Metier announced the first close for Metier Capital Growth Fund III, raising just over $182 million, with further commitments expected by final close positioning Metier to exceed its targeted fund size of $200 million.
The fund is the successor fund to the Metier Capital Growth Fund II of 2015/2016 which invested in eight portfolio companies in the retail, out of home dining, healthcare, industrial services, FMCG, manufacturing and telecommunications sectors.
The Fund has a geographic focus on sub-Saharan Africa and is expected to make eight to twelve equity and equity-related investments into mid-market companies with high growth features in sectors that benefit from regional economic and demographic trends such as population growth and increased urbanisation.
“Our active deal pipeline is characterised by growth capital investments that will have a positive impact on climate change, create decent jobs with a focus on gender-lens investing, support the connectivity of rural communities, and enhance the development of businesses across Africa,” said Paul Botha, CEO and Co-founder of Metier. “Beyond delivering top quartile returns, Metier’s core objective is to contribute towards positive and sustainable impact across Sub-Saharan Africa.”
The Fund has attracted investment from both international and South African investors, including significant commitments from international development finance institutions, who were motivated by the Metier team’s focus and track record of investing for developmental impact while delivering top quartile private equity performance.
Botha continued, “Our investors are optimistic about the investment opportunities on the continent and recognise that partnering with an experienced manager that can combine discerning investment selection with active value-adding management, can result in meaningful impact and strong returns.”