Intesa Sanpaolo and Old Mutual were among the limited partners in a private equity fund that will invest in growth-stage financial services businesses in Africa and Asia.
UK-based private equity asset manager Apis Partners has raised more than $157m for its first fund, having secured commitments from limited partners including financial services firms Intesa Sanpaolo and Old Mutual.
The banks were joined as an LP in Apis Growth Fund I by other institutional investors and financial firms from Europe, North America and Africa, including European development finance providers CDC, European Investment Bank, FMO and Swedfund.
Apis will supply growth equity to growth-stage financial services providers in Africa…
