Emerging markets financial services investor LeapFrog Investments has acquired a majority stake in Ghana-based life insurance provider UT Life Insurance Company (UT Life). UT Life operates nine branches across Ghana. Financial details of the transaction were not disclosed. … Read More
Frontier markets-focused private equity firm Schulze Global Investments has acquired a 45 percent stake in Ethiopia-based dairy producer MB, which operates the brand Family Milk. With Schulze Global Investment’s support, MB intends to expand its Family Milk brand. Financial details of the transaction were not disclosed. Read More
South Africa-focused private equity fund manager Ethos Private Equity has acquired a 65 percent stake in South Africa-based industrial equipment and services company The Eazi Group in a deal valued at ZAR1.6 billion (approximately US$97 million). The transaction was structured through Ethos Fund VI. Separately, Ethos has sold its entire… Read More
Emerging markets financial services investor LeapFrog Investments and global insurance company Prudential Financial have launched a US$350 million investment vehicle targeting life insurance companies in Africa. The vehicle, which will be managed by LeapFrog, will invest in markets including Ghana, Kenya and Nigeria over a three- to five-year period. Read More
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
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