Vantage invested $15m in Surfline from its second fund late last year. Vantage Capital also today recieved a total of approximately $60m to Vantage’s third fund. DEG’s commitment to Fund III is $20m while the rest came from four other European investors are contributing.
The funds committed by DEG to Surfline will be used for the on-going expansion of the company’s 4G LTE network in Ghana as well as to enhance its product distribution and marketing capabilities. The firm’s 4G LTE had a commercial launch in August 2014 and is experiencing tremendous growth in its customer base.
According to Colin Rezek, Managing Partner at Vantage, “We also welcome DEG as a co-investor in Surfline, one of the most exciting deals out of the over 600 investment opportunities we have reviewed in the past five years.”
DEG joins other investors that have already committed funds to Vantage, including a major South African pension fund and foreign investors such as the Swiss Investment Fund for Emerging Markets (“SIFEM”) which is advised by Obviam.
Vantage Capital says it has made 12 investments in its second mezzanine fund, of which about 90% of available funds have been invested. More than half of the capital deployed has gone into growth projects such as Surfline. Vantage is targeting a final close of its third mezzanine fund at approximately $250 million later this year.