Emerging Capital Partners (ECP), an international private equity firm focused on investing across the African continent, held the final close of its ECP Africa Fund III PCC with total commitments of over $613m.
The fund will seek controlling stakes or influential minority positions in high growth companies through equity and quasi-equity investments including convertible debt instruments.
The fund targets companies pursuing regional strategies focused on under-penetrated markets where factors such as industry consolidation, positive macroeconomic trends, liberalization and improved regulations offer opportunities for above-market returns.
ECP will invest across various sectors, including telecommunications, natural resources, financial services, agriculture, transportation and utility businesses.
Africa Fund III received support from the African Development Bank, the International Financial Corporation (IFC), the Overseas Private Investment Corporation and CDC, the United Kingdom government development finance institution.
The remainder came from new investors such as Pan-African Fund-of-Funds manager, South Suez.
The ECP team operates from offices in Washington, D.C., Abidjan, Casablanca, Douala, Johannesburg, Lagos, Paris and Tunis.