Nigeria’s state fund manager targets a fivefold increase with $270million AUM, Africa's latest unicorn at $400million funding round.

Plus Convergence Partners $296 million for latest fund, Swedfund invests $26 million in African infrastructure fund, STANLIB Infrastructure Fund II new acquisition.

Dear Afrlytics Reader,

I hope you had a good weekend. In today’s roundup of interesting news, trends, and dealmaking:

• Vantage Capital’s mezzanine completes the final close

• STANLIB Infrastructure Fund II acquires 42% of Upington Solar.

• Adenia Partner's largest fund holds first close

• Commercial International Bank Egypt (CIB) set complete acquisition of Kenya’s Mayfair CIB.

Nigeria’s state fund manager targets a fivefold increase with $270 Million AUM

Nigeria’s Ministry of Finance Inc (MOFI) is looking to grow its asset under management (AUM) by fivefold to $217 billion by 2033. The president tasked the new board of the investment vehicle, to invest in commercial opportunities as part of overall measures to revive and restructure non-performing assets and boost government revenue.

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M & A

• Commercial International Bank Egypt (CIB) set complete acquisition of Kenya’s Mayfair CIB.

  Commercial International Bank Egypt (CIB) has received the regulatory approvals to acquire the remaining 49% of Kenya’s Mayfair CIB, in a deal valued at $40 million.

• STANLIB Infrastructure Fund II acquires 42% of Upington Solar.

  South African Asset Manager Stanlib, through its second infrastructure fund, has signed an agreement with renewable energy company Scatec to acquire a 42% stake in the 258 MW Upington solar power plant for R979-million.

• Phatisa acquires a significant minority stake in MHL International Holdings.

  Leading Sub-Saharan Africa private equity investor, Phatisa has acquired a minority stake in MHL International Holdings Limited (“MHL”), a subsidiary of The Manipal Group – the India-based conglomerate with interests in the printing and technology sectors

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Rating Changes

• Moody's Investors Service ("Moody's") has downgraded the ratings of Seplat Energy Plc (Seplat) and Dangote Cement Plc (Dangote) to Caa1 from B3. It has also downgraded the Nigeria Government's long-term foreign-currency and local-currency issuer ratings to Caa1 from B3.

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Venture Capital

• MNT-Halan becomes Africa’s latest unicorn

  Egyptian payments solutions firm MNT-Halan has secured $400 million in equity and debt financing, including $260 million in equity and $140 million in debt at a valuation of more than $1 billion and making it Africa’s latest unicorn.

• Lulalend raises $35million in Series B investment

  South Africa SME digital lender Lulalend has raised $35 million in a Series B investment round led by Lightrock, The International Finance Corporation (IFC), Quona Capital, and new investors namely Triodos Investment Management, Women’s World Banking Asset Management, and German development finance institution DEG

• Mawingu raises $9 million in Series B funding round

  Kenya-based internet service provider Mawingu has raised $ 9 million in its Series B funding from existing and new investors

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Private Debt

• Oikocredits provides loan financing to Yellow

  Dutch impact investor Oikocredit is providing a $5 million loan to Solar system provider Yellow. The funding will support the roll-out of the company’s solar system offering across four African countries.

• Norfund invest in South Africa’s Synecore Holdings with convertible debt

  Norwegian Investment Fund Norfund has made a convertible debt investment in Synecore Holdings, the South African manufacturer and distributor of food ingredients. to enable it to scale its operations.

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Private Equity

• Swedfund commits $26million to African Infrastructure Investment Fund

  The Swedish Government’s development financier, Swedfund has made its first investment in broader infrastructure that includes more than clean energy and climate infrastructure with a commitment of $26 million to African Infrastructure Investment Fund 4 (AIIF4).

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Fundraising Events

• Convergence Partners completes the successful close of the latest fund

  South Africa-based technology and digital infrastructure investment firm Convergence Partners, has successfully closed its Convergence Partners Digital Infrastructure Fund (CPDIF) at $296 million, with its initial target oversubscribed by 18%.

• Vantage Capital’s mezzanine completes the final close

  Leading African mezzanine fund manager Vantage Capital has held the final close for its largest fund with commitments from US and European investors

• Adenia Partner's largest fund holds first close 

  Leading private equity firm Adenia Partners has reached the first close of its largest fund with an oversubscription of three-quarters of its final target.

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Economy Updates:

• Uganda has seen an increase in its annual inflation rate from 10.2 % in December to 10.4 % in January

• Zimbabwe’s annual inflation dropped to 230% after five month-on-month reductions. The Zimbabwe Central Bank also lowered the benchmark interest rate from 200% to 150%.

• Kenya’s inflation covering goods and services rose to a four-year high of 4.3 %pe in January.

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