British International Investment

Convergence Partners Communications Infrastructure Fund

AfricaMauritiusNigeriaSouth AfricaAfricaCommunications & IT services

The Convergence Partners Communications Infrastructure Fund (CPCIF) was launched in 2012 to focus on investments in companies working on next-generation infrastructure projects to provide high-volume data services across the continent.

This investment was made when British International Investment was named CDC Group.

Our investment

Description of the investment.

In late 2013, CDC invested $20 million into CPCIF, the only infrastructure fund that is dedicated solely to the information and communications technology (ICT) sector in Africa. 

Our $20 million commitment contributes a total of $145 million to the fund’s first close, supported mostly by DFIs.  The fund reached its final close at $186.5 million with participation from Sango Capital (a private sector investor) and the Public Investment Corporation of South Africa. 

Our capital was used to develop communications infrastructure and related services and technologies across sub-Saharan Africa.

Expected impact

Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.

The African ICT sector has grown significantly over the past decade, coupled with higher rates of economic growth and the creation of direct and indirect jobs. Increased internet access has enabled the delivery of new products and services that would, in many cases, not otherwise be available on the continent, such as financial services, healthcare, and education. 

However, the infrastructure to deliver ICT services remains under-developed. Our investment will help tackle the current infrastructure deficit, accelerating the development of the African digital economy, which in turn stimulates wider business activity in the private sector.

Current investments include e4, a software-as-a-service platform; Fibreco, a South African fibre network operator; VentureGarden, a Nigerian financial technology payments firm; Vuma, a high-speed, fibre-to-the-home network; and CSquared, a fibre and wifi network builder.

Environmental and social information

  • Environmental and social summary

    A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.

  • Environmental and social risk

    A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.

Environmental and social summary

We worked closely with the fund manager to develop and implement an ESMS for this first-time fund.

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    June 2024
    Project number

    An identifier number shared by investments in the same project.


    The current status of the investment (green flag for active and red flag for exited).


    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.


    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    Communications & IT services

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Start date :
    December 2013
    Amount :
    Currency of investment :
    Fund Manager:
    Convergence Partners Management

    The company or investment fund’s place of incorporation.


Investments made by this fund into companies:

For further information about these companies, visit

Investment name Country Region Sector Start date Status
C Squared InvestCo Mauritius East Africa Communications & IT services July 2017 Active
Channel VAS (Optasia) Nigeria West Africa Communications & IT services October 2018 Active
Communication Solutions (Pty) Ltd (COMSOL) South Africa Southern Africa Communications & IT services July 2014 Active
Consolidated Capital Investment (Pty) Ltd South Africa Southern Africa Communications & IT services October 2016 Active
e4 Investment Holdings South Africa Southern Africa Communications & IT services April 2016 Active
FibreCo Telecommunications Holdings (Pty) Ltd South Africa Southern Africa Communications & IT services April 2014 Exited
Inq. Holdings Africa Africa Communications & IT services September 2014 Active
Rack Centre Nigeria West Africa Communications & IT services January 2020 Active
Venture Garden Group (VGN) Nigeria West Africa Communications & IT services August 2015 Exited

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