Private equity fund manager XSML announces its US$54m ARF III first close

AFRICA – XSML, a private equity fund manager active in Central and East Africa, has announced the first close of its African Rivers Fund III (ARF III) at US$54 million. According toAfrica Global Funds, Barthout van Slingelandt, Managing Partner of XSML, said that the Fund is expecting to reach the final close within the next 12 months and is targeting US$85m. “We have now successfully closed our third fund, African Rivers Fund III, within ten years of operation and in a challenging COVID environment.  This demonstrates the continued interest and…

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FMO to invest US$10m in African Rivers Fund III for SMEs

AFRICA – Dutch development financer, FMO, has indicated it is considering a US$10 million investment in private equity fund manager XSML’s third African Rivers Fund III. African Rivers Fund (ARF) invests in small and medium-sized enterprises (SMEs) in Central and Eastern Africa. XSML was founded by two former FMO employees, Jarl Heijstee and Marcel Posthuma. It manages two private equity funds in Central Africa: the Central Africa SME Fund (CASF) and African Rivers Fund I (ARF I).  Both CASF and ARF I are high-impact funds that provide scarce capital to…

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