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Proparco – the French development finance institution – has committed $42 million to the first close of African Development Partners IV (ADP IV), the latest fund from Development Partners International (DPI), alongside other development finance institutions and private investors.
ADP IV continues DPI’s strategy of investing in growing companies across Africa. DPI expects to build a pan-African portfolio of around a dozen mid-to-large-cap businesses across sectors including education, healthcare, financial services, industry, the digital economy and fast-moving consumer goods.
“This investment in ADP IV reflects our confidence in DPI’s ability to back high-growth African companies. This also stands as a demonstration of Proparco’s role in mobilising private capital in support of Africa’s expanding middle class,” said Tibor Asboth, head of private equity division, Africa and Mediterranean at Proparco.
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