Apis Partners closes emerging market fund at $287m

Financial services-focused private equity investor Apis Partners has reached a final close for its debut fund.

Apis Growth Fund I closed at $287m, up from its $250m target and will invest in the growth markets of Africa and South Asia.

The London-based firm reached its first close in August 2015 and has already made investments in five companies form the fund.

The fund’s investors include development financial institutions, global financial institutions and fund of funds investors from Europe, North America, Africa and Middle East.

Apis Co-Founder and Managing Partner Matteo Stefanel said: “We are privileged and honoured to have such high-quality investors in the Fund.

“These investors bring a wealth of experience in our target regions of Africa and South Asia as well as in the financial services and technologies vertical, and their confidence in the Apis mandate is a strong validation of the opportunities that these regions have to offer to investors in this sector.”

The fund’s current portfolio includes pan-Africa mSME lender MicroCred, Indian ATM service provider Electronic Payment and Services, African online payment platform Direct Pay Online, Africa and Asia-focused remittances firm Transfast and Indian retail health insurer Star Health and Allied Insurance.

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