Africa

Private equity and venture capital news from Africa

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• CDC commits $50m to sub-Saharan sustainable forestry fund 03 Jun 2010. Source: AltAssets. UK government owned developmental fund of funds CDC has committed $50m as a cornerstone investor to the first private equity fund to focus exclusively on sustainable forestry in sub-Saharan Africa.

• Firth defects to Bank of America Merrill Lynch 07 May 2010. Source: AltAssets. Bank of America Merrill Lynch has lured Rob Firth from Deutsche Bank, making him the head of its financial sponsors group for Europe, Middle East and Africa.

• IMF bail-out tax to hit private equity firms across the globe 23 Apr 2010. Source: AltAssets. Private equity firms could face a potentially huge drain on their profits as a result of proposals by the International Monetary Fund to help offset the cost of the bail-out and stock up reserves for any future shocks, according to reports.

• China and Latin America graduate as CDC focuses on Africa and emerging Asia 20 Apr 2010. Source: AltAssets.  UK government owned developmental fund of funds CDC is to reduce its focus on China and Latin America, claiming that there is enough private sector support for funds in those regions without the firm’s intervention.

• Standard Bank augments PE capabilities with three new hires 13 Apr 2010. Source: AltAssets. Standard Bank has hired three new senior executives to its private equity arm, augmenting the capabilities of the emerging markets-focused bank in the asset class.

• Silk Invest launches Africa Food Fund 07 Apr 2010. Source: AltAssets. Global asset manager Silk Invest is to launch a new private equity fund focusing on the African food sector.

• Angola’s first private equity fund raises $28m for initial close 31 Mar 2010. Source: AltAssets. Angolan private equity fund Fundo de Investimento Privado Angola has raised $28m for its first closing as it hopes to take advantage of the economic recovery of the west African nation.

• Investec PE fund shops for OK Zimbabwe minority stake 24 Mar 2010. Source: AltAssets. South Africa’s Investec Asset Management is closing a deal that will see it take a ten to 20 per cent interest in OK Zimbabwe, one of the country’s biggest supermarket chains, according to the Business Day.

• Aureos joins UN-backed initiative to promote responsible investment 23 Mar 2010. Source: AltAssets. Private equity fund manager Aureos Capital, which specialises in investing in small to medium-sized businesses in emerging markets, has signed up to the United Nations Principles for Responsible Investment (UNPRI), a UN-backed initiative promoting responsible investment.

• Citadel invests $183m in Egypt river ports 15 Mar 2010. Source: AltAssets. Egyptian private equity firm Citadel Capital has invested EGP1bn ($183m) is three Nile River ports and plans to invest in two more in the country, according to reports.

• Citadel Capital appoints CEO for financial platform company 10 Mar 2010. Source: AltAssets. North African private equity firm Citadel Capital has appointed City of London investor Amr Seif as CEO of Finance Unlimited, its regional financial services platform investment.

• Emerging markets private equity slows in line with global slump 09 Mar 2010. Source: AltAssets. Fundraising for emerging markets-dedicated private equity funds slowed in 2009, though investment activity was comparatively strong. Emerging markets captured nine per cent of global private equity fundraising and 26 per cent of global private equity investment, with deal activity by transaction volume down by only 11 per cent, according to new research from the Emerging Markets Private Equity Association.

• Citadel launches $150m East Africa co-investment fund 08 Mar 2010. Source: AltAssets. North African private equity firm Citadel Capital is launching a new $150m co-investment fund for Africa, according to reports. The fund, which will be the firm’s first co-investment vehicle, is to focus on East Africa, where the firm has pledged to invest $200m to $400m over the next two years.

• Aureos Capital invests $10m in Nigerian leasing company 08 Mar 2010. Source: AltAssets. Emerging markets private equity specialist Aureos Capital has invested $10m in Nigerian leasing company C&I Leasing, taking the firm’s total investment in the African country to $40m.

• KIC plans $100m investment in emerging market IFC fund 04 Mar 2010. Source: AltAssets. South Korea's sovereign wealth fund, Korea Investment Corporation, has announced plans to invest $100m in a private equity fund managed by the International Finance Corporation, the World Bank's private sector lending arm.

• Citadel Capital starts $400m East Africa spree 22 Feb 2010. Source: AltAssets. Egyptian private equity firm Citadel Capital has taken a stake in one of the key shareholders of the Rift Valley Railways of Kenya and Uganda as it gears up for a two-year East African spending spree. The firm has acquired a 49 per cent share in Sheltam Railways Company, the largest single shareholder in the railways, and is planning a $200m to $400m investment programme in East Africa between 2010 and 2012.

• South Africa moves to regulate private equity 18 Feb 2010. Source: AltAssets. South Africa’s government will take measures to regulate domestic private equity funds as part of a wider move to clamp down on its financial services industry following the global economic downturn.

• TVM Capital MENA gets green light for healthcare investments 16 Feb 2010. Source: AltAssets. Growth capital firm TVM Capital MENA has received approval from the Dubai Financial Services Authority to kick start its first regional healthcare fund with $40m of subscriptions from founding investors, Saudi Health Investment Company, the International Finance Corporation, and GE Healthcare.

• Gulf Capital takes over Egyptian healthcare business 15 Feb 2010. Source: AltAssets. Gulf Capital, one of the largest private equity firms in the Middle East, has acquired a 75 per cent interest in TechnoScan, a chain of medical diagnostic imaging centres.

• Kingdom Zephyr picks up $492m for pan-African PE fund 11 Feb 2010. Source: AltAssets. Kingdom Zephyr Africa Management Company, a pan-African private equity firm, has completed the final closing of its second fund with total commitments of $492m.

• Aureos Capital Africa SME fund reaches $380m final close 09 Feb 2010. Source: AltAssets. Emerging markets specialist Aureos Capital has reached a final close for its Africa-focused private equity vehicle. At $381.1m, the Aureos Africa Fund is the largest fund ever raised targeting small and medium-sized businesses across the continent.

• Helios acquires Ghanaian communication towers 02 Feb 2010. Source: AltAssets. Helios Capital, an emerging markets-focused private equity firm, has acquired 750 towers in Ghana as part of its drive to develop telecommunications infrastructure in Africa.

• CDC commits $10m to ShoreCap Management fund 26 Jan 2010. Source: AltAssets. UK development fund of funds CDC has committed $10m to fund manager ShoreCap Management’s microfinance fund ShoreCap II.