Nigerian Billionaire, Aliko Dangote has teamed up with a Consortium of Investors from a Private Equity Firm, Alterra Capital Partners to raise $140 million for African Focused fund.
Dangote backed Alterra Capital Partners, raised $140 million in an initial phase towards a $500 million fund for Africa’s growth.
Former Carlyle Group executives, Genevieve Sangudi, Eric Kump, Idris Mohammed and Bruce Steen founded he Company, Alterra Capital Partners in 2020.
Currently, some investors such as Nigerian billionaire Aliko Dangote, along with Carlyle founders David Rubenstein and Bill Conway are backing this initiative.
Likewise, influential investors have supported diverse sectors in Africa including technology and telecommunications.
With $140 million secured in its first closing, the team aims to raise $360 million in the coming months, signaling a strong commitment to Africa’s economic potential.
Moreover, the fund’s primary objective is to construct a diversified portfolio, with a key focus on African companies generating the majority of their revenue in U.S. dollars.
African Focused Fund Initiative
Over the years Africa has increasingly become a focal point for global investors seeking high-growth opportunities.
What’s more, the African Focused Fund has overtime solved economic development and infrastructure challenges in nations like Nigeria by proposing solutions for increased internet penetration.
The fund’s primary goal is to support and catalyze innovation in key sectors, contributing to job creation, economic development, and the enhancement of essential services across the continent.
Joining the league of investors are prominent entities like Norfund AS, Standard Bank Group Ltd., International Finance Corp., Deutsche Investitions- und Entwicklungsgesellschaft GmbH from Germany, and Allianz SE’s AfricaGrow fund.
The fund’s $500 million target signifies a substantial commitment to fueling transformative projects in Africa.
Alterra Capital Partners
The firm is a private Africa-focused equity company based in Johannesburg, South Africa.
Alterra Capital Partners with exceptional entrepreneurs and management teams to grow their businesses.
The firm also targets domestic-facing companies that serve basic consumer and vital business needs.
The Alterra Capital Partners team has over 100 years of combined private equity experience and invested more than $2 billion of capital into 23 companies across Africa.
The Alterra team has lived and worked on the continent for decades and leverages its substantial experience and deep networks to drive the growth of its investments.