Delta Partners Capital has secured US$100m in commitments for an emerging markets fund that will invest in TMT companies including those in the satellite services sector.
Japanese telco NTT Docomo and IFC, a unit of World Bank, joined as anchor…
Delta Partners Capital has secured US$100m in commitments for an emerging markets fund that will invest in TMT companies including those in the satellite services sector.
Japanese telco NTT Docomo and IFC, a unit of World Bank, joined as anchor investors for the first close of the Cayman-domiciled vehicle, which has a target size of US$350m and a hard cap of US$500m. The 10-year fund plans to target growth capital and buyout opportunities in Africa, Central and Eastern Europe, the Middle East and South-East Asia.
Delta managing director Geoffrey Fink said: “We are delighted to have met our first-close target and to have attracted a world-class group of institutional anchor investors to the fund.
“We believe that given our depth of expertise in TMT and extensive on-the-ground presence across emerging markets we are uniquely positioned to identify and execute on attractive opportunities in this dynamic sector, and to provide tangible added value to our portfolio companies.”
The investment and advisory firm declined to disclose specific investment opportunities, but SatelliteFinance understands the fund will be eyeing the satellite services sector as it looks to the ecosystem around telecoms operators. To this end, it is also specifically searching for opportunities in mobile content, location-based services and online advertising.
It is understood that the fund is being designed to be 60-80% growth capital, with the balance being buyouts. As an active investor, Delta is looking to assume control positions or significant minority stakes for 3-5 years and apply its expertise as an advisory firm, as well as those of its fund partners, to help direct the businesses it is invested in. Given the fund’s current size, the sweet spot for these investments is thought to be around US$20m to US$40m.
