The
weekly roundup of Africa's Private Capital news
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Here's the latest weekly wrap of the most interesting Africa-related private equity, infrastructure and venture capital deal stories, market opinion articles and information pieces.
Thank you for being a reader and we look forward to continuing to keep you informed on the private capital investment themes, deals and fundraisings in Africa.
We'd be delighted if you shared it with any interested colleagues and/or partners. If they would like to receive their own weekly copy, they're more than welcome to sign up here.
As always, if you have any tips, suggestions or questions, please reach out to Allan Cunningham at
[email protected]
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This week's issue supported by...
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Beating its $400 million target by 25%, private equity firm
Actis held the final close for its third Africa Real Estate private equity fund at $500 million last week, garnering commitments from a broad range of local and international pension funds, sovereign wealth funds, development finance institutions and endowments. The new fund will target prime retail, office and industrial development in the capital cities of between seven and eight sub-Saharan African countries and will be invested by a team led by David Morley and other investment professionals based in London, Johannesburg, Nairobi and Lagos.
In other fund raising news, a couple of DFIs published statements that each are mulling separate $10 million commitments to earlier stage funds. The
IFC's Board of Directors is set to meet in the middle of July to consider making a $10 million commitment to
Algebra Ventures Fund which will target technology and technology-enabled start-ups in Egypt and the broader Middle East and North African region. The new closed-end venture fund is looking to raise a total of $50 million. Meanwhile, the
European Investment Bank is considering making a $10 million commitment to
TLcom's TIDE Fund, a planned $100 million venture capital fund, which will invest in entrepreneurs and enterprises that are leveraging technology and innovation to serve the sub-Saharan African market.
In deal news,
MCB Equity Fund, Mauritius-based
MCB Capital Markets' $100 million captive private equity fund, has sold
Speedy, an automotive fast-fit services company which operates 480 repair centers across France to Bridgestone EMEA, the regional subsidiary of tyre manufacturing giant
Bridgestone. MCB Equity Fund originally invested in Speedy in 2011 in a debt/equity LBO deal. Since then Speedy has expanded its network of repair centers, built a fleet business and expanded its customer base to sell 1.2 million tyres in 2015, capturing a 4.5% share of the French market. Terms of the deal, which gives MCB a full exit, were not disclosed.
According to
The Herald,
Brainworks Capital, the Zimbabwean private equity and advisory firm, is reportedly acquiring mobile wallet company,
Nettcash in a two-phase, $1.3 million deal. Having received regulatory approval to buy the 49% stake owned by a local business consortium, the firm is now waiting for approvals to acquire U.S. company
Mozido's 51% stake.
Convergence Partners, the private equity firm focused on opportunities in Africa's telecoms, media and technology sector, is backing South African start-up
Snapt with $1 million. The capital injection will help the technology company, which opened an office in the USA 12 months ago, accelerate its plans to become a "major player the $6.5 billion US market". No additional terms of the deal were disclosed.
In trend news, the
MENA Private Equity Association published its tenth annual review, reporting that 2015 was a year of consolidation and growth for the private equity and venture capital asset class across the region. While overall investment volumes increased significantly, values dipped slightly. Venture investments, however, had a bumper year, tripling in volume from the same period in the prior year.
As always, you can review these and other stories by scrolling down and clicking through to them below.
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MCB Capital is a full exit from Speedy, an automotive fast-fit services company, in undisclosed deal |
MCB Capital sells Speedy in full exit
In a full exit, MCB Equity Fund, MCB Capital Markets' $100 million captive private equity fund, has sold Speedy, an automotive fast-fit services company with almost 480 repair centers across France to Bridgestone EMEA, the regional subsidiary of tyre manufacturing giant Bridgestone. Terms of the deal were not disclosed.
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Brainworks acquires Nettcash in $1.3mln deal
Brainworks Capital, the Zimbabwean private equity and advisory firm, is reportedly acquiring mobile wallet company, Nettcash in a two-phase, $1.3 million deal according to The Herald.
Having received regulatory approval to buy the 40% stake owned by a local business consortium, the firm is now waiting for approvals to acquire U.S. company Mozido's 51% stake.
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Convergence Partners backs Snapt with $1mln
Convergence Partners, the private equity firm focused on opportunities in Africa's telecoms, media and technology sector, is backing South African start-up Snapt with $1 million. The capital injection will help the technology company, which opened an office in the USA 12 months ago, accelerate its plans to become a "major player the $6.5 billion US market". No additional terms of the deal were disclosed.
