Alterra Capital Partners, a leading private equity firm, has successfully raised $140 million in the initial closing of its $500 million fund. This fund, strategically focused on investing in key sectors across Africa, including telecommunications, technology, logistics, healthcare, consumer goods, and retail, has garnered significant support from a distinguished roster of investors.
Among the prominent figures backing this initiative are African business magnate Aliko Dangote, renowned investor David Rubenstein, and Bill Conway. The fund has also attracted investment from reputable institutions such as Norfund AS, Standard Bank Group Ltd., the International Finance Corporation (IFC), Germany’s DEG (Deutsche Investitions- und Entwicklungsgesellschaft GmbH), and Allianz SE’s AfricaGrow fund.
Founded in 2020 by former Carlyle Group executives – Genevieve Sangudi, Eric Kump, Idris Mohammed, and Bruce Steen – Alterra Capital Partners leverages its deep understanding of the African market, having previously served as sub-advisors for Carlyle’s Africa fund. This prior experience, which included notable investments such as a $147 million investment in Diamond Bank and J&J Transport, provides a strong foundation for Alterra’s current venture.
“Africa presents a compelling investment landscape, driven by dynamic economic growth and a burgeoning entrepreneurial spirit,” stated Genevieve Sangudi. “The continent is undergoing a period of significant transformation, with technological advancements and evolving consumer demands creating exciting opportunities across various sectors.”
Alterra Capital Partners recognizes the unique challenges and opportunities presented by the African market. To mitigate currency fluctuations, the firm will strategically allocate 50% of its investments to companies generating primarily dollar-denominated revenue.
This initiative by Alterra Capital Partners reflects a renewed focus on the African market, despite the recent withdrawal of some major players from the continent. By leveraging its deep understanding of the African landscape and assembling a strong investor base, Alterra is poised to play a significant role in driving economic growth and fostering sustainable development across the continent.
