(Ecofin Agency) - Amethis III, the third pan-African fund by Amethis, completed its initial closing at €140 million ($154.3 million). The fund, targeting medium-sized African companies, aims to raise €450 million by its final closing in late June 2024.

Luxembourg-based investment fund manager Amethis announced on Monday, July 10, the successful initial closing of Amethis III at €140 million ($154.3 million). According to the release, Amethis III will invest between €25 million and €40 million to acquire minority and majority stakes in around ten medium-sized companies located in Africa's most diverse economies. The fund will focus on growth sectors such as healthcare, manufacturing, business services, financial services, energy, and infrastructure-related services.

Amethis III follows Amethis Fund II, launched in 2018, which attracted over 70 investors from Africa and Europe during its final closing in June 2019. Before that, Amethis Fund I was established in 2012, with a total commitment of €275 million.

Support for the initial closing of Amethis III came from the International Finance Corporation (IFC), the Swedish Development Finance Institution (Swedfund), family offices, and private institutions. The specific capital contributions from each investor were not disclosed.

The final closing of Amethis III is scheduled for the end of the second quarter of 2024, with a target size of €450 million. Amethis has experience of over 10 years in developing medium-sized African companies and managing more than €1 billion in assets. In April, Ecofin Agency reported the upcoming launch of Amethis III in collaboration with the IFC, with the latter aiming to invest around €40 million in equity.

Chamberline Moko