South African private equity firm Summit Africa, co-founded by Tomi Amosun, has secured a 20 million commitment from the IFC for its second fund, Summit Private Equity Fund II. IFC also approved a 5 million co-investment envelope to support future deals.
Fresh capital for a growing fund
Summit has raised about R900 million 52.5 million toward the funds target of R2.5 billion 146 million to R3 billion 175.1 million. The firm plans to begin deploying capital soon into small and mid-sized companies in financial services, ICT services and the food supply chain. SPEF II builds on the firms first fund, which has invested 115 million since 2019.