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The Johannesburg-based VC and private equity investor Convergence Partners has secured its $120-million Convergence Partners Digital Infrastructure Fund (CPDIF).
The company focuses on enhancing Sub-Saharan Africa’s technology sector.
Convergence Partners provides funding for ICT infrastructure development in Africa. Its core focus is initiatives that increase the availability of communications, broadband services and new technology offerings to the continent.
The company was founded in 2006 by South African businessman Andile Abner Ngcaba, its controlling shareholder and non-executive chairman.
Through Convergence Partners, Ngcaba executes new communications infrastructure projects in Africa.
The fund will help the company scale up its operations in Sub-Saharan Africa. The fund is targeting a final volume of $250 million. The company manages more than $400 million in capital, making it the largest private equity investor dedicated to digital infrastructure in Africa.
Investors in the recently concluded CPDIF are CDC Group, the UK development finance institution, the U.S. International Development Finance Corporation, the European Investment Bank, the International Finance Corporation and Proparco, the private sector arm of the Agence Francaise de Developpement.
For 15 years, the CPDIF has invested in geostationary satellites, terrestrial long-haul, metro and access fiber, wireless networks and data centers.
It has also invested in service provision delivered networks, including enterprise connectivity, SD-WAN, fintech and health tech solutions and data switching.
Ngcaba was previously the executive chairman of the South Africa-based multinational Dimension Data Middle East and Africa, a Dimension Data Plc Group subsidiary.
Nippon Telegraph and Telephone Corporation recently acquired Dimension Data.
