CDC Group Plc has announced a $100m commitment to African Development Partners III, the Fund advised by Development Partners International LLP.

According to a statement by the group, ADP III would target medium-sized and large companies in Africa, thereby facilitating greater job creation, economic diversification, and market expansion.

The Head of Mid/Large Funds at CDC Group, John Owers, said, “We are pleased by DPI’s rigorous and focused ability to provide targeted support to investors in sectors that serve the continent’s growing middle class.

“Our commitment to ADP III demonstrates our confidence that DPI’s third fund presents an opportunity to make investments that would help to maximise both commercial and impact outcomes across the continent.”

The statement added that as part of its strategy, the fund would focus on innovation-led businesses that are transforming critical sectors such as healthcare and agriculture, and are helping foster economic growth across the continent.

Pathway to African development CDC’s latest commitment supports ADP III fundraise as it closes at $900 mn, becoming one of the largest funds dedicated to investing in Africa.