ICT investment firm Convergence Partners has secured a new long-term funding facility worth R400 million from Nedbank Capital, reports BusinessTech.
According to Business Tech, the funding is meant for Convergence Partners Investments (CPI), a vehicle that houses Convergence Partners’ first investment portfolio. The R400 million funding will be used to fund the next phase of CPI’s investment life cycle, mainly its commitment to the recently launched Convergence Partners Communications Infrastructure Fund (CPCIF).
CPCIF is the second investment vehicle that Convergence Partners manages, concentrating on ICT infrastructure related companies and projects on the African continent. The two organisations have a longstanding relationship. Nedbank Capital formerly partook in CPI’s capitalisation through a R300 million preference share facility.
The facility, according to BusinessTech was used to fund CPI’s investment activities for the past seven years and it has been fully settled.
Brandon Doyle, CEO of Convergence Partners said, “This new facility will support the critical investment activities of our recently launched ICT infrastructure fund, and will allow us to continue the successful relationship we have with Nedbank Capital – both at a Convergence Partners level and through working together in many of our underlying ventures.”
“We will continue to focus strongly on initiatives that increase the availability of communications, broadband services and new technology offerings to African people.”
Convergence Partners secures R400 million funding facility [Business Tech]