Impact Investment Trust eyes LSE listing
Impact Investment Trust, an investment company offering exposure to a portfolio of funds investing for impact in developing countries, is planning to raise up to $150m via an IPO on the London Stock Exchange.
Funds
Launches
Kuramo and Nile launch new investment firm
Kuramo Capital Management and Nile Capital Management have announced a strategic partnership to launch a new investment management entity called Kuramo Nile Capital Management (Kuramo Nile).
Sanlam InfraSec Infrastructure Fund launched
Sanlam and Africa Infrastructure Securities (InfraSec) have launched the Sanlam InfraSec Infrastructure Fund, a US dollar-denominated fund that will invest in infrastructure projects with an emphasis on economic growth, social upliftment and energy.
Amundi & IFC to launch Green Cornerstone Bond Fund
Amundi and IFC have agreed to create the largest green-bond fund dedicated to emerging markets, a $2bn initiative that aims to deepen local capital markets and expand financing for climate investments.
Cloud Atlas lists Big50 ex-SA ETF on JSE
Cloud Atlas Investing has listed its Africa-focused ETF on the Johannesburg Stock Exchange (JSE) at a NAV price of R11.86 per unit, Africa Global Funds has learned.
Enko Africa Debt Fund launched with $200m AUM
Enko Capital has unveiled the Enko Africa Debt Fund (EADF) to invest solely in fixed income securities issued by corporates and sovereigns, denominated in local and hard currencies across Africa.
Market & Industry News
Fairfax Africa to invest in Atlas Mara
Fairfax Africa has agreed to invest a minimum of $130m in Atlas Mara as part of a broader strategic investment announced by Atlas Mara.
Standard Bank sees opportunity to address SA's affordable housing backlog
South Africa has an opportunity to re-invigorate its affordable residential build sector through the establishment of listed residential funds, according to Standard Bank.
Brainworks to list on the JSE
Brainworks, a Mauritian-based holding company with a diversified Zimbabwean investment portfolio, has made its submission to the JSE for its listing on the main board.
Ivory Coast launches Eurobond
Ivory Coast has issued Eurobonds with two tranches: a dollar-denominated 16-year $1.25bn offering at 6.250%, and an eight-year euro-denominated tranche worth €625m, yielding 5.125%.
OMEM forms Wealth and Investment cluster
Old Mutual Emerging Markets (OMEM) has launched a new Wealth and Investment cluster to be headed by Dave Macready, the current CEO of Old Mutual South Africa (OMSA).
Barclays Africa in South Africa’s largest bookbuild
Following the completion of South Africa’s largest bookbuild in South African rand, Barclays PLC has sold 33.7% of Barclays Africa’s issued share capital at a price of R132 per share.
Investors
IFC and Proparco invest in Moroccan green bond
IFC and Proparco, have invested €100m and €35m, respectively, in the first green bond issuance by Banque Centrale Populaire (BCP), to promote sustainable, environment friendly projects in Morocco.
AfDB approves $15m investment in Shore Capital Fund III
The African Development Bank (AfDB) has announced a $15m investment in Shore Capital Fund III, a multinational private equity fund that promotes financial inclusion in Africa.
IFC backs Medical Credit Fund with $4.5m
IFC, a member of the World Bank Group, has invested $4.5m in the Medical Credit Fund (MCF), part of the PharmAccess Group, to increase access to quality healthcare in Africa.
MIGA's guarantees to help increase long-term liquidity for SA development banks
MIGA has provided guarantees, amounting to a combined $677.3m, for international lenders looking to strengthen South Africa’s Land and Agricultural Development Bank (Land Bank), and the Development Bank of Southern Africa (DBSA).
EIB invests in drinking water and sanitation system in Mali
The European Investment Bank (EIB) has agreed to provide a €50 loan to finance development of the drinking water supply and sanitation network of the city of Bamako, Mali.
Finnfund invests in Ethiopian poultry company
Finnfund has granted Agflow Poultry, owner of EthioChicken, a $10m loan to support the development and expansion of the company's operations in Ethiopia.
Private Equity
Deals
LeapFrog makes largest investment in Ghana
LeapFrog Investments, a profit-with-purpose investor in emerging markets, has invested $180m in Ghanaian financial services provider, Enterprise Group.
LeapFrog and Omidyar in Cignifi deal
LeapFrog Investments has acquired an undisclosed stake in Cignifi, a big data platform that aims to extend financial inclusion to one billion emerging consumers.
XSML takes stake in DRC's retail chain
XSML has invested in Maison Galaxy, a retail chain based in Kinshasa, DRC, known for its Shaina and Galaxy branded stores.
EAIF backs Senegal power station expansion
The Emerging Africa Infrastructure Fund (EAIF) has provided a €6.6m financing to Melec PowerGen (Matelec Group), the owner and operator of the Tobene power station in Senegal.
ABO Capital in CEPI deal
ABO Capital, an international investment firm headquartered in Angola, has purchased Complexo Escolar Privado Internacional, the Turkish school in Benfica, a neighbourhood in the Samba district, south of Luanda.
AIIM takes 44% stake in Albatros Energy Mali
African Infrastructure Investment Managers (AIIM), through its AIIF3 fund, has acquired a 44% stake in Albatros Energy Mali.
Exits
Metier exits Inhep and Astrapak
South African private equity firm Metier has partially exited its investment in plastic products manufacturer Astrapak and has agreed to exit Inhep Electronics Holdings (Inhep).
Qalaa's subsidiaries exit ASEC Ciment Algérie
Qalaa Holdings has announced that its subsidiaries ASEC Cement and ASEC Cement Djelfa Offshore have completed the sale of 100% of ASEC Ciment Algérie (AACC) to an Algerian investor at a deal value equivalent to $60m.
