development finance institutions

DFIs and other catalytic investors, which made up most of ResponsAbility's LPs in previous strategies, will form a minority subordinated first-loss tranche for this fund.

Norrsken22 closed its debut fund at an oversubscribed $205m with support from its namesake foundation to invest primarily in sub-Saharan growth-stage companies.

The two companies have partnered to launch Spark France, which is seeking to raise up to €200m by the end of next year.

Managed in collaboration with FinDev Canada, the loan fund is yet to launch but has readied commitments of over $500m, according to a source.

'The market opportunity remains unprecedented, but trillions of rands of investment are still required to develop sustainable infrastructure across South Africa,' the firm said in a statement.

Development finance institutions, sovereign wealth funds and corporates pushed the fund beyond its initial target, drawn in part by its 'clear impact component'.