A $42.3 million pan-African venture capital fund is being planned by Hasso Plattner, the former CEO of SAP. Plattner made the announcement of the new venture from Cape Town, South Africa last week.

The new fund is being set up by Plattner in coordination with MAN Ferrostaal, a German industrial services provider with significant interests in renewable/alternative energy.

Hasso Plattner Ventures Africa will be the manager of the fund which will look to assist Africans in setting up technology ventures in alternative energy as well as in other projects in the automotive, telecoms and heavy engineering sectors.

Plattner has put together a high level management team to drive the new entity including Eran Davidson who will be the vice chairman of the African entity. Davidson is also the Chief Executive of parent company Hasso Plattner Ventures in Germany. The team will work to identify opportunities in South Africa and across the continent.