Convergence Partners Digital Infrastructure Fund

Region and countries in which the fund invests: Pan-African fund
Jurisdiction of registration: Mauritius
Business sector: Fund, digital infrastructure
Date of agreement (month/year): 5/2022
Size and share of Finnfund’s financing (commitment): USD 15,000,000
Environmental and social category: FI-B

Companies, business sectors and regions and countries of the companies financed by the fund:

Ctrack / AutoTech / Africa / South Africa
Merit / Infrastructure, digital servces / Africa / Nigeria

In the case of investment funds, the share of Finnfund’s financing (%) is disclosed after the final closing of the fund.

Brief description

Convergence Partners Digital Infrastructure Fund is a private equity fund that will seek to make up to 12 investments across Sub-Saharan Africa. The fund is the third investment vehicle of Convergence Partners. Convergence Partners’ strategy is to invest in the digital infrastructure sector primarily by way of growth capital.

Digital Infrastructure is critical for the African continent to leapfrog into the digital services world. People will benefit from improved digital infrastructure services directly, and indirectly the services will provide improved business opportunities, services, and employment opportunities. There is a major gap in financing digital infrastructures vs. the needs and thus the fund will allow and speed up this development.

Main development impact

The fund invests solely in Finnfund’s new focus sector, digital infrastructure and solutions.

Last modified: May 2023