Sango Capital announces acquisition of LP interests in Synergy Private Equity Fund II L.P.

February 6, 2025

Sango Capital has acquired a majority of the Limited Partner (“LP”) interests in Synergy Private Equity Fund II L.P. (“the Fund”). Synergy Managers (Mauritius) Limited will continue as the General Partner (“GP”) of the Fund, whilst Sango will support the GP in value creation and liquidity initiatives.

This transaction follows the earlier acquisition of the majority LP interests in the other fund managed by Synergy[1]. “With this second acquisition we can collaborate with the GP more holistically in supporting workstreams across both portfolios.” Said Christian Roelofse, Investment Director at Sango Capital.

The secondary market in Africa is under-developed relative to other geographies, and traditional routes to exit for LP’s are more limited. Structured secondary purchases like this one provide commercial investors with an important portfolio management tool. This transaction stands out for the large portion of US private institutions who participated.

“Sango is uniquely positioned to give investors access to attractive African opportunities, whilst also leveraging our trusted relationships, market knowledge and footprint to offer creative exit paths for select fund portfolios.” According to Richard Okello, CEO of Sango Capital. “The market need for alternative liquidity is significant & growing, and Sango is well-positioned to partner with commercial investors across the full private equity life cycle.”

The current exit environment in West Africa for portfolio companies is less favorable than desired. This transaction allows selling LP’s to stagger their exit by participating in exit proceeds that are realized subsequently as and when operating performance improves and investor interest increases.

According to Roelofse there are more such transactions in the pipeline which will help to develop the secondary market on the continent. “Secondary transactions don’t just facilitate liquidity but can also be a valuable tool for reinvestment of proceeds, portfolio repositioning, and re-allocation of human resources to continue the development of thriving capital markets.”

About Sango

Sango Capital is an investment management firm focused on delivering superior risk-adjusted returns from fund and direct investments in Africa. Established in 2011, the firm is backed by leading global institutional investors including sovereign wealth fund, pension, endowment, foundation and family office clients.

About Synergy

Synergy Capital Managers is Fund Manager of The Synergy Private Equity Fund (SPEF I) and Synergy Private Equity Fund II (SPEF II) invested across Nigeria and Ghana. Limited Partners in both funds include Development Finance Institutions (DFIs), US College Endowments, Funds of Funds and Foundations.