Investor Profile: DPI — Thesis, Cheque Size & How to Apply

For founders in Africa who want to know how to get funding from DPI — the London-based private equity house that led Moniepoint's $110 million Series C — this profile covers the essentials. DPI is not a seed fund: it is a growth and buyout investor backing profitable, cash-flow positive companies riding Africa's fast-growing middle class. Knowing that distinction is the first step to a productive conversation.

What is DPI's investment thesis?

Development Partners International LLP, founded in 2007, invests in established and growing companies that benefit from Africa's expanding consumer class and digital transformation. Its process combines rigorous analysis with deep due diligence, seeking exclusive terms, rational pricing and strong influence. DPI works hand-in-hand with management teams through its Value-Add Portfolio Management Team to create value and engineer attractive exits across each fund's life. Its proprietary DPI Management System (DPIMS) toolkit embeds impact and ESG standards into the investment lifecycle, aligned with 10 of the 17 UN Sustainable Development Goals.

Fund size and cheque sizes

DPI states it has raised $4 billion+ of capital since inception. Its third flagship fund, African Development Partners III (ADP III), closed at roughly $900 million in October 2021 — beating its $800 million target — with a further $250 million of dedicated co-investment capital, a combined $1.15 billion warchest, one of the largest Africa raises ever. ADP I, ADP II and ADP III are ranked top quartile by Cambridge Associates. A standard cheque-size band is not publicly disclosed; disclosed deals — a $190 million investment in Alameda Healthcare, a $165 million DPI-led consortium investment in Kazyon — point to later-stage tickets in the tens to hundreds of millions.

Notable portfolio companies

Recent names tell the story: Moniepoint, the Nigerian fintech whose $110 million Series C was led by ADP III; MNT-Halan, Egypt's digital lending ecosystem; Channel VAS (mobile financial services); Kelix Bio (biopharmaceuticals, exited with BII and EBRD); SICAM, a Tunisian tomato producer; Alameda Healthcare; Kazyon; Optasia, which completed an IPO in Johannesburg; CMGP Group, also IPO'd; and Solevo, acquired by a DPI-led consortium. Past exits include IFS and Egyptian retailer B.TECH. Portfolio companies employ 70,500 people across Africa.

Key people and initiatives at DPI

DPI was co-founded by Runa Alam, one of Africa's most prominent investors, and is headquartered in London (FCA and SEC registered). Adefolarin Ogunsanya is a Partner on the investment team. Signature initiatives include the DPIMS impact and value-add toolkit, and ADP III's 2020 designation as the first 2X Flagship Fund, committing to a gender lens across the investment process. In 2025 DPI launched DPI Venture Capital, a new arm for earlier-stage African tech. No founder credits or perks are advertised.

How to apply for funding

DPI publishes no open application portal or pitch-submission form on dpi-llp.com. As a growth private equity firm, it sources deals directly through its own networks and investment team, not founder intake. For founders, the route is a warm introduction to a member of the investment team, or outreach via the firm's official contact channels on its website. DPI fits only companies with meaningful scale and profitability — pre-revenue startups should look at the newer DPI Venture Capital arm instead.