Apis Partners LLP, a London, UK-based private equity asset manager that supports growth stage financial services businesses in Africa and Asia, held the first close of its maiden fund, at over US$ 157m.
Apis Growth Fund I has been supported by institutional investors and financial institutions from Europe, North America and Africa including Intesa Sanpaolo and Old Mutual, as well as developmental finance Institutions (DFIs) such as CDC (UK), the European Investment Bank, FMO (Netherlands) and Swedfund (Sweden).
The fund will invest in the fast financial services sector, which is placed to benefit from demographic and macro-economic fundamentals as well as structural supply/demand gaps in the growth markets of Africa and South Asia.
The investment pipeline includes market leaders with innovative, proven business models spanning the financial services spectrum (payments, savings and investments, credit, insurance and capital markets).
Co-Founded by Managing Partners Matteo Stefanel and Udayan Goyal, Apis can also count on an operating network which includes presence in 5 countries, a core team of 12 investment professionals and over 20 additional financial services sub-sector experts.