Demand for the fund “reflects increasing investor appreciation for the powerful growth story unfolding across Africa,” Arif Naqvi, Abraaj founder and chief executive officer, said in the statement. “It is a story driven by rapid urbanization and favorable demographics that are fueling consumption across multiple sectors from an expanding, young middle class.”
Abraaj has invested about $3 billion in Africa over more than a decade, it said in the statement. It has made 67 investments in Sub-Saharan Africa in nine sectors over that period and achieved 30 full and partial exits.
The firm has 27 investment and operating professionals based across its four offices in Nairobi, Lagos, Accra and Johannesburg.