Convergence’s inaugural Inside the Deal session focused on CrossBoundary’s fund, CrossBoundary Energy 1 (CBE). Launched in 2015, the fund has a two-tier equity capital structure with first-loss financing provided by USAID to catalyze private investors. Over the last five years, CBE has pioneered the creation of the commercial and industrial solar sector in Africa. In 2020, CrossBoundary announced the exit of its first fund at a 15% net IRR to investors, including returning a profit to USAID, and raising $40 million from new investors to continue to scale financing for solar businesses in Africa.
This hour-long workshop included:
- Overview of the transaction design, structuring, and fundraising experience from CrossBoundary
- Convergence-led interview with key stakeholders involved in the transaction to discuss key lessons learned
- Open Q&A with audience
