West Africa-focused principal investment firm Amaya Capital and Nigeria-based power development company Azura Power have reached a US$876 million financial close for the Azura-Edo Independent Power Project (IPP), a 450MW gas-fired open cycle power plant in Nigeria. The financing for the Azura-Edo IPP involved US$190 million in equity and US$686… Read More
Pan-African mezzanine fund manager Vantage Capital has reached a final close for its third mezzanine fund, Vantage Mezzanine Fund III, with ZAR3.7 billion (approximately US$224 million) in capital commitments, exceeding the fund’s target. The fund will allocate US$150 million for investments outside of South Africa, and more than ZAR1 billion… Read More
Pan-African mezzanine fund manager Vantage Capital has fully exited its investment in South Africa-based recyclable packaging company TrenStar. Following the exit, the new investors in TrenStar are South Africa-focused private equity fund manager Kleoss Capital, South Africa-based financial services and private equity firm Leaf Capital and TrenStar management. Kleoss Capital’s… Read More
Middle East-focused alternative asset manager Gulf Capital has reached a first close for its second credit and mezzanine fund, Gulf Credit Opportunities Fund II, with US$175 million in capital commitments. The fund, which has a target of US$250 million and hard cap of US$300 million, will provide financing to mid-market… Read More
Apis Partners, a private equity asset manager focused on financial services in Africa and Asia, has agreed to acquire a minority stake in Africa- and Asia-focused financial services provider MicroCred Holdings. The company offers credit products, savings accounts and access to electronic payment services, and intends to accelerate the expansion… Read More
Kibo Capital Partners, a fund manager focused on Eastern and Southern Africa and the islands of the Indian Ocean, has partially exited Zambia-based microfinance institution Madison Finance Company (MFinance) through the redemption of its preference shares. Kibo Capital Partners originally acquired a 25 percent stake in MFinance through The Kibo Fund… Read More
South Africa-focused private equity fund manager Ethos Private Equity has sold its entire 7.7 percent stake in Johannesburg Stock Exchange-listed financial services group Transaction Capital via a book build managed by Rand Merchant Bank for ZAR490 million (approximately US$34 million). The transaction was structured through Ethos Private Equity Fund V. Read More
Investment and economic advisory firm CrossBoundary has reached a first close on CrossBoundary Energy Fund I with US$8 million in capital commitments. The fund, which plans to invest in Africa-based businesses in the commercial and industrial solar sector, also announced its first investment in a Kenya-based 858 kWp solar installation… Read More
East Africa-focused venture capital firm Novastar Ventures has reached a final close on Novastar Ventures East Africa Fund I with US$80 million in capital commitments. Investors in the fund included development finance institutions CDC, FMO, Norfund and European Investment Bank. Multinational bank JP Morgan, global multi-asset investor AXA Investment Management… Read More
Pan-emerging markets private equity firm Actis has acquired a minority stake in South Africa-based food retailer Food Lover’s Market for ZAR760 million (approximately US$54 million). The company owns more than 120 stores across 11 countries in Africa. Food Lover’s Market intends to use the funding to continue its growth both… Read More
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