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
Old Mutual Private Equity (OMPE), a division within Africa-focused investment manager Old Mutual Alternative Investments, has acquired a 70 percent stake in South Africa-based sport, leisure and wellness business MoreCorp for reportedly more than ZAR300 million (approximately US$20.8 million). The transaction was structured through OMPE’s Fund IV. MoreCorp owns golf retailers… Read More
Pan-African private equity firm AfricInvest has purchased a minority stake in Salvador Caetano Auto Africa (SC Africa), a subsidiary of Portugal-based auto retailer Salvador Caetano Group. The transaction was structured through AfricInvest Fund III. With AfricInvest’s backing, SC Africa intends to consolidate its position in its current markets of operation… Read More
Pan-emerging markets private equity firm Actis has acquired a majority stake in Nigeria-based pension fund administrator Sigma Pensions for US$62 million. Actis has partnered with Sigma’s founder and Chief Executive Officer Umaru Modibbo and the company’s current management team in the transaction. Sigma Pensions was founded in 2004 and reportedly… Read More
Global growth markets investor The Abraaj Group, development finance institution International Finance Corporation (IFC) and IFC Asset Management Company (IFC AMC), a wholly-owned subsidiary of IFC, have agreed to sell a combined 30 percent stake in Morocco-based insurance group Saham Finances to Saham Finances’ parent company Saham Group and Johannesburg… Read More
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