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Convergence raises $296m for Africa tech buyout fund

Buyout firm Convergence Partners has raised $296 million for a new fund that will focus on investments in African technology assets, bringing total funds under management at the firm to around $600million, according to a report by Bloomberg.

The fund, one of the first PE vehicles focussed on sub-Saharan Africa this year, mainly attracted money from previous investors, development agencies and pension funds in the US, UK, Europe and Africa, said Chairman Andile Ngcaba in an interview. Convergence will look to invest the funds assets in a range of technology assets from “data centres to optic fibre on land and sea”, he said.

Convergence has been operating in Africa for 20 years and previously invested in companies such as Vodacom Group Ltd. and Nedbank Group Ltd.

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