BluePeak Private Capital, a private capital firm dedicated to fostering the development of scalable enterprises in Africa, has successfully concluded the fundraising for its Private Capital Fund SCSp, securing $156 million in capital.The fund has garnered support from a distinguished group of investors, including the African Development Bank (AfDB), British International Investment (BII), the European Investment Bank (EIB), the US Development Finance Corporation (DFC), FMO, SwedFund, and CDC Tunisia.
“We are delighted to have received the backing of such esteemed investors as we aim to address the evolving needs of businesses,” noted Walid Cherif, co-founder and managing partner of BluePeak Private Capital. “We look forward to the next phase of partnering with ambitious entrepreneurs to enhance operational excellence, drive growth, bolster ESG practices, and generate positive impact across Africa.”
Founded in 2019, with offices in Tunis, Nairobi, and London, African Development Bank (AfDB), invests in various sectors, including healthcare, education, financial services, manufacturing, and technology. The firm targets companies with revenues ranging from $10 million to $80 million that have the potential to become leading players in the pan-African market. In 2021, the firm achieved an initial close of the fund at $115 million, initially aiming for a final close of $200 million with a hard cap of $250 million.
One of BluePeak’s initial investments following the first fund close was in Grit Real Estate Income Group Limited (Grit), a company listed on the London Stock Exchange that invests in and manages a diverse portfolio of high-quality assets across Africa. BluePeak’s investment in Grit will support the expansion of its portfolio of industrial and health facilities in East Africa.
Subsequently, the fund has assembled a diverse portfolio of six pioneering businesses operating in over 30 African countries, including ieng, a prominent pan-African provider of comprehensive infrastructure solutions for the telecoms sector based in Ghana, and Africure, a pan-African manufacturer and distributor of pharmaceutical products.
The African Development Bank (AfDB) contributed $11 million to the private capital fund as part of its commitment to aiding the growth of small and medium-sized enterprises (SMEs) in Africa. SMEs are a cornerstone of the African economy, but they often encounter challenges in accessing financing. BluePeak’s investment fund is poised to address this challenge by providing SMEs with the growth capital needed to expand and generate employment opportunities.
“The African Development Bank’s commitment to our flagship fund underscores its confidence in our strategy to support impactful businesses in Africa. SMEs in Africa continue to face financing challenges due to various macroeconomic obstacles. BluePeak was established to bridge a portion of this financing gap,” Walid stated regarding AfDB’s participation in the fund.
BluePeak’s successful fund closure coincides with a period of rapid economic growth in Africa. The continent is home to some of the world’s fastest-growing populations, and its middle class is expanding at a significant rate. This growth is creating fresh opportunities for African businesses, and BluePeak is well-positioned to assist these enterprises as they expand and scale.
Source: Benjamindada.com