Verod has closed its third growth fund at a hard cap of $200 million. The fund’s limited partners include international fund of funds, asset managers, foundations, sovereign wealth funds, family offices and development finance institutions. Asante Capital acted as global fundraising adviser. Verod Capital Management is an anglophone West Africa private equity firm.
Verod Capital Management (Verod) is pleased to announce the final close of Verod Capital Growth Fund III LP (Verod Fund III), exceeding the initial target, as well as the size of its predecessor fund, Verod Capital Growth Fund II LP (Verod Fund II). Verod Fund III was oversubscribed, closing at its $200m hard cap. Verod Fund III is supported by a diverse group of prominent global institutional investors and includes a mix of international fund of funds, asset managers, foundations, sovereign wealth funds, family offices and development finance institutions with extensive experience investing in emerging markets.
Danladi Verheijen, Co-founder and Managing Partner of Verod Capital, noted: “With the current challenges facing the African PE fundraising market, we are very grateful for the confidence that our extremely high caliber set of investors have in our team and differentiated strategy. We look forward to deepening the successful long-term partnership we have with them.”
Eric Idiahi, Co-founder and Partner at Verod Capital, added: “We remain excited about the market prospects and look forward to finding and growing the best businesses in our region, which will generate attractive returns for our investors and positively impact our communities.”
Similar to Verod Fund II, the investment strategy for Verod Fund III is to focus on middle market growth companies in anglophone West Africa, with the aim of building a diverse portfolio across several industries including light manufacturing, consumer goods and services, business services, agriculture, education, healthcare and financial services.
Asante Capital acted as global fundraising adviser, Clifford Chance (UK), BLC Chambers (Mauritius) and Udo Udoma & Belo-Osagie (Nigeria) acted as legal advisers, while Trident Trust (Mauritius) will provide administrative services to Verod Fund III.
For more information, please visit www.verod.com
About Verod Capital Management
Verod Capital Management is an anglophone West Africa Private Equity firm focusing on investing equity and equity-linked capital in growth companies across various consumer-driven sectors. Verod seeks to partner with companies led by strong, result driven management teams that can grow large, dominant and sustainable enterprises. Verod recently won the Award for “West Africa Fund Manager of the Year” at SuperReturn Africa’s GP Awards in December 2019.