The Synergy Private Equity Fund (SPEF) I has announced the final close of its fund above the cap of US$100 million, while confirming it has already committed 20 per cent of the total to three investments in Nigeria.
Fundraising for the Mauritius-domiciled SPEF, which is focused on mid-sized investments in high growth sectors in Nigeria and Ghana, began in April 2013.
Twelve investors have contributed to the fund, comprising four development finance institutions (DFIs) active in Sub-Saharan Africa, seven commercial investors and a Sovereign. SPEF said the quality of the investors was a validation of its strategy, the quality of its teams in Nigeria and Ghana, and the robustness of its deal pipeline.
SPEF has deployed more than 20 per cent of the fund in three investments in the Nigeria, one in the tech space in the form of an unnamed e-services company with offerings in e-commerce, e- payment and e-infrastructure. It has also invested in a manufacturer of polypropylene woven sacks and a developer of captive and embedded power solutions.
The fund is also poised to complete its first investment in Ghana in an integrated pharmaceutical company, while another will be made in financial services before the end of the year.
“Over the next year, the manager will complete an additional three to four investments in both Nigeria and Ghana,” SPEF said.
“With the final close of the fund, the manager will continue to actively seek out unique opportunities in both Nigeria and Ghana particularly in its target sectors and broadly across both economies. The manager is seeking entrepreneurs and management teams that have succeeded in building strong businesses requiring additional capital and support for further growth.”
