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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Private Equity
Naspers Ventures leads $15mln Series B round
Naspers Ventures, the corporate venture arm of the South African Internet and Entertainment giant, is backing its first education technology startup by leading the $15 million Series B round in Brainly, the social learning network with offices in Poland, Germany and the United States. Additional participants and terms of the deal were not disclosed.
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Private Equity
XSML backs Institut Aurora
In backing education provider Institut Aurora, XSML Capital, the Amsterdam-headquartered private equity fund manager, is making its maiden investment for its Africa Rivers Fund. The fund, which has a hard cap of $65 million, held a $45 million first close in February this year,
attracting commitments from a number of development finance institutions.
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Private Equity
Singularity invests undisclosed sum in Sliide Airtime
Singularity Investments, the $4 billion private investment office headed by Issam Darwish, the Founder and CEO of IHS Towers, is backing Sliide Airtime a Nigerian mobile app company in an undisclosed deal. The fresh capital will be used to expand the company's operations in Nigeria. Another funding round is reportedly planned for later this year, to support the company's expansion to other countries in the continent, including Ghana, Kenya and South Africa.
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Private Equity
IFC backs GrowthPoint Investec with $40mln
Growthpoint Investec African Properties, the 50/50 pan-African Real Estate joint venture established by Investec Asset Management and Growthpoint Properties in November 2015, has secured a $40 million equity commitment from the IFC. The venture's strategy is to
invest in income-producing commercial properties in several African countries over the next 5 to 7 years before exiting via a listing on a major stock exchange.
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Private Equity
IFC mulls $30mln deal in South African pork producer
The IFC's Board of Directors is set to meet in late June to consider a $30 million equity investment in Number Two Piggeries, South Africa's largest pork producer, accounting for 20% of the country's pig production. The capital would be used to provide working capital, achieve efficiencies at the company's pig and dairy farms and processing facilities, thereby expanding the firm's production capacity and allowing it to meet growing demand for its products. The size of the potential stake and other terms of the deal were not disclosed.
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Investec Asset Management beats out rivals to win management of the $670mln Emerging Africa Infrastructure Fund
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Funds & Financing News...
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Private Equity
Investec wins $670mln EAIF mandate
Beating out more than 30 rivals, Investec Asset Management has emerged as the winner of the mandate to manage the $670 million Emerging Africa Infrastructure Fund, a public-private partnership anchored by several European governments. The fund, an initiative of the donor-finance Private Infrastructure Development Group, was established in 2002 to mobilize capital into private sector infrastructure projects across Sub-Saharan Africa since when it has committed over $1.2 billion to projects in the region.
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Private Equity
IFC considers $7mln commitment to Oasis Capital
Oasis Africa Fund, which is looking to raise $50 million to invest in SMEs in Ghana and Côte d'Ivoire, could be in line to receive a commitment of $7 million from the IFC. According to the Summary of Investment Information published on the development finance institution's website, the IFC's Board of directors will review the potential commitment in early June. The fund anticipates holding a $20 million first close in the same month.
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Private Equity
Greystone Partners in share issue to raise $5mln
Greystone Partners, a publicly-listed investment holding company that focuses on making private equity investments predominantly in Swaziland, is looking to raise E75 million (almost $5 million) in a 35 million share issue on Swaziland's Stock Exchange to help fund its pipeline of potential investments. The sale was launched last week and could remain open until the 30th May. According to reports, the offer would be priced at E2.10 per share, with a minimum investment threshold of E2100.
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JUST PUBLISHED!
Africa Capital Digest's
2016 Guide to sub-Saharan Private Equity
*Profiles with Names, Emails of each firm's investment professionals
*Details of active funds, preferred deal sizes, regional and sector preferences
*Information on current portfolio companies and projects
*Headquarter and Regional Office contact details
*Quick reference indexes of fund managers and portfolio companies by sector
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Projects & Portfolio Companies...
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Media
One Africa Media merges Classifieds assets with Ringier
Ringier Africa and One Africa Media, the Tiger Global-backed operator of online marketplaces focused on jobs, cars, property and travel, have agreed to combine their pan-African Classifieds assets to launch Ringier One Africa Media, instantly creating the continent's largest Classifieds business offering a portfolio of some of Africa's leading online brands including Jobberman, Brighter Monday, Cheki, BuyRent Kenya, Expat-Dakar, ZoomTanzania and PigiaMe. While terms of the joint venture were not disclosed, although the existing shareholders of both companies will continue to invest significantly to help the new venture build out its market leadership.
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Policy, Regulation & Compliance...
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Tech investors shy away from vague regulatory policy
Given the potential for the digital economy to be the most significant driver of job creation and GDP growth in the future, Governments need to be careful to put off investment with ambiguous regulatory frameworks and policies that make it difficult for startups to do business. That's the key finding of a recently released report entitles "The Impact of Internet Regulation in Investment", the results of a survey of almost 500 investors in 15 countries, including Nigeria and South Africa.
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Trends
Survey pinpoints 4 common priorities for Africa's CEOs
PwC's latest Africa Business Agenda survey report, which was released during the World Economic Forum in Kigali last week, found that Africa's business leaders share four common priorities; growth through innovation and diversification, meeting shareholder expectations, leveraging growth catalysts and measuring and communications shared prosperity.
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Perspective
PODCAST: Africa's future as an investment destination
A podcast featuring CDC's Clarisa De Franco and the FT's Adrienne Klasa on the future of investment in Africa. A review of the puzzle pieces that need to be pulled together in order for private investors and governments to be able to take advantage of the opportunities offered by the continent's rapidly growing and urbanizing population as well as some thoughts on the most promising countries and sectors.
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Companies, People & Profiles...
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RenCap pushes into
Mozambique with Dominio deal
By striking a partnership deal with Dominio Capital Group, Renaissance Capital, the emerging and frontier markets investment bank, is establishing a foothold in Mozambique in anticipation of opportunities offered by increasing foreign investor interest in the country. The deal will allow RenCap to offer services to clients doing deals in Mozambique as well as tap into the market for public and private sector entities in the Southern African country looking to raise capital overseas.
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Investment Associate at Enko Capital
Based in Johannesburg, South Africa
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Principal at CrossBoundary
Based in Abuja, Nigeria
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Principal at CrossBoundary
Based in Johannesburg, South Africa
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Investment Associate at CrossBoundary
Based in Bamako, Mali
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Associate at CrossBoundary
Based in Johannesburg, South Africa
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Private Equity Associate at Musa Capital
Based in Johannesburg, South Africa
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Investment Analyst at Enko Capital
Based in Johannesburg, South Africa
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18th Annual Africa Energy Forum
London, June 21st to June 24th, 2016
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7th Annual TMT Finance & Investment Africa
London, June 14th, 2016
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SuperReturn Emerging Markets 2016
Amsterdam, June 27th to June 29th, 2016
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The Global African Investment Summit Kigali
Kigali, September 5th to September 6th, 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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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 © 2014-2015 Rowayton Press, LLC. All Rights Reserved.
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