Funds
The firm’s first independent fund – a US$407 million multi-purpose fund named the AIG African Infrastructure Fund – was sponsored by AIG and the International Finance Corporation. The fund’s advisory board included several notable members, such as Nelson Mandela and former African National Congress general secretary Cyril Ramaphosa.
The firm’s second major pan-African fund, ECP Africa Fund II, closed in May 2007 with US$523 million. At the time, it marked the largest private equity fund ever raised for investments across the African continent. Africa Fund II was established to seek majority or minority positions in companies through equity, quasi-equity and convertible debt instruments, with a focus on telecommunications, natural resources, financial services, agribusiness, transportation and utility businesses.
In June 2010, it announced the final close of ECP Africa Fund III at US$613 million, bringing the total capital raised to US$1.8 billion and more than US$1 billion invested.
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