Convergence Partners announced its successful close of one of the largest funds in Africa dedicated solely to information and communications technology infrastructure, with capital of more than $200 million, BizCommunity reports.

Broadband forms part of the fund’s vision and for transforming the African ICT infrastructure landscape, said Brandon Doyle, CEO of Convergence Partners. The demand for broadband and related services is exploding across the continent, Doyle said, according to BizCommunity.

Doyle cited the Ericsson Mobility Report 2015, which predicts that the proliferation of the Internet of things will increase the number of connected devices around the world from 6 billion-plus devices in 2014 to more than 16 billion in 2020 — and that doesn’t include mobile devices.

“Africa will follow suit,” Doyle said. “However, in order to realize this potential the continent requires reliable, ubiquitous broadband.”

With headquarters in Johannesburg, Convergence Partners is an investment management firm focused on African telecommunications, media and technology. One of its investors is the Public Investment Corporation, or PIC, which is wholly owned by the South African government.

The PIC is one of the largest investment managers in Africa and one of the entities the South African government uses to implement its policy of Broad-Based Black Economic Empowerment. The PIC is also responsible for investing the South African Government Employees Pension Fund.

Other investors in the Convergence Partners Communication Infrastructure Fund include the Luxembourg-based European Investment Bank, the Dutch Development Bank, the Johannesburg-based Development Bank of Southern Africa and the CDC Group, a development finance institution owned by the U.K. Government.

The infrastructure fund will deploy capital to portfolio investments across the African ICT infrastructure spectrum, improving access to technology and communication and broadband services, BizCommunity reports.

The fund has a strong pipeline in West Africa, where the company is opening a local Nigerian office; enhancing the effective execution of investments and the management of portfolio company performance on the ground.

“We believe the current fund size is well suited to the scale of infrastructure investment opportunities we are seeing across the continent, including fiber, data centers, wireless spectrum, fintech and ICT platforms that enable e-learning and broadcast and media,” said Andile Ngcaba, chairman of Convergence Partners.

Investments that already form part of the infrastructure fund  include South African companies Comsol —  a wireless network deployment and solutions company — and and FibreCo, a national long-haul network. U.S.-based Synergy Communications (SynCom) is an investment platform for enterprise and wholesale communication services providers that is  invested in Malawi (Skyband) and Mozambique (IS Mozambique), BizCommunity reports.