Private equity asset manager Apis Partners LLP has reached the final close of its maiden fund, Apis Growth Fund I, at $287 million, it said in an announcement on Monday.

The fund was oversubscribed and closed above its target of $250 million, the statement said.

Since its first close in August 2015, the fund has already invested in five companies operating in financial services in Africa and South Asia.

The investors of the fund include development financial institutions, global financial institutions and fund of funds investors from Europe, North America, Africa and Middle East.

Some of the primary investors in this vehicle are the African Development Bank (AfDB), 57 Stars, Obviam (Switzerland), South Suez Capital (South Africa), Prudential (US) and Sarona Asset Management (Canada). Previously admitted investors include the Intesa Sanpaolo Group (Italy), CDC (UK), European Investment Bank, FMO (Netherlands), Swedfund (Sweden) and Old Mutual (South Africa), the statement said.

Matteo Stefanel, Apis Co-Founder and Managing Partner, said, “These investors bring a wealth of experience in our target regions of Africa and South Asia as well as in the financial services and technologies vertical, and their confidence in the Apis mandate is a strong validation of the opportunities that these regions have to offer to investors in this sector.”

Apis Growth Fund I’s current portfolio includes pan-Africa mSME lender MicroCred, ATM service provider in India Electronic Payment and Services Private Limited, pan-Africa online payment platform Direct Pay Online, remittance company focused on Africa and Asia Transfast, and Indian retail health insurance company Star Health and Allied Insurance Co. Ltd.

“Financial Inclusion is a key driver of what we do, and we believe that Apis Growth Fund I will be catalytic to deepening financial inclusion in Africa,” said Grace Kyokunda, Chief Investment Officer, AfDB.

“The existing portfolio and the pipeline of future investments are strong evidence of how companies can drive financial inclusion, improve access to formal financial services and have a meaningful impact in our markets, whilst being sustainable and profitable,” he added.

Apis Partners supports growth stage financial services businesses in Africa and Asia by providing them with catalytic growth equity capital. Its team is composed by 16 professionals based in London and Lagos, and with specialised expertise in financial services and technology in growth markets.

Also Read: Apis PE, ICICI Venture buy stake in Star Health Insurance

Apis Partners closes maiden fund above target at $287m

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