In a historic financing for a Zambian private equity firm, Monter Capital Partners in Port Louis successfully closed the first close of $40 million for its flagship $100 million fund.
The fund is based in Mauritius but operates out of Port Louis and all over Sub-Saharan Africa. It focuses in growth enterprises in key industries like financial services, clean energy, and agribusiness.
The decision is significant for Zambian private equity since Monter has established a precedent with the regulators that other financial services businesses may now follow, in addition to the money raised, which may be the largest amount ever raised by a firm of this type in the nation.
The fund was authorized on May 31 and was subsequently funded, making it the first of its kind in Zambia. “Monter’s $40 million first round funding comes at a time when it is getting harder for private equity firms, both in Africa and around the world.