Debevoise & Plimpton LLP is advising Development Partners International (“DPI”), a premier investment firm focused on Africa, as its African Development Partners III Fund (“ADP III”), has exceeded its $800 million target, and is set to hold a final close at $900 million, with an additional $250m of dedicated co-investment capital. This brings a total of $1.15 billion for investments on the continent.
The fundraising establishes ADP III as one of the largest funds dedicated to investing global capital in Africa.
ADP III will invest in established and growing companies in industries that benefit from Africa’s fast-growing middle class and the increasing digital transformation of the continent. All investments have the highest standards of impact and environmental, social and governance (“ESG”) work. In doing this work DPI is using its proprietary DPI Management System (“DPIMS”) toolkit to deliver impact in line with 10 of the UN Sustainable Development goals, as well as driving the highest standards of ESG.
For full details, please see DPI’s press release here.
The Debevoise team advising DPI is led by partner Geoffrey Kittredge, and includes associates Rachel Stables and Nikhil Subbiah. Tax advice is being provided by partners Matthew Saronson and Richard Ward, international counsel Patrick Fasoro, and associate Heather Atkins. Finance advice is being provided by partner Thomas Smith, and associates Daniel Hoborough, Felix Paterson and Andrew Burnett.