Apis Partners closes Fund II at US$550m hard-cap

• Fund II was oversubscribed, exceeding its US$400 million target and hitting its increased hard-cap
• Apis Partners, a global investment manager that supports growth stage financial services and financial technology businesses by providing them with catalytic growth equity capital, has completed fundraising for Apis Growth Fund II with US$550 million in limited partner commitments.

London, U.K., 6 December 2019 – Apis Partners LLP (“Apis Partners”) announced the final close of Apis Growth Fund II (the “Fund”). The Fund closed at its increased hard-cap of US$550 million with total commitments of US$563 million (including the GP commitment), exceeding the initial target fund size of US$400 million. Investors committing to Apis Growth Fund II include global banks, insurance companies, development financial institutions, fund of funds, pension funds, sovereign wealth funds, and family offices, across major global investor markets in the U.S., Europe, Africa, Middle East, and Asia.

Apis Growth Fund II expects to make equity investments of between US$30 million and US$50 million into financial services with a focus on capital light financial services and financial technology companies across the growth markets of Africa, South Asia and South East Asia.

Apis Growth Fund II will build on the successful financial services strategy and track record of Apis Partners’ predecessor fund, Apis Growth Fund I which closed in 2016 with US$287 million of total commitments, and will seek to partner with founders and management teams to invest in growth stage companies in the financial services sector.

Apis Growth Fund II will invest in selected financial services and related business services, namely in the sub-verticals of Payments, Credit and Savings, Insurance, Technology Enablers and Service Providers, and Capital Markets. The Fund will back companies with innovative business models adapted to local conditions and addressing a large portion of the unbanked or underbanked populations.

Apis Growth Fund II has already invested in two companies: Tutuka, one of the leading global emerging markets independent issuer processors; and Coda Payments, the leading South East Asian multi-channel payment gateway. In addition, the Fund has signed a commitment to invest in L&T IDF, a leading Non-Bank Financial Company (NBFC) focused on infrastructure refinancing in India.

“We are grateful for the continued support of our existing investors and are excited to welcome our new investors to Fund II. This commitment brings with it the responsibility for us to continue to focus on our investment activity and execute in our core areas of expertise” said Matteo Stefanel, Managing Partner and Apis Co-Founder.

“We see this successful fundraising process as a clear endorsement by our investors of our deep financial services expertise, and recognition of the strong potential in growth markets financial services. This new fund will pursue our established strategy of investing in one of the most important sectors, globally and in growth markets, namely financial services.” said Udayan Goyal, Managing Partner and Apis Co-Founder.

The closing of Apis Growth Fund II follows an active and successful year for Apis, during which the Firm completed 5 investments and a number of add-on acquisitions into portfolio companies. Apis Partners has completed 14 investments to date in financial services across multiple sub-sectors.

About Apis Partners LLP

Apis Partners LLP is a global investment manager that supports growth stage financial services and financial infrastructure businesses by providing them with catalytic growth
equity capital. Apis Partners LLP’s team is comprised of 28 professionals with specialised expertise in financial services and technology in growth markets, and it has offices or representation in London, Lagos, Singapore, Mumbai, Nairobi, Johannesburg and New York.

Apis Partners LLP is highly conscious of the developmental impact that the provision of growth capital for financial services in growth markets can achieve, and as such, financial inclusion is a core tenet of Apis Partners LLP’s approach and investment mandate.

Apis Partners LLP is authorised and regulated by the U.K. Financial Conduct Authority (auth. n. 628289). Apis Partners LLP is the manager of Apis Growth Fund I L.P., Apis Growth I (B) L.P. and Apis Growth I Africa L.P., (collectively, Apis Growth Fund I) as well as Apis Growth Fund II L.P. and Apis Growth II (B) L.P. (collectively, Apis Growth Fund II). As an exempt reporting adviser, Apis Partners LLP is exempt from registration under the US Investment Advisers Act of 1940.

Please visit www.apis.pe for more information.

Contact

Gustavo Eiben
Partner, Stakeholder Engagement
gustavo.eiben@apis.pe
T: +1 203 489 3831
C: +1 917 319 3735