(Ecofin Agency) - The Swedish development finance institution, Swedfund, contributed an additional $10 million to African Development Partners (ADP III), a private equity fund dedicated to African growth-stage companies. This second transaction comes one year after the first investment of $15 million.
Swedfund's new intervention aims to support large African companies and ensure the growth of the private sector, especially in this pandemic period.
"As a development finance institution, Swedfund recognizes that it has a key role to play in providing this additional capital to enable ADP III to reach its target, achieve its objectives and generate returns," Swedfund said in a briefing note.
ADP III aims to raise close to $800 million for minority and majority equity investments in companies in fast growing economies across the continent.
The Fund is managed by ADP III GP Mauritius Limited, a subsidiary of the British private equity firm Development Partners International.