SAVCA 2017 Case Study Compendium

PE Industry News

Capital returned to PE investors more than double

Author: Africa Global Funds | Date: 2017-06-28

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.

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East African pension funds to invest more in PE

Author: Anna Lyudvig | Date: 2017-06-21

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.

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African M&A activity drops

Author: Africa Global Funds | Date: 2017-04-19

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.

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ESG is on the radar for PE firms

Author: Anna Lyudvig | Date: 2017-04-11

As Environmental Social and Governance (ESG) factors gain prominence in the international investment community, sustainable investing has also improved in Africa, according to a new research.

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Largest IPP in Ghana on course for 2017 completion

Author: Africa Global Funds | Date: 2017-03-29

The Kpone Independent Power Plant (KIPP), which is being developed by Cenpower Generation Company, is expected to be commissioned before the end of 2017, according to African Infrastructure Investment Managers (AIIM).

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Mediterrania Capital Partners signs up to UNPRI

Author: Africa Global Funds | Date: 2017-03-24

Mediterrania Capital Partners, a regional private equity firm focusing on growth investments for companies in North African and Sub-Saharan countries, has become a signatory of the United Nations Principles for Responsible Investment (UNPRI).

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SA fund managers show appetite for VC deals

Author: Africa Global Funds | Date: 2017-03-16

South Africa’s venture capital ecosystem is evolving, with more fund managers entering the industry and growing investor interest in the asset class, according to Tanya van Lill, CEO of the Southern African Venture Capital and Private Equity Association (SAVCA).

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Cupric announces $50m term facility

Author: Africa Global Funds | Date: 2017-03-01

Cupric Canyon Capital's wholly owned subsidiary, Khoemacau Copper Mining (KCM), has entered into a $50m term loan facility agreement with Red Kite Mine Finance.

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DPI joins UN PRI

Author: Africa Global Funds | Date: 2017-02-27

Development Partners International (DPI) has become a signatory of the United Nations Principles for Responsible Investment (UNPRI), the world's leading advocate of responsible investment.

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SA M&A to grow by 66% in next two years

Author: Africa Global Funds | Date: 2017-02-02

The South African M&A market is predicted to grow by 66% in the next two years, according to the Global Transactions Forecast issued by Baker McKenzie in association with Oxford Economics.

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SA investors are missing out on PE opportunity

Author: Anna Lyudvig | Date: 2017-01-17

While almost half of global endowments and foundations are planing to increase their private equity exposure in 2017, institutions in Southern Africa are still lagging behind their peers, Africa Global Funds has learned.

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PE investment to drive economic growth in SA

Author: Africa Global Funds | Date: 2017-01-13

One of the most underutilised opportunities to drive economic growth in South Africa is through the investment of private equity, according to Paul Boynton, CEO of Old Mutual Alternative Investments.

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Nigerian fintech to expand

Author: Africa Global Funds | Date: 2017-01-02

Nigeria has the capability to become one of the most significant leaders in Africa’s financial technology innovation, according to Irrational Innovations, a venture capital fund focused on fintech in Africa.

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Taaleri to invest in real estate projects

Author: Africa Global Funds | Date: 2016-12-09

Taaleri, a Finnish private equity fund and financial services group, has announced plans to invest Sh10bn ($100m) in East and South African real estate projects.

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African infrastructure investments on the rise

Author: Africa Global Funds | Date: 2016-11-21

Private equity investment in African infrastructure has been an emerging theme over the past decade, according to Erika van der Merwe, CEO of the Southern African Venture Capital and Private Equity Association (SAVCA).

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PEWIN expands to Nigeria

Author: Africa Global Funds | Date: 2016-11-14

The Private Equity Women Investor Network (PEWIN), a global networking organization for senior women in private equity, has expanded to Nigeria, following the formal launch of PEWIN Africa earlier in the year, in South Africa.

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Morocco accounts for 41% in value of deals in North Africa

Author: Africa Global Funds | Date: 2016-11-07

The current investment cycle has identified increased investor interest in Morocco, which remains the leading country for investment in North Africa, according to the African Private Equity and Venture Capital Association (AVCA).

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Swicorp Private Equity becomes SPE Capital

Author: Africa Global Funds | Date: 2016-10-03

Swicorp Private Equity has completed its spin-out from Swicorp to become SPE Capital Partners (SPE Capital), an independent private equity firm focusing on the Middle East and Africa, excluding the GCC.

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Africa50 looks to partner with PE funds

Author: Africa Global Funds | Date: 2016-08-29

Africa50, an African Development Bank (AfDB) infrastructure fund, has stepped up its effort to secure investments from foreign and local wealth funds, social security funds and banks.

