Apis raises $563m

The London-based manager closes its second fund above target.

Apis Partners held a final close of Apis Growth Fund II at $550 million in commitments, exceeding Fund II’s $400 million target. The fund closed above a $550 million hard cap, which the firm had increased from an unspecified initial amount during the fundraising process.

The fund will invest in growth stage companies in the financial services and fintech sectors in Africa, South Asia and South East Asia. This continues the strategy set by Apis’ predecessor vehicle, Apis Growth Fund I, which held a final close in March 2017 for $287 million.

Fund II was in market for three years, four months longer than the time it took Fund I to reach a final close, PEI data shows. Both funds stayed in market after reaching their fundraising targets.

Investors in the fund include pensions, sovereign wealth funds, family offices, financial development institutions, insurance companies and banks from Africa, Asia, Europe, the Middle East and the U.S., the firm said in a statement released last week.

Commitments to Fund II include $100 million from the Overseas Private Investment Corporation, $25 million from the International Finance Corporation and an undisclosed amount from DEG – Deutsche Investitions und Entwicklungsgesellschaft, according to PEI data.