Convergence Partners to dial up digital investments in Sub-Saharan Africa

Convergence Partners has completed the first close of its third fund, the Convergence Partners Digital Infrastructure Fund (CPDIF), with $120 million in capital commitments, against a target of $250 million.

The fund attracted investments from a variety of global institutions, including U.K. development finance institution CDC Group, the European Investment Bank, Proparco, the private-sector arm of the Agence Française de Développement, the International Development Finance Corp. in the U.S. and the International Finance Corp.

“In the past 20 years, we have witnessed the exponential growth of internet penetration on the African continent,” said Andile Ngcaba, chairman of Convergence Partners. “Internet penetration in Sub-Saharan Africa alone has grown tenfold, compared to the threefold increase the rest of the world has seen.”

Ngcaba added: “As Convergence Partners, we pride ourselves on contributing to this growth through our numerous communication