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ACI gets new name

Author: Africa Global Funds | Date: 2016-08-17

Angola Capital Investments (ACI), an international investment firm headquartered in Angola, has changed the company title to ABO Capital.

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Ethos debuts on JSE

Author: Africa Global Funds | Date: 2016-08-05

Ethos Capital has successfully listed as an investment entity in the “Financials – Speciality Finance” sector of the main board of the securities exchange operated by the JSE.

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Mergence calls for more institutional investment in infrastructure

Author: Africa Global Funds | Date: 2016-07-22

South Africa’s current market conditions and the compelling value offering of infrastructure assets will further encourage pension funds to consider allocation to this asset class, according to Mark van Wyk, Head of Unlisted Investments at Mergence Investment Managers.

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Ethos to list on JSE in August

Author: Africa Global Funds | Date: 2016-07-19

Ethos Capital is looking to raise up to R2bn ($139.17m) through a private placement on the main board of the JSE in August.

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SA private equity resilient despite uncertain economic conditions

Author: Africa Global Funds | Date: 2016-06-15

Despite the challenges that currently face South Africa, the private equity and venture capital industry remains confident in the depth and breadth of skill in the local investment industry, according to Erika van der Merwe, CEO of the Southern African Venture Capital and Private Equity Association (SAVCA).

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Kipeto Energy signs 100MW PPA in Nairobi

Author: Anna Lyudvig | Date: 2016-06-02

Kipeto Energy has signed a 20-year Purchase Power Agreement (PPA) with Kenya Power (KPLC), representing a significant milestone for the development of the 100-megawatt (MW) wind power project in Kenya.

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Quantum Global to invest $50m in Angolan timber

Author: Africa Global Funds | Date: 2016-05-03

Quantum Global Group has agreed to invest approximately $50m in new plantation establishment, infrastructure and wood processing industries in Angola over the next five years.

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Africa PE exits reach 9-year high

Author: Africa Global Funds | Date: 2016-04-27

Private equity exits in Africa reached a 9-year high in 2015, even as firms held onto their investments longer due to economic uncertainty, according to data from EY and the African Private Equity and Venture Capital Association (AVCA).

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AVCA launches Sustainability Committee

Author: Africa Global Funds | Date: 2016-04-21

The African Private Equity and Venture Capital Association (AVCA), a pan-African industry body which promotes and enables private investment in Africa, has announced the launch of its newly inaugurated Sustainability Committee.

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SA pension funds miss out on PE opportunity

Author: Africa Global Funds | Date: 2016-04-19

The allocation by pension funds in Southern Africa to private equity remains limited, according to the findings of a recently released survey report by the Southern African Venture Capital and Private Equity Association (SAVCA).

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BPI Uganda launched

Author: Africa Global Funds | Date: 2016-04-14

Business Partners Limited has launched Business Partners International (BPI) Uganda, a specialist risk finance company that provides customized financial solutions, sectoral knowledge, mentorship, and other added-value services for formal small and medium enterprises (SMEs) across Africa, and opened an office in Kampala, Uganda.

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Hotel development in Africa soars

Author: Africa Global Funds | Date: 2016-04-11

Investors remain confident about the future of the hospitality industry in Africa, according to Trevor Ward, W Hospitality Group Managing Director.

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Afinitas approves $2.5m for Ethiopia investments

Author: Africa Global Funds | Date: 2016-03-16

Afinitas, an Africa focused investment company listed on the Botswana Stock Exchange, has approved $2.5m to establish an Ethiopia focused holding company and fund its investments.

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Abraaj launches energy development arm Themis

Author: Africa Global Funds | Date: 2016-03-16

The Abraaj Group has announced the formation of Themis Energy, a dedicated project development arm to further extend its investment capabilities in the energy infrastructure space.

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East Africa continues to attract interest from PE firms

Author: Africa Global Funds | Date: 2016-03-15

RisCura, on behalf of the East African Venture Capital Association (EAVCA), has released the first ever dashboard on East African private equity deals, revealing that Kenya is dominating the region as a hub of private equity activity.

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Agri-Vie & STANLIB announce EXEO Capital

Author: Africa Global Funds | Date: 2016-03-15

Agri-Vie, an African private equity firm focused on the food and agribusiness sector, and pan-African asset manager STANLIB, have launched EXEO Capital, a new private equity partnership, which will allow both parties the opportunity to expand their alternative investment offerings in Africa.

