Here are summaries of the most widely read stories from the past week on Africa Private Equity News.
1. Infinite Partners fund reaches final close
South Africa-based Infinite Partners has announced the final close of its Infinite Partners Core Equity Fund II, having secured R2.8 billion ($169.8 million) in capital, exceeding the target of R2.5 billion ($151.6 million). Read the full article
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Institutional capital is the next frontier for South African venture capital
While institutional capital remains a relatively small contributor to South Africa’s venture capital market today, local industry leaders and stakeholders believe the foundations are increasingly being laid for greater participation from pension funds, retirement funds and other long-term institutional investors. Read more
2. Old Mutual Private Equity exits MoreCorp to RMB Ventures
Old Mutual Private Equity (OMPE) has agreed to sell its majority stake in MoreCorp, a South African sports and leisure group, to RMB Ventures. OMPE acquired MoreCorp in 2015 alongside founder Darryl Egdes and the management team, with the original thesis centred on the company’s market positions in golf and cycling. Read the full article
3. East Africa Foods raises $40m
East Africa Foods, a Dar es Salaam-headquartered agritech and food distribution company, has raised about $40 million to expand its food supply chain infrastructure. The total includes a $26 million Series B equity round led by PIDG’s InfraCo, with participation from Oikocredit and FMO. Existing shareholders ARAF, Goodwell, Africa Eats and FINCA also reinvested, and the Schmidt Family Foundation provided debt funding. Read the full article
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Dealmaker’s Log: A database of African private capital transactions
The Dealmaker’s Log supports deal origination, market mapping, and tracking individual investors or funds over time. Filter to the country, sector, investor or transaction type you cover; compare activity across sectors, geographies and years; or follow the private capital cycle from fundraising through to exits. Access the Dealmaker’s Log here
4. AfricInvest backs Vantage Payment Systems in Morocco
AfricInvest’s Financial Inclusion Vehicle (FIVE) has invested in Equity Invest, the personal holding company of Ali Bettahi, to fund Moroccan payments company Vantage Payment Systems (VPS). The transaction has enabled Equity Invest to increase its ownership of VPS to 100%, consolidating the company’s shareholder base. Read the full article
5. Adenia-backed Quickmart receives approval for Nairobi listing
Kenyan retailer Quickmart, a portfolio company of Adenia Partners, has received regulatory approval for its initial public offering and subsequent listing on the Main Investment Market Segment of the Nairobi Securities Exchange. Read the full article
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Building a private equity business in Nigeria
Femi Ogunjimi co-founded the Nigerian financial firm CardinalStone in 2008. He now focuses on its private equity arm, CardinalStone Capital Advisers, which invests in West African companies. He spoke to Africa Private Equity News editor-in-chief Jaco Maritz about his journey as an entrepreneur and investor. Read/watch the interview