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Syntaxis, Afrinvest form sub-Saharan Africa-focused private equity fund

Nigeria-based private equity firm Syntaxis Capital Africa teamed up with Afrinvest Asset Management Ltd. to launch a 12 billion-naira fund.

Syntaxis Nigeria Growth Fund will inject capital into small and medium-sized enterprises in Nigeria and select countries in sub-Saharan Africa, with a focus on the manufacturing, agri-processing, healthcare, education and non-banking financial services and other sectors.

Syntaxis is a private equity firm that provides growth capital to middle-market and lower-middle-market businesses in sub-Saharan Africa. Afrinvest Asset Management is the asset management arm of investment bank Afrinvest (West Africa) Ltd.

As of Jan. 16, US$1 was equivalent to about 363.25 Nigerian naira.