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Standard Bank foresees up-tick in Africa M&A deals

Author: Africa Global Funds | Date: 2016-03-11

There has been an increase in M&A activity, especially in East and West Africa, as European multinationals search for opportunities to counter slowing growth at home, according to Fradreck Shoko, Head of Global Advisory for Standard Bank.

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AFT makes a call for concept notes for project grants

Author: Africa Global Funds | Date: 2016-03-07

The Agriculture Fast Track Fund (AFT), a multi-donor fund contributed by United States Agency for International Development (USAID), Danish International Development Agency (DANIDA), and Swedish International Development Agency (SIDA), has announced an Ongoing Call for Concept Notes for Project Grants.

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Gulf Capital to expand private debt business to SSA

Author: Africa Global Funds | Date: 2016-02-29

Gulf Capital, an alternative investment firm in the Middle East, has partnered with Serengeti Capital, an Africa-focused investment bank, to expand its private debt business to Sub-Saharan Africa.

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Gulf Capital's Middle East Glass acquires MGM

Author: Africa Global Funds | Date: 2016-02-28

Gulf Capital's portfolio company Middle East Glass has acquired 100% of Misr Glass Manufacturing (MGM), a company that specialises in the manufacturing and marketing of container glass for the food and beverage industry in Egypt.

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DFIs play pivotal role in Southern African impact investing

Author: Africa Global Funds | Date: 2016-02-25

International development finance institutions (DFIs) have deployed nearly $16.8bn in impact capital across the Southern African region through over 650 deals, according to The Landscape for Impact Investing in Southern Africa report.

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Appian to deploy more capital in African mining

Author: Anna Lyudvig | Date: 2016-02-22

Appian Capital Advisory is looking to close two to three mining deals in Africa via its Natural Resources Fund this year, according to Michael W. Scherb, Founder and General Partner.

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SSA top of mind for investors, EMPEA reveals

Author: Anna Lyudvig | Date: 2016-02-22

Sub-Saharan Africa has been top of mind for many institutional investors in the past few years, as indicated by record fundraising totals, according to Molly Brister, Manager, Research, EMPEA.

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Taaleri boosts investments in Kenya’s real estate

Author: Africa Global Funds | Date: 2016-02-19

Finland-based Taaleri Private Equity Funds Group will provide further development capital to Cytonn Investments that will be deployed to the Kenyan real estate sector through Cytonn Real Estate, an affiliate whose deal pipeline now stands at KES 56bn.

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French-Tunisian private equity fund to launch

Author: Africa Global Funds | Date: 2016-02-04

The Tunisian Consignment and Deposit Fund (Caisse des Dépôts et Consignations, CDC) and Bpifrance, a French public investment bank, are set to launch a €20m French-Tunisian private equity fund on February 5 in Tunis.

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West Africa leads the way in PE activity

Author: Africa Global Funds | Date: 2016-02-02

West Africa continues to lead in share of private equity (PE) investments by region with a 25% share of deals between 2010 and 2015, a new report from the African Private Equity and Venture Capital Association has revealed.

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Medu Capital eyes new investments in South Africa

Author: Anna Lyudvig | Date: 2016-01-29

Medu Capital, a South African private equity firm, is planning to close two investments via its third fund, according to Siyabonga Nhlumayo, Principal, responsible for investment execution and management.

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KKR to create oil&gas services platform

Author: Africa Global Funds | Date: 2016-01-07

KKR has announced an agreement to pursue acquisitions and investment opportunities by establishing an integrated entity to provide asset management services to the oil and gas industry globally.

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African PE offers significant investment opportunities

Author: Africa Global Funds | Date: 2015-12-14

In the context of a global search for returns, investors are increasingly exploring the sub-Saharan African private equity market, according to Erika van der Merwe, CEO of the Southern African Venture Capital and Private Equity Association (SAVCA).

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LeapFrog crosses $1bn mark in commitments

Author: Anna Lyudvig | Date: 2015-12-11

LeapFrog Investments has become the first equity impact investor to surpass the billion-dollar mark, after the Overseas Private Investment Corporation’s commitment of up to $200m.

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SOKOTRA Capital partners with Dibaq

Author: Africa Global Funds | Date: 2015-12-09

SOKOTRA Capital, a Dubai-based private investment company focusing on frontier markets, has been appointed as the exclusive commercial and marketing agent for Grupo Dibaq Diproteg (Dibaq), one of Spain’s largest and oldest privately owned animal feed producers.

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Actis opens NYC office

Author: Africa Global Funds | Date: 2015-12-09

Actis, a pan-emerging market investor, has opened a new permanent office in New York City, which is its third office in the Americas and 13th globally.

