Convergence Partners eyes African markets

ICT investment management firm, Convergence Partners, says it will open up a new office in Lagos later in the year, as it targets African markets.

Convergence Partners concluded a R400 million long-term funding facility from Nedbank Capital in May, primarily for Convergence Partners Investments (CPI), the vehicle that houses Convergence Partners’ first investment portfolio.

Idan Segal, chief investment officer, Convergence Partners told BusinessTech that group has set the next phase of its investment lifecycle in motion which is primarily its commitment to the recently launched Convergence Partners Communications Infrastructure Fund (CPCIF).

CPCIF, which reached its first close of $145 million in October 2013, is the second investment vehicle that Convergence Partners manages, focusing on ICT infrastructure related companies and projects on the African continent.

“Since CPCIF reached its first close in October 2013, Convergence Partners has made significant progress in expanding its team as well as in its capital raising and investment activities,” said Segal.

“As a Pan-African investment manager, the closing of the Fund has allowed us to take the next step in our evolution, being the establishment of permanent direct presence in further African markets, the first of which will be Nigeria,” he added.

“In this regard, we are in the process of bringing on board a senior private equity investment professional that will be running Convergence Partners’ West African activities, based out of the new office to be opened in Lagos later in the year. We have also bolstered our Johannesburg office, with the addition of four new hires, to further bolster our ability to operate successfully as a sector specialist player.”

On the capital raising front, the group said it is in discussions with selected parties with a view to adding to the CPCIF total funds under management before the end of 2014.

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Convergence Partners eyes African markets