ADB approves $20m commitment

The African Development Bank has backed Evolution's latest private equity fund.

Institution: African Development Bank
Headquarters: Abidjan, Côte d`Ivoire
AUM: $35.35 billion

African Development Bank (ADB) has confirmed a $20 million commitment to Evolution Technology Fund III, according to its recent press release.

The fund, launched in June 2022, will focus on consumer goods and TMT sectors in North America, Europe and the Middle East.

Founded in 1964, African Development Bank is a financial institution with headquarters in Côte d’Ivoire that offers policy recommendations to promote development strategies in Africa.

Evolution Equity Partners, a private equity firm with offices in Zurich and Palo Alto, and headquartered in New York, was established in 2008. The firm focuses on making growth-stage investments in consumer and technology-related businesses.

Decarbonisation, decentralisation, and digitalisation will be the key strategies for addressing climate change and implementing energy transition, according to ADB and partners in the new fund, which will also continue to provide growth capital and infrastructure equity to support renewable and sustainable energy.

The $35.35 billion in private equity fund commitments mainly target venture capital and growth equity across various sectors.

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