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Pension trustees need more PE training

Author: Anna Lyudvig | Date: 2015-12-08

There is a disconnect between the management team of the pension funds and their boards in West Africa, when it comes to private equity investments, Africa Global Funds has learned.

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PE exits: strategic sales gain momentum

Author: Anna Lyudvig | Date: 2015-12-08

There has been an increasing trend in strategic sales as a private equity exit route in Africa, according to Jacob Kholi, Partner at The Abraaj Group.

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West Africa attracts impact investors

Author: Africa Global Funds | Date: 2015-12-03

A growing number of impact investors express interest in West Africa, but they are seeking a greater understanding of the opportunities and risks in this market, Amit Bouri, CEO of the GIIN, has said.

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African PE: co-investments are on the rise

Author: Anna Lyudvig | Date: 2015-11-17

Growing numbers of limited partners (LPs) consider co-investments an important part of their overall private equity portfolios, Africa Global Funds has learned.

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GuarantCo opens headquarters in East Africa

Author: Africa Global Funds | Date: 2015-11-03

GuarantCo has opened a new office in Nairobi, Kenya, as it is looking to expand its business in financing infrastructure development in East and Southern Africa.

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SA and Mauritius preferred PE fund domiciles, finds survey

Author: Africa Global Funds | Date: 2015-10-29

South Africa is viewed as the most attractive onshore private equity fund domicile in Sub-Saharan Africa, whereas Mauritius is leading as the most popular offshore jurisdiction, according to the EMPEA 2015 African Fund Domicile Survey.

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SA private equity outperforms listed markets

Author: Africa Global Funds | Date: 2015-10-28

South African private equity returns continue to edge higher, maintaining outperformance relative to the listed equity market, the latest RisCura-SAVCA South African Private Equity Performance Report has revealed.

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Cairo real estate market maintains steady performance

Author: Africa Global Funds | Date: 2015-10-12

Cairo real estate market has maintained a steady performance and improved sentiment in the Q3 2015 due to positive macro environment in Egypt, according to Ayman Sami, Head of Egypt Office at JLL MENA.

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Pension funds increase appetite for African PE

Author: Africa Global Funds | Date: 2015-09-23

Over the past year there has been a greater number of pension funds looking at Africa, according to Runa Alam, CEO and Co-Founder of Development Partners International (DPI), a $1.1bn Africa private equity specialist.

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Helios repays $50m OPIC loan

Author: Africa Global Funds | Date: 2015-09-08

Helios Investment Partners has repaid in full a $50m loan to the Overseas Private Investment Corporation (OPIC), the US government’s development finance institution.

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AIIM partners with Hydroneo Afrique for hydro power plants development

Author: Africa Global Funds | Date: 2015-09-01

African Infrastructure Investment Managers (AIIM), an infrastructure equity investment manager, has announced its industrial partnership with Hydroneo Afrique, a wholly-owned subsidiary of MECAMIDI, a global manufacturer and developer of small and medium hydro power plant equipment.

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Standard Bank: Real estate in Africa drives growth potential

Author: Africa Global Funds | Date: 2015-08-24

A growing consumer middle-class, powered by rapid urbanisation and shifting demographic trends is driving both property demand and growth opportunities in the real estate industry across the African continent, according to Standard Bank.

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TriLinc invests $16.6m in African SMEs

Author: Africa Global Funds | Date: 2015-08-13

TriLinc Global Impact Fund has provided $16.6m in term loan and trade finance transactions to small and medium enterprises (SMEs) in South Africa, Zambia, Namibia, and Nigeria.

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PE firms target North Africa despite recent shocks

Author: Anna Lyudvig | Date: 2015-08-07

Regional and Pan-African private equity firms continue to invest in North Africa despite the recent economic and political events that have occurred in the region, according to Ponmile Osibo, Research Analyst at AVCA.

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SA PE funds remain attractive for institutional investors

Author: Africa Global Funds | Date: 2015-07-09

Private equity in South Africa remains an attractive asset class for pension funds and other institutional investors, Erika van der Merwe, CEO of the Southern African Venture Capital and Private Equity Association (SAVCA), has said.

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KKR to pay nearly $30m to settle SEC charges

Author: Africa Global Funds | Date: 2015-06-29

Private equity firm KKR has been charged by the Securities and Exchange Commission (SEC) for misallocating more than $17m in so-called “broken deal” expenses to its flagship private equity funds in breach of its fiduciary duty.

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TPG Growth and Satya announce investment partnership

Author: Africa Global Funds | Date: 2015-06-19

TPG Growth, a middle market and growth equity platform of TPG, and Satya Capital, an independent investment firm focused on providing long-term growth capital to African businesses. have partnered to focus on new investments in Africa.

