CONVERGENCE PARTNERS DIGITAL INFRAS
Who is our client
Convergence Partners was founded in 2006 and invests as value-adding partners into private equity opportunities in technology and digital infrastructure sectors across sub-Saharan Africa. They have an asset base in excess of $400 million across Southern, East and West Africa through three funds.
Funding objective
Convergence aims to make growth-capital investments in a diversified portfolio of mid-sized Sub-Saharan companies seeking growth, or brownfield / greenfield investments in the digital infrastructure space. By investing in the Convergence Partners Digital Infrastructure Fund, FMO can contribute to the economic growth and private equity market development across the African continent.
Why we fund this project
This investment fits FMO’s strategy, deepening a relationship with an existing partner in African private equity investing, and contributes further to FMO’s ambition of being a preferred partner for growth in emerging markets. The investment is also expected to enhance digital inclusion across the continent.
Environmental and social rationale
Based on the risk profile of the pipeline companies, the preliminary E&S categorization is B. Convergence has shown a solid commitment towards E&S and has a strong environment and social management system in place as well as an experienced and dedicated ESG manager in its team. Convergence conducts strong ESG due diligence during its investment process and develops E&S action plans for its portfolio companies.
- Website client
- https://www.convergencepartners.com/
- Region
- Africa
- Country
- Africa
- Sector
- Infrastructure, Manufacturing and Services
- Signing date
- 12/23/2021
- Total FMO financing
- USD 30.00 MLN
- Fund
- FMO
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - B