Emerging Capital Partners, a private equity firm focused on investing across the African continent, has held the final close of its ECP Africa Fund III PCC with total commitments of over USD613m. Africa Fund III, one of the largest funds ever raised for investment across the African continent, marks the seventh fund managed by ECP, bringing the firm’s total capital raised to more than USD1.8bn, with more than USD1bn invested to date. Africa Fund III will seek controlling stakes or influential minority positions in high growth companies through equity and quasi-equity investments including convertible debt instruments. The fund targets companies focused on under-penetrated markets where factors such as industry consolidation, positive macroeconomic trends, liberalization and improved regulations offer opportunities for above-market returns. Investing across various sectors, including telecommunications, natural resources, financial services, agriculture, transportation and utility businesses, ECP will focus on companies pursuing regional strategies.