26 October 2021
Carey Olsen advises DPI as it raises one of the largest ever Africa-focused funds at US$900m
Lawyers from Carey Olsen's Guernsey corporate team have advised Development Partners International (DPI) on the establishment of African Development Partners III Fund (ADP III) – one of the largest funds ever raised dedicated to investing global capital in Africa.
ADP III, which has exceeded its US$800 million target, held a final close at roughly US$900 million, with an additional US$250 million of dedicated co-investment capital secured. The fund will invest in established and growing companies in industries that benefit from Africa's fast-growing middle class and the increasing digital transformation of the continent. All investments will uphold the highest standards of impact and environmental, social and governance (ESG) work.
Working alongside onshore counsel Debevoise & Plimpton, the Carey Olsen team advised DPI on all Guernsey aspects of the fund's establishment as a closed-ended scheme and its subsequent launch, with fundraising led by partner Andrew Boyce, assisted by senior associate Vaishali Gupta and associate Oliver Orton.
Andrew said: "It was a pleasure to assist DPI on the launch of its third fund. We are delighted with this hugely successful fundraise which demonstrates not only DPI's market leading position as an investor into Africa, but also the continued confidence in structuring through Guernsey's internationally recognised regulatory and legal framework."
Sarah Shackleton, partner at DPI said: "DPI values the support received from its advisers during the successful ADP III fundraise. Our new fund are enables us to continue to execute on our strategy, delivering strong returns and impactful results, by working with and investing in pioneering companies across the continent."
ADP III has made four investments to date, including Channel VAS, a leading global fintech business providing mobile financial services; SICAM, a leading Tunisian tomato producer, in one of the largest private equity transactions undertaken in the country; Kelix Bio, a biopharmaceutical platform broadening access to speciality generic drugs across Africa; and MNT-Halan, Egypt's leading fintech ecosystem.
ADP III secured capital from a broad range of leading pension and sovereign wealth funds, development finance institutions, endowment and foundations, insurance companies, fund-of-funds, asset managers, and impact investors. The global investor base represents 20 countries across North America, Europe, Middle East and Africa.