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Morocco cited top investment destination for PE firms in North Africa

Author: Anna Lyudvig | Date: 2015-04-28

Morocco has emerged as the top investment destination for private equity in North Africa, attracting 51% of all deals and 43% of total capital invested in the sub-region between 2010 and 2014, according to a report by the Emerging Markets Private Equity Association (EMPEA).

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SA PE returns outshine major listed-equity indices

Author: Africa Global Funds | Date: 2015-04-20

Despite the backdrop of significant volatility across all investment markets during 2014, SA private equity funds continued to offer relatively strong performances, according to the fourth quarter 2014 RisCura-SAVCA South African Private Equity Performance report.

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PE deal activity remains strong in Africa

Author: Africa Global Funds | Date: 2015-03-04

The deal activity on the African continent remains strong with $8.1bn worth of deals completed in 2014, a new report by the African Private Equity and Venture Capital Association (AVCA) has revealed.

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PE & VC fundraising in SSA hit record $4bn in 2014

Author: Anna Lyudvig | Date: 2015-02-13

Private equity and venture capital fundraising in 2014 increased year-over-year in Sub-Saharan Africa, according to EMPEA, the global industry association for private capital in emerging markets.

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SA private equity 10-year returns at 18.5%

Author: Africa Global Funds | Date: 2015-01-15

Investments into South African private equity funds delivered an annualised rate of return of 18.5%, net of fees, over the ten years to September 2014, according to the RisCura-SAVCA South African Private Equity Performance Report.

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African PE: value found in smaller deal sizes

Author: Africa Global Funds | Date: 2014-12-11

As African private equity markets evolve, the ‘sweet spot’ is to be found at the smaller end of the deal size spectrum, according to Nick Tims, managing director in the client group at Investec Asset Management.

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AFIG Funds partners with the BRVM

Author: Africa Global Funds | Date: 2014-12-10

Advanced Finance & Investment Group (AFIG Funds) has signed a strategic partnership agreement with the Bourse Régionale des Valeurs Mobilières (BRVM), the regional stock exchange for UEMOA (the West African Economic and Monetary Union), for the financing of private companies via the stock exchange.

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EMPEA announces Frontier Markets Council

Author: Africa Global Funds | Date: 2014-12-09

EMPEA has launched the Frontier Markets Council, an advisory body comprised of and dedicated to fund managers, institutional investors and industry advisers active in the frontier markets.

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Africa ripe for PE investments

Author: Africa Global Funds | Date: 2014-12-08

The conditions are ripe for private equity investment into Africa, according to Steve Costabile, Head of Private Funds Group at PineBridge Investments.

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Capital Trust Group gets MFSA approval for EuroMena III

Author: Africa Global Funds | Date: 2014-11-21

Capital Trust Group has received the Malta Financial Services Authority (MFSA) approval for its EuroMena III fund to be regulated under the de-minimis AIFMD (Alternative Investment Fund Managers Directive), making it one of the first funds in the region to be regulated by a European governing body.

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Global PE players increasingly look to Africa

Author: None | Date: 2014-10-20

The value of global private equity deals targeting Africa has more than doubled (137%) in the first half of 2014 compared to the same period last year, according to research by global law firm Freshfields Bruckhaus Deringer.

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SA private equity delivers strong performance

Author: Africa Global Funds | Date: 2014-10-08

The private equity asset class in South Africa continues to deliver a sturdy performance with funs yielding an annualised rate of return of 18.6% over the ten years to the end of June 2014, according to the latest RisCura-SAVCA South African Private Equity Performance Report.

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I find AGF’s content to be well-written, interesting and highly informative. AGF is able to attract leading figures in the African fund market for exclusive insights and opinion articles that are difficult to find elsewhere.


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Finding the news behind the news has always been the challenge, but Anna and her team always seem to pull it off. The AGF website, e-newsletter and monthly magazine are read by the whole Phatisa team; well-written, African private equity news not found elsewhere. We are proud to be affiliated with such a young, ambitious and driven media team and wish them only the best.

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We find AGF a very useful publication, especially covering, as it does, all asset classes in Africa (as, uniquely, does Investec Asset Management). The public funds data and macro stats are very useful, while the articles and interviews are insightful and often cover (in relative terms) neglected markets and asset classes.

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Managing Director

I have found the AGF monthly magazine very informative and always containing some interesting research on the Private Equity industry not found elsewhere.

Harith: Financiers and developers of infrastructure projects

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Head: PAIDF 2

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