Synergy Capital’s second fund in line for IFC commitment

West-Africa focused private equity investor Synergy Capital is in line for a capital commitment for its second fund from the IFC. The development finance institution is mulling a $20 million commitment to the generalist fund, which is targeting $250 million for opportunities in Nigeria, Ghana, Liberia and Sierra Leone.

Synergy Capital’s first fund held its final close in September 2015, exceeding its hard cap of $100 million. The Lagos-headquartered has been making investments at an aggressive pace for its maiden fund, which now has a portfolio of 10 companies across 9 sectors. The fund manager typically looks to invest growth capital in the region’s mid-market businesses which have promising prospects and expansion opportunities both domestically and in other countries in West Africa.

According to the Summary of Investment Information published on IFC’s website, the potential commitment is due to be reviewed for approval by the institution’s board on December 15th.

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