Technology investment management firm Convergence Partners has joined with Nedbank Capital to launch a R400 million long-term funding facility focused on ICT companies in Africa.
Nedbank Capital is the investment business arm of South African headquartered banking group, Nedbank.
The R400 million (USD 388 million) funding facility is planned to be used by Convergence Partners Investments (CPI) to fund the next phase of its investment lifecycle. Convergence Partners Investments (CPI), is the vehicle that houses Convergence Partners’ 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).
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.
“This 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,” said Brandon Doyle, CEO, Convergence Partners.
Boyle added: “We will continue to focus gly on initiatives that increase the availability of communications, broadband services and new technology offerings to African people.”
It was further revealed that the facility would be used to help focus on funding ICT infrastructure related companies and projects on the African continent.
“This mutually beneficial partnership with Convergence Partners has, to date, provided several funding opportunities for Nedbank Capital, and the extension of this most recent facility further cements our relationship,” said Stuart Harrison, head of acquisition and leveraged finance at Nedbank Capital.
Source : CIO East Africa