. The investor attracted a significant number of LPs in 2020.

EOS CAPITAL is on the fundraising trail with its specialist country-focused vehicle. The vehicle will primarily look to invest in deals in the agriculture space, across Namibia. Eos is also in the market with another country-focused specialist vehicle, which is looking to back infrastructure deals.

ETHOS PRIVATE EQUITY is on the road with its latest buyout vehicle. Ethos also has three other vehicles on the road. Two are structured as specialist vehicles, with an allocation to SSA. The other is a mezzanine fund, the manager’s first in the space.

EQUATOR CAPITAL PARTNERS is working towards the final close of its Africa-focused financial services-dedicated fund. The fund will solely invest in Africa – Equator’s previous funds have mainly been invested in Asia. The investor delivered its first deal from the fund in 2018.

HELIOS INVESTMENT PARTNERS is on the road with its fourth Africa-focused generalist vehicle. The investor in 2020 sealed a merger with Fairfax Africa Holdings, a move that sees it diversify its fundraising capabilities with the listing of a vehicle on the Toronto Stock Exchange.

KASADA CAPITAL MANAGEMENT is nearing the final close of its maiden SSA-focused vehicle. The vehicle looks to back companies operating in the hospitality space, such as hotels and luxury private residences.  Kasada delivered the first deal from the fund, earlier in 2021.

KIBO CAPITAL PARTNERS is back in the market with its third vehicle. The fund follows in the footsteps of its predecessor, targeting equity investments in mid-sized companies.

LORAX CAPITAL PARTNERS (LCP) is on the fundraising trail with its country-focused vehicle. The vehicle will look to make equity and quasi-equity investments in small and medium-sized companies. The investor hit first close on the fund in 2020.

METIER PRIVATE EQUITY is working towards the final close of its sophomore specialist vehicle.  The fund is expected to deploy approximately 55% of its capital across Southern Africa, including South Africa. The fund touched first close in 2020.

OKAVANGO CAPITAL is working on plans to touch first close on its maiden East and Southern Africa-focused vehicle. The vehicle will look to back small and mid-cap companies developing climate change adaptation and resilience services.

SANARI CAPITAL is on the fundraising trail with its SSA focused vehicle. The fund targets companies operating in the technology, healthcare, education, food and agriculture sectors, with a focus on South Africa.

STONECHAIR CAPITAL has been raising its maiden SSA focused vehicle. The investor plans to allocate the capital across energy deals – primarily targeting companies that focus on clean energy.

TLG CAPITAL is in the market with an open-ended debt vehicle. The fund follows a generalist strategy and will opportunistically look at quasi-equity investments. TLG invests equity directly from its balance sheet.

UHURU INVESTMENT PARTNERS is on the road with its maiden West Africa-focused generalist vehicle. The investor plans to back mid-cap companies primarily in Kenya, Côte d’Ivoire, Nigeria and Ghana.

XSML is back in the market with its third regional vehicle, which is structured to invest both debt and equity. The target size is 50% larger than its sophomore vehicle. The fund touched first close in 2020, raising the capital from six LPs.

ZEBU INVESTMENT PARTNERS (ZIP) is nearing the final close of its sophomore specialist vehicle, looking to invest in the agriculture sector. ZIP, formerly Databank Agrifund Manager, is targeting food production companies across pan-Africa, with a focus on SSA.

*For the full list of funds currently raising, please email editorial@peafricagroup.com

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