Tomi Amosun’s Summit Africa gets $20 million from IFC

South African private equity firm Summit Africa, co-founded by Tomi Amosun, has secured a $20 million commitment from the IFC for its second fund, Summit Private Equity Fund II. IFC also approved a $5 million co-investment envelope to support future deals. 

Fresh capital for a growing fund

Summit has raised about R900 million ($52.5 million) toward the fund’s target of R2.5 billion ($146 million) to R3 billion ($175.1 million). The firm plans to begin deploying capital soon into small and mid-sized companies in financial services, ICT services and the food supply chain. SPEF II builds on the firm’s first fund, which has invested $115 million since 2019. 

Amosun said IFC’s backing strengthens Summit’s position as it brings more institutional investors into the fund. “IFC’s commitment supports our plan to invest in companies that offer strong commercial returns while expanding financial inclusion, digital access and food security,” he said.

Track record and sector focus

Founded in 2016, Summit Africa is one of South Africa’s leading Black-owned private equity managers. Its strategy focuses on sectors with long-standing gaps in supply and services, with investments intended to generate financial returns while supporting employment and community development. 

Summit’s first fund has helped build and expand healthcare facilities in rural and township areas, invested in education and skills training for school leavers, and supported financial services firms that widen access for individuals and small businesses. 

Amosun’s Experience

Amosun co-founded Summit after nearly a decade in corporate finance at Investec Bank, where he served on the corporate finance executive committee. He has worked on more than R75 billion ($4.4 billion) worth of transactions across mergers and acquisitions, listings, restructurings, capital raising and broad-based Black economic empowerment deals. 

His experience as a dealmaker has shaped Summit’s investment approach and its focus on businesses that can deliver steady returns while expanding opportunity in underserved communities. Under his leadership, Summit in late 2023 completed the first exit from its debut fund with the sale of Efficient Group to Apex Group, following the fund’s final close in 2021.