New Delhi, May 11 -- Admaius Capital Partners, a pan-Africa-focussed private equity firm that was set up in 2021 by former executives of Emerging Capital Partners and The Carlyle Group and makes growth investments across the region, has launched its second fund, targeting nearly double the corpus raised in its maiden vehicle.

The Rwanda-based firm, which has offices in Nairobi, Johannesburg, Tunis, and London, has set a target to raise $500 million for the new vehicle.

Its first fund, Virunga Africa Fund 1, was anchored by the Qatar Investment Authority (QIA) and Rwanda Social Security Board (RSSB). It focussed on sectors contributing to Africa's economic and social development, including digital infrastructure, financial services, fast-moving consumer goods (FMCG), healthcare, and education. It collected over $280 million.

The second fund is likely to receive backing from the International Finance Corporation (IFC), the private sector investment arm of the World Bank Group. IFC, which invests across venture capital, growth private equity and debt transactions in India, as well as invests in funds, is considering to commit $25 million to the vehicle, along with a co-investment sleeve of up to $10 million.

Through the new vehicle, Admaius Capital aims to back mid- to large-cap African companies, building a portfolio of 10-12 companies. It will invest $15-50 million across each of its bets. Usually, the fund acquires majority stakes, while also taking significant minority stakes in a few companies.

Although the PE firm follows a generalist approach, it is more focussed on healthcare, education, FMCG, digital infrastructure, and financial services.

The first fund, launched in 2022, invested in eight companies. Its portfolio companies include Rwandan telecom tower infrastructure company TRES infrastructure, Tunisian salted snacks player Cerealis, and Africa's largest digital payments network MFS Africa.

In January, it said it had exited Egyptian pharmaceutical company Parkville Pharmaceuticals.

Published by HT Digital Content Services with permission from VC Circle.