Apis Partners hits $550m hard cap for second emerging markets financial services fund

PE firm Apis Partners has hit a $550m hard cap for the final close of its second investment fund focused on financial services companies in emerging markets.

The firm has closed Apis Growth Fund II on $563m of capital, including the general partner commitment. Investors in the vehicle include World Bank arm IFC, which agreed to commit $25m earlier this year.

The latest fundraise sees Apis surpass both its $400m initial target as well as the $287m raised for its debut fund in March 2017.

The firm said it would use Fund II to target financial services companies in sub-sectors such as payments, credit, savings and insurance, with a focus on light financial services and FinTech.

Apis said it will invest between $30m and $50m in companies working in growth markets such as Africa, South Asia and South East Asia.

The buyout house has already tapped the fund to invest in independent issuer processor Tutuka and multi-channel payment gateway Coda Payments.

“We see this successful fundraising process as a clear endorsement by our investors of our deep financial services expertise, and recognition of the strong potential in growth markets financial services,  said Apis co-founder and managing partner Udayan Goyal.

“This new fund will pursue our established strategy of investing in one of the most important sectors, globally and in growth markets, namely financial service.”

Earlier this year, the firm agreed to invest up to $110m in Indian infrastructure refinancing business L&T Infra Debt Fund.

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