Investec exits SA Taxi
Investec Asset Management has exited from its mezzanine investment in SA Taxi, the first financial services provider to focus solely on the taxi industry in South Africa.
Actis fully exits Edita via IPO
Actis has sold its remaining 7.5% stake in Edita Food Industries (Edita) to 42 blue-chip international investors from the USA, UK, Germany, South Africa, and the UAE.
AfricInvest and Mediterrania exit SJL to Investec
AfricInvest and Mediterrania Capital Partners (MCP) have sold their stakes in Grupo San Jose & Lopez (SJL), a logistics and international road freight transport company with operations in the Maghreb and Europe.
Centum exits KWA after 40 years
Centum has sold its 26.43% stake in KWA Holding East Africa (KWA), one of the foremost manufacturers and distributors of spirits and wines in Kenya, to Distell International Holdings, a subsidiary of Distell Group.
Fundraising
TLcom raises $40m for TIDE Africa
TIDE Africa, an international venture capital fund focused exclusively on technology enabled solutions and innovation serving Sub-Saharan Africa (SSA), has reached its first close of $40m of the $100m target.
AfDB, CDC, DGGF invest $31m in FAFIN
The African Development Bank, CDC Group, and the Dutch Good Growth Fund have jointly committed $31m to the Fund for Agricultural Finance in Nigeria (FAFIN).
Fanisi targets Sh10bn for its second fund
Fanisi Capital is targeting Sh10bn over next 12 months for its closed-ended 10-year SME venture fund.
Adenia Capital (IV) closed above target
Adenia Partners, a private equity fund manager focused on mid-cap buyouts and growth capital investments in Sub-Saharan Africa, has reached the final closing of Adenia Capital (IV).
Victus Global Capital to bring Gender Lens Investing to Africa
Victus Global Capital (VGC) is in the process of building its initial $50m fund with the stated objective of assisting women-led and/or women-focused agri-businesses in Africa, Africa Global Funds has learned.
Frontier Energy II announces first close with $116m commitments
Frontier Energy II, an investment fund focused on developing, constructing and operating renewable energy projects in Sub-Saharan Africa, has achieved its first closing at $116m.
PE Industry News
Capital returned to PE investors more than double
South African private equity capital returns to investors increased by 123.2% in 2016 to R18.3bn, up from R8.2bn the previous years, according tp the SAVCA 2017 Private Equity Industry Survey.
East African pension funds to invest more in PE
The East African region is witnessing a change in momentum post 2016, where more East Africa based pension funds have begun to put money in local GPs, Eva Warigia, Executive Director of EAVCA, has said.
GPs shift towards fund structures with a longer investment horizon
There appears to be a gradual, yet notable shift in the approach taken by both local and global private equity fund managers towards fund structuring, according to the Southern African Venture Capital and Private Equity Association (SAVCA).
South Africa, Morocco and Egypt remain key hub economies for FDI
South Africa remains the continent’s leading foreign direct investment (FDI) destination, when measured by project numbers, which increased 6.9% year-on-year, according to EY’s Africa Attractiveness report.
African PE exits hit record high in 2016
The number of exits achieved by private equity firms in Africa is trending upwards, evidenced by a record number of exits in 2016.
African M&A activity drops
In Africa, M&A activity has dropped since the last quarter results, but there are still massive opportunities for M&A investment on the continent, according to Baker McKenzie.
Asset Servicing
Consumer data can improve investment decisions
Combining top down data such as GDP with bottom up data such as consumer confidence can yield to better investment decisions in Africa, according to a whitepaper report by KASI Insight.
Exotix rebrands and creates RAD division
Exotix, a frontier and emerging markets investment firm, has created a Research, Analytics & Data (RAD) division to expand and enhance the insights and services it provides to clients.
Alexander Forbes acquires majority stake in AAC
Alexander Forbes Group Holdings has acquired a significant stake in African Actuarial Consultants (AAC), one of the largest independent actuarial consultancies based in Zimbabwe with a growing presence in the region.
Capital Appreciation acquires Synthesis
Synthesis Software Technologies, a specialised financial technology company that provides software development, consulting and integration services to financial institutions, has been acquired by JSE-listed Capital Appreciation.
StanChart to join Thomson Reuters Org ID KYC managed service for Africa
Standard Chartered Bank has announced its intention to join Thomson Reuters Org ID regional managed service solution for Know Your Customer (KYC) due diligence in South Africa.
FTI launches Forensic & Litigation Consulting practice in South Africa
FTI Consulting has expanded the firm’s Forensic & Litigation Consulting segment with the launch of a practice in South Africa and the appointment of five senior professionals.
People Moves
The MasterCard Foundation appoints new members to its Board
The MasterCard Foundation has appointed three new members to its Board of Directors.
Maitland adds Non-Executive Director to the Board
Maitland, a global advisory and fund administration firm, has appointed David Hathorn to the Maitland Board as a Non-Executive Director.
Exotix hires Head of Equities Financials Research
Exotix, a frontier and emerging markets investment firm, has appointed Rahul Shah as Head of Equities Financials Research.
Klousseh joins Africa50 from IFC InfraVentures
Africa50, a pan-African infrastructure investment platform, has announced the appointment of Koffi Klousseh as Director of Project Development.
Mergence adds Mokhanoi as Alternative Investments Strategist
Mergence Investment Managers, a South Africa-based black-owned specialist fund manager, has hired Semoli Mokhanoi as Alternative Investments Strategist.
Newson joins Investec as Director of Private Markets
Investec Asset Management, a specialist investment manager, has hired Chris Newson as Director of Private Markets for the firm.