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Funds & Financing News...
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Actis hits $500mln final close for Africa Real Estate III
Beating its goal by 25%, private equity firm Actis has held the final close for its third Africa Real Estate fund at $500 million, garnering commitments from a broad range of local and international pension funds, sovereign wealth funds, development finance institutions and endowments. The new fund is almost double the size of Actis's second Africa Real Estate fund, which closed in 2012 with $278 million.
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EIB considers $10mln for TLcom's TIDE fund
The European Investment Bank is considering making a $10 million commitment to TLcom's TIDE Fund, a planned $100 million venture capital fund which will invest in entrepreneurs and enterprises that are leveraging technology and innovation to serve the sub-Saharan African market. Primary investment sectors will be financial and business services, energy and commerce.
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IFC mulls $10mln commitment to MENA venture fund
The IFC's Board of Directors is set to meet in the middle of July to consider making a $10 million commitment to Algebra Ventures Fund which will target technology and technology-enabled start-ups in Egypt and the broader Middle East and North African region. The closed-end venture fund is looking to raise a total of $50 million.
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Namibia's GIPF issues investment management RFI
The Government Institutions Pension Fund of Namibia or GIPF has issued
a request for information from companies interested in providing the pension fund with investment management services. Terms of reference for the application can only obtained in person from GIPF House in Windhoek after payment of a fee.
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Sector - Power
Renewable Energy brightens South African investment gloom
In an otherwise moribund economy, South Africa's Renewable Energy Independent Power Producer Program is providing private equity managers and money managers who are looking for growth with solid returns.
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The 2016 Guide to sub-Saharan Private Equity
Investment firms,
Investment Professionals,
Portfolio Companies
*178 Firm Profiles,1069 Investment professionals,
1025 Portfolio Companies
*Active funds, Regional and Sector Preferences
*Headquarter and Regional Office contact details
*7 Quick reference indexes of firms, fund managers, portfolio companies and sectors
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Trends
MENA venture deal volume tripled in 2015
In its tenth annual review, the MENA Private Equity Association reports that 2015 was a year of consolidation and growth for the private equity and venture capital asset class across the region. While overall investment volumes increased significantly, values dipped slightly. Growth of venture capital investments tripled, however.
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Portfolio Manager at the Lundin Foundation
Based in Nairobi, Kenya
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Corporate Finance Partner for Africa Practice
Based in London, United Kingdom
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Private Equity Associate at Musa Capital
Based in Johannesburg, South Africa
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Private Equity VP, Clean Energy/Renewables deals
Based in Nairobi, Kenya
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Senior Investment Manager, Healthcare at QGIAM
Based in Port Louis, Mauritius
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Head of Finance, Active Management at QGIAM
Based in Port Louis, Mauritius
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Investment Officer at LeapFrog Investments
Based in Johannesburg, South Africa
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Investment Officer, Healthcare at LeapFrog Investments
Based in Johannesburg, South Africa
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Associate, Real Estate Private Equity at African Capital Alliance
Based in Lagos, Nigeria
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M&A Associate/VP at leading Investment Bank
Based in Johannesburg, South Africa
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The Global African Investment Summit Kigali
Kigali, September 5th to September 6th, 2016
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7th Annual TMT Finance & Investment Africa
London, June 14th, 2016
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18th Annual Africa Energy Forum
London, June 21st to June 24th, 2016
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SuperReturn Emerging Markets 2016
Amsterdam, June 27th to June 29th, 2016
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EAVCA's 2nd Annual Private Equity in East Africa Conference
Nairobi, June 28th, 2016
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Lagos, September 20th, 2016
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Kenya International Renewable Energy Congress
Nairobi, October 3rd to October 5th, 2016
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8th Africa PPP Conference & Showcase
London, October 24th to October 26th, 2016
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Dubai, October 24th to October 26th, 2016
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Sub-Saharan Africa Power Forum 2016
Dubai, October 26th to October 28th, 2016
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We hope you found the digest to be a useful summary of the major happenings in Africa's private capital markets last week. We'd love it if you shared it with colleagues and business partners. They can sign up for free
here.
Best wishes for a productive week - if you have any tips, suggestions, questions or comments, please get in touch.
All the best,
- Allan
Allan Cunningham
Editor & Publisher
AfCD | Africa Capital Digest
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Africa Capital Digest is a product of Rowayton Press
Rowayton, CT 06853, USA
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Copyright © 2016 Rowayton Press, LLC. All Rights Reserved.
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