Emerging Capital Partners, a DC-based private equity firm focused on investing across the African continent, said that it has closed a new $613 million fund, known as Africa Fund III. The fund is the seventh overall for ECP, bringing the firm's total capital raised to more than $1.8 billion, with more than $1 billion invested to date.
The firm said it will seek controlling stakes or influential minority stakes in markets such as telecommunications, natural resources, financial services, agriculture, transportation and utility businesses. The firm has a 10-year track record of investing in Africa through seven successful funds, with investments in more than 50 companies across 40 African countries.
"Investors can see development models that were successful in India, Brazil and Mexico and project that growth onto Africa," said Vincent Le Guennou, the co-CEO of ECP. "Many see Africa as the next place that's going to boom."
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