Alterra announced the first close for the Alterra Africa Accelerator Fund, raising $140 million. Further commitments are expected to raise as much as the targeted fund cap of $500 million.
The AAA Fund has attracted first close commitments from International Finance Corp., Norfund AS, DEG, Standard Bank, Allianz AfricaGrow Fund, Carlyle co-founders David Rubenstein and Bill Conway, as well as African industrialist Aliko Dangote.
The AAA Fund will invest across the Continent with a focus on East Africa, Southern Africa and pan-African opportunities. The fund’s target sectors include technology, telecom, healthcare, logistics, consumer, and retail.
“This is an excellent time to put money to work in Africa as many of the current macro themes provide attractive potential investment opportunities,” Partner Genevieve Sangudi said. “For example, African corporates are using technology transformation to improve efficiency, reduce costs, increase output and achieve greater scale particularly in sectors such as logistics and financial services.”
Alterra is an experienced pan-African private equity fund manager, formed from the combination of two leading pan-African private equity franchises – Carlyle Africa and Emerging Capital Partners. The Partners of Alterra have collaborated extensively over the last decade and have over 100 years of African private equity experience. They are supported by a strong and diverse team of investment professionals operating out of offices in Johannesburg, Nairobi, and Mauritius.
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