ICT investment management firm, Convergence Partners, has concluded a new R400 million long-term funding facility from Nedbank Capital.<\/p>\n
The funding is for Convergence Partners Investments (CPI), the vehicle that houses Convergence Partners\u2019 first investment portfolio, and will be used to fund the next phase of its investment lifecycle, primarily its commitment to the recently launched Convergence Partners Communications Infrastructure Fund (CPCIF).<\/p>\n
CPCIF, which reached its first close of $145 million in November 2013, is the second investment vehicle that Convergence Partners manages, focusing on ICT infrastructure related companies and projects on the African continent.<\/p>\n
Nedbank Capital and Convergence Partners have a longstanding relationship, with Nedbank Capital having previously participated in the original capitalisation of CPI, through a R300 million preference share facility.<\/p>\n
That facility was used to fund CPI\u2019s investment activities over the past seven years and has, subsequently, been fully settled.<\/p>\n
\u201cThis new facility will support the critical investment activities of our recently launched ICT infrastructure fund, and will allow us to continue the successful relationship we have with Nedbank Capital – both at a Convergence Partners level and through working together in many of our underlying ventures,\u201d said Brandon Doyle, CEO of Convergence Partners.<\/p>\n
\u201cWe will continue to focus strongly on initiatives that increase the availability of communications, broadband services and new technology offerings to African people.\u201d<\/p>\n
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