Apis targets $400m for emerging markets growth fund
Apis Partners is targeting $400 million for its second middle-market growth fund focused on financial services and technology investments in emerging markets, with a $500 million hard cap.
Apis Growth Fund II will provide growth capital investments to middle-market companies in Africa and Asia; its target markets in Asia are India, Indonesia, Pakistan and the Philippines. The International Finance Corporation, the investment arm of the World Bank, is considering a commitment to the fund of up to $25 million, not to exceed 25% of total fund commitments.
The fund will support companies that require growth equity to expand their product ranges, grow into new markets or integrate verticals. Its primary focus is on companies that provide products and services to promote financial inclusion by making financing more affordable and accessible for underserved customers.
Apis’ previous fund launched in 2014 and closed last year at $287 million, above the $250 million target. Investments from the fund in Asia include India-based ATM provider Electronic Payments & Services and insurance provider Star Health & Allied Insurance. Other investments include, Greenlight Planet, a company that provides financing for home solar power installations, that is headquartered in Nairobi and Mumbai.
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