Apis Growth Fund I announces its final close with commitments of US$ 287 million

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  • Apis Partners LLP’s inaugural Fund, Apis Growth Fund I, announces its final close with commitments of US$ 287 million
  • The fund significantly exceeds its target of US$250 million
  • The Investors in the fund include Development Financial Institutions, global Financial Institutions and fund of funds investors from Europe, North America, Africa and Middle East
  • The Fund has deployed approx. US$130 million across 5 companies since its first close in August 2015

 

London, 6 March 2017 Apis Partners LLP, a private equity asset manager focused on financial services in the growth markets of Africa and South Asia, announces the final close of Apis Growth Fund I (the “Fund”). At US$287 million, the Fund closes significantly above its target of US$250 million. 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. The investors in this close include the African Development Bank, 57 Stars, Obviam (Switzerland), South Suez Capital (South Africa), Prudential Financial Inc. (US) and Sarona Asset Management (Canada). Previously admitted investors include the Intesa Sanpaolo Group (Italy), CDC (UK), the European Investment Bank, FMO (Netherlands), Swedfund (Sweden) and Old Mutual (South Africa).

Matteo Stefanel, Apis Co-Founder and Managing Partner commented “We are privileged and honoured to have such high quality investors in the Fund. 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.

Udayan Goyal, Apis Co-Founder and Managing Partner added “We have been investing in the African and South Asian regions for a number of years, and we continue to be delighted with the quality and number of the companies that are operating in the financial services space. We are excited about the five companies the Fund has already invested in and look forward to deploying further capital. We thank our investors for their confidence in Apis and the team.

Grace Kyokunda, Chief Investment Officer, AfDB, said “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. 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.

Stephen O’Neill, Managing Director, 57 Stars, added: “Financial Services are an important part of the Global Emerging Markets growth story, and an increasing one thanks to the evolution in distribution models.  As EM specialists ourselves, we value domain specialization: our decision to invest in Apis Growth Fund was largely based on the team’s deep industry expertise and their focus on innovation in financial services in Emerging Markets.”

Vivina Berla, Co-Managing Partner, Sarona, commented “Investing in Apis Growth Fund I allows us to get exposure to financial services and related disruptive technologies in some of the fastest growing countries in the world. Sarona is deeply committed across its portfolio to Apis’ mandate of fostering inclusion through innovation: we are actively engaged in promoting synergies between companies in the Apis Growth Fund I portfolio with other companies that we are indirectly invested in.

Catherine Swanepoel, Director, South Suez Capital, commented “Non-traditional Financial Services is a high growth sector, particularly technology-enabled services that are tailored to meet the unique challenges of access for customers in the Emerging Markets. We are excited to be working with Apis, a highly experienced and knowledgeable team with deep networks and the ability to source attractive deal flow within these sectors and markets.”

Florian Kohler, Managing Director, Obviam, stated “Obviam is delighted with the results of APIS to date. The fact that a first time manager has been able to put together such a strong team, invest in five solid companies across South Asia and Africa while raising US$287 million across both Public and Private institutions, reaffirms the strong demand for smart capital across emerging markets that brings that unique blend of deep industry know how and seasoned experience that has become the hallmark of APIS.

Lata Reddy, Vice President, Corporate Social Responsibility, Prudential Financial, Inc. said “Prudential’s investment in Apis Growth Fund I reflects our commitment to expanding access to financial services. We believe deeply in the power of innovative business models to drive financial inclusion in growth regions like Africa and Asia.

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

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About Apis Partners LLP

Apis Partners (www.apis.pe) is a private equity asset manager that supports growth stage financial services businesses in Africa and Asia by providing them with catalytic growth equity capital. Apis Partners’ core team is composed by 16 professionals based in London and Lagos, and with specialised expertise in financial services and technology in growth markets. Apis Partners’ operatingnetwork includes on-the-ground presence in 5 countries and over 20 additional financial services sub-sector experts. Apis Partners is highly conscious of the developmental impact that the provision of growth capital for financial services in growth markets can achieve, and financial inclusion is a core tenet of Apis Partners’ investment mandate.

Apis Partners LLP, the manager of Apis Growth Fund I, is authorised and regulated by the Financial Conduct Authority (auth. n. 628289).

As a foreign private adviser, Apis Partners is exempt from registration under the Investment Advisers Act of 1940.

Disclaimer

This press release does not constitute an offer to sell or a solicitation of an offer to make an investment (the “Investment”) in Apis Growth Fund I (the “Fund”). No such offer or solicitation will be made prior to the delivery of a limited partnership agreement, a subscription agreement and/or other materials relating to the Fund. Before making an investment decision with respect to the Investment, potential investors are advised to carefully read all the offering materials relating to interests in the Fund. Further, potential investors are advised to consult with their tax, legal and financial advisors before consummating an Investment.

THE INTERESTS IN THE FUND WILL BE OFFERED IN THE UNITED STATES ONLY TO A VERY LIMITED NUMBER OF INVESTORS WHO MUST ALL BE ACCREDITED INVESTORS which for natural persons are investors who meet certain minimum annual income or net worth thresholds. The interests will be offered in the United States in reliance on an exemption from the registration requirements of the Securities Act of 1933 and, as a result, the Fund will not be required to comply with specific disclosure requirements that apply to funds registered under the Securities Act. The FCA and the SEC have not passed upon the merits of, or given their approval to, the interests in the Fund, the terms of the offering, or the accuracy or completeness of any offering materials. The interests issued will be subject to legal restrictions on transfer and resale and future investors may not be able to resell their interests in the Fund. Therefore, all investors in the Fund must be able to bear the loss of their investment.

 

Media contacts:

Ed Gascoigne-Pees, + 44 (0)20 3757 4984, [email protected]