Partek Africa II Fund reaches final close

Partek announces the final close of Partek Africa II, its second African fund with a hard cap of €280 million (over $300 million) and a diverse group of over 40 international investors. We have gathered support from.

“We are grateful for the support and commitment of our investors. Nearly all Fund I investors have reinvested, and some have more than doubled their commitments,” said Partech General Partner. said Cyril Colon.

“We are also proud to have the support of new strategic investors from the US, Middle East and Africa, for some of whom this will be their first foray into AfricaTech.”

Following a strong first closing announced last year, Partec Africa II has reached its final closing with all major investors from its predecessor fund, as well as top-tier investors making their first commitments to the Partec Africa platform and the African VC ecosystem. reached.

This oversubscribed final closing was an opportunity to attract a new category of global institutions, such as US and Middle Eastern pension funds and sovereign funds.

Also included are new strategic investors African Re and Dubai Future District Fund (DFDF), who join existing early Partec Africa supporters Orange, AXIAN Investment and African Development Bank Group (AFDB). It turns out.

Overall, the fund is a partnership between family offices, commercial investors such as South Suez, major development finance institutions including KfW, the German Development Bank, the European Investment Bank, the International Finance Corporation, FMO, Bpifrance Investissement and the UK. DFI). International Investment, DEG, Proparco.

Partech Africa II doubles down on its strategy to invest across Africa with initial tickets ranging from $1 million to $15 million from seed rounds to Series C rounds, helping African companies and founders to invest in both domestic and international markets. We support you on your journey of growth.

The fund already has three investments in its portfolio, including a real estate platform in Egypt, a payments orchestration startup in South Africa and an e-commerce platform in Senegal.

The team plans to build a portfolio of over 20 companies across the continent.

Additionally, Partech announced the opening of a new office in Lagos, Nigeria, and said it hopes to hire more team members.

“We are also expanding our team and footprint on the continent. We are excited to have Senior Investment Officer Tito Cookiegam join the team and open an office in Lagos, which represents almost a third of our portfolio.” Deme said.

“We have offices in Dakar, Nairobi, Dubai and now Lagos, increasing our local support for entrepreneurs.”

In addition to this expansion, Partek Africa is actively recruiting for senior roles in “Portfolio Strategy and Operations” to drive value creation and exit building, as well as an Investment Analyst based in Lagos.

Partec Africa II’s final exit announcement comes against the backdrop of a 50% decline in the number of investors active in Africa’s tech ecosystem, as highlighted in Partec’s recent 2023 Africa Tech Venture Capital Report It was held on.

Collon said: “In this context, the ability to lock in rounds at all stages from seed to early growth is more important than ever. It strengthens our mission to enable the emergence of technology companies that shape the future of innovation at scale.”