CAPE II (Capital Alliance Private Equity II) was launched in 2006 by African Capital Alliance as a successor to CAPE I, which the firm had successfully been managing since 1998. The purpose of CAPE II has been to make equity and equity-related investments in high-growth target sectors in Nigeria and more generally in West Africa. Target sectors comprise: oil & gas (local content, downstream and services), information technology, telecommunications, financial services and outsourcing services. The fund is now fully invested holding nine portfolio companies. Drawing from its success, CAPE III is the latest addition to the CAPE family of funds with its first close taking place in May 2009.