Pan-emerging markets private equity firm Actis has acquired a minority stake in South Africa-based home furnishings retailer Coricraft Group. Other investors in the round included Westbrooke, a South Africa-based investment group, and Coricraft Group’s management. Coricraft intends to use the new capital to expand nationally and in Sub-Saharan Africa. Financial… Read More
Adenia Partners, a private equity fund manager focused on growth opportunities and mid-cap buyouts in Sub-Saharan Africa, has exited its investment in Newpack, a Madagascar-based corrugated cardboard packaging company active in the Indian Ocean region. Adenia Partners originally invested in Newpack in June 2008, in a transaction structured through Adenia… Read More
West Africa-focused private equity fund manager Cauris Management has sold its stake in Benin-based mineral water bottler and distributor Eau Technologie Environnement (ETE) to Les Eaux Minérales d’Oulmès, a Morocco-based bottling and distribution company. The transaction was structured through Cauris Croissance, a fund managed by Cauris Management. The firm originally… Read More
Africa-focused investment management firm Convergence Partners has acquired a minority stake in Nigeria-based financial technology-focused holding company Venture Garden Nigeria (VGN) for US$20 million. The transaction was structured through Convergence Partners Communications Infrastructure Fund. VGN will use the new capital to accelerate its growth plans domestically in Nigeria and across… Read More
Download the full brief here. Why Do First-time Funds Matter? First-time funds, defined here as an asset manager’s first private equity (PE) vehicle, have historically accounted for a significant share of fundraising activity in emerging markets (EM). Between 2008 and the first quarter of 2015, 286 first-time funds… Read More
Africa-focused asset management firm Investec Asset Management has completed a follow-on investment in Nigeria-based mobile telecommunications infrastructure provider IHS Towers. Investec originally invested in IHS in 2011. The company will use the new capital to acquire, build and integrate new towers. Financial details of the transaction were not disclosed. Read More
Sub-Saharan Africa-focused private equity firm Adenia Partners has invested in Ghana-based auto-refinish and industrial coatings manufacturer and marketer Cresta Paints. The transaction was structured through Adenia Capital (III). The company will use the new investment to increase its exports, expand internationally and develop its products. Financial details of the transaction… Read More
African investment management firm Convergence Partners has reached a final close for Convergence Partners Communication Infrastructure Fund (CPCIF) with more than US$200 million in capital commitments. The fund targets ICT infrastructure investments in Africa. Investors in CPCIF included: the Public Investment Corporation, the asset management company of South Africa’s Government… Read More
African investment management firm Convergence Partners has reached a final close for Convergence Partners Communication Infrastructure Fund (CPCIF) with more than US$200 million in capital commitments. The fund targets ICT infrastructure investments in Africa. Investors in CPCIF included: the Public Investment Corporation, the asset management company of South Africa’s Government… Read More
Global alternative asset manager The Carlyle Group has agreed to sell its minority stake in Tanzania-based agriculture processing and logistics company Export Trading Group to the company’s management. Financial details of the transaction, which will be structured through Carlyle Sub-Saharan Africa Fund, were not disclosed. Read More