FinDev Canada announced an investment of USD 20M in African Development Partners III (ADP III), Development Partners International (DPI)’s third fund focused on established and growing companies targeting Africa’s growing middle class.
ADP III will contribute to job creation, climate change mitigation and gender balance across Africa, as well as increasing access to education, healthcare and other crucial services.
Co-founded in 2007 by leading African private equity investors Runa Alam and Miles Morland, Development Partners International have established a strong reputation and expertise in investing in Africa. With over 1.6 billion USD under management across three funds, DPI achieved significant impact on companies that benefit from the growth of the emerging middle class in Africa, while generating commercial returns for its investors.
“Working with a firm with such an established track record as DPI will allow us to diversify our portfolio in Sub-Saharan Africa reliably and sustainably,” said Paulo Martelli, Director, Investments at FinDev Canada. “DPI fits within our mandate to support companies with a strong local impact and help transform companies that wish to go further.”
Providing opportunities and access to jobs for women across Africa.
FinDev Canada’s investment will contribute toward expanded employment for women in consumer goods, financial services, retail, logistics and healthcare across Africa. Furthermore, they have adopted an innovative and comprehensive gender lens investing strategy by embedding the 2X Challenge criteria in their investment process. This will enable them to identify opportunities to work with investees to increase women’s access to entrepreneurship, leadership, quality employment and products and services in their portfolio.
Building the market from the ground up
DPI’s previous funds have notably contributed to over 34,000 full-time jobs, 29% of which are held by women. Companies in their portfolio are also expected to make contributions to their local economies through taxes, salaries, profits as well as infrastructure focused on job stability.
Bolstering our Response to COVID-19
DPI’s strong track record and significant local impact in Africa reinforces FinDev Canada’s commitment to remain open for business and service our regions during this pandemic. FinDev Canada’s investment will help ensure that liquidity continues to reach developing markets, helping them to recover from the economic and social consequences of this crisis.
About FinDev Canada:
Development Finance Institute Canada Inc., operating under the FinDev Canada brand, is a Canadian institution dedicated to providing financial services to the private sector in developing countries with the aim of combating poverty through economic growth by focusing on three main themes: economic development through job creation, women economic empowerment, and climate change mitigation. The Development Finance Institute Canada Inc. is a wholly-owned subsidiary of Export Development Canada (EDC). Find out more about FinDev Canada here.