Capitalworks has raised $40 million for investment in Africa.
The South African investment firm makes long-term equity investments in mid-size companies across sub-Saharan Africa.
The funding from CDC Group, the U.K.’s development finance institution, is part of Capitalworks’ planned $300 million raise. “Many mid-sized African businesses struggle to raise the long-term capital they need to grow into the type of national and regional champions that bring growth and jobs,” says Murray Grant, a CDC managing director.
The CDC backed a similar strategy in Sierra Leone, committing $20 million to investment firm Solon.
The South African Government Employees Pension Fund, Africa’s largest, is also an investor in Capitalworks.