Thursday, April 18, 2019 UTC

AGF Magazine - March 2019 issue

  • We focus on fixed income opportunities in both public and private markets. Read on to find in which fixed income instruments and in which African markets to invest on pp. 10-11. In addition, Ashley Benatar of Ashburton Investments shares his views on benefits and risks of investing in mezzanine debt on p.22.
  • We speak with Jérémie Ceyrac, Head of Equity, Responsible Investments at Proparco to learn more about the French development institution, financial products on offer, recent investments in Africa and African impact investment scene (pp. 13-15).
  • This month’s market feature focuses on Nigeria. Sven Richter, Fund Manager, Drakens Capital, writes about his recent trip to the West African country and his observations. “While Nigeria is attractive as an investment destination, the GDP growth is a disappointment for a county that we expect to be one of the leaders in Africa,” he says (pp. 16-17).
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News > Private Equity > Fundraising

ECP closes fourth Pan-African fund

Anna Lyudvig
Nov. 21, 2018, 4:50 p.m.

Word count: 436

ECP, a Pan-African private equity investor, has announced the final close of its fourth Pan-African fund, ECP Africa Fund IV (AFIV), receiving commitments of over $640m.

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ECP, a Pan-African private equity investor, has announced the final close of its fourth Pan-African fund, ECP Africa Fund IV (AFIV), receiving commitments of over $640m.

Hurley Doddy and Vincent Le Guennou, ECP Co-CEOs, said: “We are proud that investors have recognized our track record by committing their capital to our fourth fund. This successful fundraising is a further sign of their trust in our value proposition on the African continent.”

Domiciled in Mauritius, AFIV has attracted a broad range of investors based in Africa, Europe, and North America. 

According to ECP, through AFIV, the firm gathered the largest representation of African investors in its history, with a significant contribution from a variety of African pension funds and insurance companies. 

African investors represent over half of the total number of investors.

Limited partners include public and private pension funds, sovereign wealth funds, funds of funds as well as private sector investors such as Old Mutual Africa Private Equity Fund of Funds and a 57 Stars managed vehicle. 

Development Finance Institution (DFI) investors include Société de Promotion et de Participation pour la Coopération Économique (Proparco, a subsidiary of Agence Française de Développement), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), African Development Bank, and Overseas Private Investment Corporation (OPIC).

Based on data published both by the African Private Equity and Venture Capital Association (AVCA) and the Emerging Markets Private Equity Association (EMPEA), AFIV represents the largest closing of an African private equity fund since September 2016, excluding infrastructure and real estate funds.

ECP continues its strategy of focusing on investments that meet basic consumer needs or vital business requirements. 

AFIV is focused on control and significant minority stakes in four core sectors on a Pan-African level: financial services, consumer goods, telecommunications & ICT, and infrastructure & logistics. 

AFIV has already closed four investments with operations across seven countries and sustains a strong pipeline.

Through this new fund, ECP intends to promote its focus on environmental, social, and governance best practices as well as economic inclusion in its portfolio companies. 

Domiciled in the US, ECP’s investment team is comprised of 29 seasoned investment professionals with strong on-the-ground coverage with six offices on the African continent.

“ECP is a long-term investor with a patient view and it strives to establish larger platforms in a few select sectors such as energy, finance, and logistics. ECP has always worked hard to promote true African champions and has consequently been part of each chapter of the private equity evolution unfolding in Africa. With AFIV, ECP aims at deepening its commitment to Africa’s growth story,” added Doddy and Le Guennou.

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