Buyout Firm Convergence Raises $296 Million Africa Tech Fund
- Private equity deal-maker plans to buy technology assets
- Africa needs investment in another 700 data centers by 2030
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Buyout firm Convergence Partners raised $296 million to buy African technology assets, Chairman Andile Ngcaba said.
The capital raise, one of the first private equity funds secured for sub-Saharan Africa this year, will bring the total funds under management at Convergence to about $600 million, Ngcaba said in an interview. The new money is mainly from previous investors, development agencies and pension funds in the US, UK, Europe and Africa, he said.