Development Partners International (DPI), an African investment firm, has announced that the African Development Partners III Fund (ADP III), has exceeded its Ksh. 88 billion (USD 800 million) target.

DPI further disclosed that ADP III is set to hold a final close at Ksh. 99 billion (USD 900 million), with an additional Ksh. 27.6 billion (USD 250 million) of dedicated co-investment capital. This brings a total of Ksh. 127 billion (USD 1.15 billion) for investments in Africa. The fundraising establishes ADP III as one of the largest funds dedicated to investing global capital in the continent.

ADP III secured capital from a broad range of leading pension and sovereign wealth funds, development finance institutions, endowment and foundations, insurance companies, fund-of-funds, asset managers, and impact investors.

According to ADP III, the raised funds will be used to establish and grow companies in industries that benefit from Africa’s fast-growing middle class and the increasing digital transformation. DPI is using its proprietary DPI Management System (DPIMS) toolkit to deliver impact in line with 10 of the UN Sustainable Development goals, as well as driving the highest standards of ESG.

Speaking on the latest funding, Runa Alam, co-founder and Chief Executive of DPI said, “Africa remains an exciting investment destination with positive demographics, rising adoption of technology, and rising consumer and business spending. Against this backdrop, DPI has continued to generate top quartile returns by leveraging our team’s deep-rooted local expertise across the African continent.”

Joanne Yoo, Managing Director at DPI said, “The strong support for ADP III validates our strategic focus, creative approach and investment discipline. We are grateful for the trust that our investors have placed in DPI, and we are confident that our talented team will continue to deliver competitive returns and impact.”

ADP III currently has the following investments in Africa.

  1. Channel VAS: a leading global fintech business providing mobile financial services.
  2. SICAM: a leading Tunisian tomato producer, in one of the largest private equity transactions undertaken in the country.
  3. Kelix Bio: a biopharmaceutical platform broadening access to speciality generic drugs across Africa.
  4. MNT-Halan: Egypt’s leading fintech ecosystem.

Additionally, DPI has a significant pipeline of investment opportunities across the continent, focused on key sectors of the economy. These include financial services, healthcare, agri-business, education, and telecom infrastructure.

ADP III was the first African fund signatory to the Operating Principles for Impact Management (Impact Principles), an international market standard for impact investing.