DPI private equity fund raises $400m

A leading African private equity house Development Partners International (www.dpi-llp.com) has reached the first close of its second pan-African African Development Partners II (ADP II) fund at over $400 million. According to authoritative website Private Equity Africa, the fund has raised over $250 million in equity commitments from Limited Partners and $150million in debt from the Overseas Private Investment Corporation (OPIC).
Equity LPs in the fund include the CDC Group, which upped its $25m ADP I investment to $75m in the new fund , according to PEA . DPI’s first fund raised approximately $400m.
ADP II fund is structured as a 10-year Guernsey Limited Partnership. Its final close will be at $500m. DPI’ chief executive officer is Runa Alam and its portfolio companies operate in 18 African countries.
Similar to ADP I, the new fund is pursuing a broadly diversified strategy across Africa. The DPI managers have particular interest in finance, healthcare, education, construction, and consumer goods sectors although they can invest generally, reports PEA.
DPI has a track record in the high-growth fast-moving consumer goods (FMCG) sector, including investing in Nigeria’s Food Concepts, which operates consumer food retail outlets under the brands Chicken Republic and Butterfield Bakery; South Africa’s Libstar, a holding company; and in 2013 a deal to back Biopharm, a pharmaceutical company in Algeria.
Financial services investments include Letshego Holdings, a financial services company based in Botswana; Nigeria’ s Mansard Insurance, previously Guaranty Trust Assurance; and Ghana’s CAL Bank. Previously DPI had invested in Touax Africa, which is holding company for leasing firms Ste Auxiliaire de Construction de Montage et d’Industrie (Sacmi) and Réalisations Aménagements Constructions (Ramco), both based in Morocco.
Other investments include pan-African telecommunications tower-sharing services company Eaton Towers and OSEAD, a North-Africa focused mining exploration company.
DPI LLP was founded in 2007 and is based in London. Veteran Africa investor Miles Morland was co-founding partner with Alam and is also chairman of DPI.


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