BluePeak Private Capital, a firm specializing in private capital investments with a focus on facilitating the growth of scalable businesses in Africa, has completed its fundraising efforts for its flagship Private Capital Fund SCSp. The fund has secured an impressive total of $156 million in commitments.
Notably, the fund received substantial support from a distinguished group of investors, underlining the increasing interest in business opportunities in Africa. Key investors in the fund include the African Development Bank (AfDB), British International Investment (BII), the European Investment Bank (EIB), the US Development Finance Corporation (DFC), FMO, SwedFund, and CDC Tunisia.
"We are truly grateful for the support of these prestigious investors, as we aim to address the specific and evolving needs of businesses in Africa," commented Walid Cherif, co-founder and managing partner of BluePeak Private Capital. "We look forward to the next phase, working hand in hand with ambitious entrepreneurs to enhance operational excellence, drive growth, bolster ESG (Environmental, Social, and Governance) practices, and create a positive impact across the African continent."
Established in 2019, with offices in Tunis, Nairobi, and London, BluePeak Private Capital pursues investments across a diverse range of sectors, including healthcare, education, financial services, manufacturing, and technology. The firm primarily targets companies with annual revenues ranging from $10 million to $80 million, with a clear potential to become leaders in pan-African markets. In 2021, the firm initially closed the fund at $115 million, with an ultimate target of reaching a final close of $200 million and a hard cap of $250 million.
One of BluePeak's initial investments, following the initial close of the Private Capital Fund, was in Grit Real Estate Income Group Limited (Grit), a company listed on the London Stock Exchange, specializing in investments and management of a diversified portfolio of high-quality assets across Africa. BluePeak's investment in Grit is expected to facilitate the expansion of Grit's portfolio, particularly in the industrial and healthcare facilities sector in East Africa.
Since then, the fund has carefully curated a diverse portfolio, comprising six pioneering businesses operating in over 30 African countries. These investments include ieng, a leading pan-African provider of end-to-end infrastructure solutions for the telecommunications industry, based in Ghana, and Africure, a pan-African manufacturer and distributor of pharmaceutical products.
The African Development Bank (AfDB) made a significant investment of $11 million in the private capital fund, as part of its commitment to supporting the growth of small and medium-sized enterprises (SMEs) in Africa. SMEs play a pivotal role in the African economy but often encounter challenges in accessing financial support. BluePeak's investment fund is poised to address this issue by providing SMEs with the necessary growth capital to expand their operations and create employment opportunities.
"The African Development Bank's commitment to our flagship fund is a strong vote of confidence in our strategy to support impactful businesses in Africa. SMEs in Africa continue to face financing challenges due to various macroeconomic factors. BluePeak was founded to bridge this financing gap," Walid Cherif emphasized regarding AfDB's involvement in the fund.
BluePeak's successful conclusion of its fundraising efforts coincides with a period of rapid economic growth in Africa. With some of the world's fastest-growing populations and an expanding middle class, the continent offers new and exciting opportunities for businesses. BluePeak Private Capital is strategically positioned to support these businesses as they embark on their growth and scalability journey.
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