Emerging-market focused private equity
firm Abraaj Group has closed a $990 million sub-Saharan Africa fund, its
third in the region, the firm said on Monday.
European and North American investors
committed 64 percent of the capital in the Abraaj Africa Fund III, with
funding from global institutional investors, pension funds and sovereign
wealth funds adding up to 76 percent, according to a statement.
Abraaj did not disclose its own contribution to the fund.
“It (Africa) is a story driven by rapid
urbanization and favourable demographics that are fuelling consumption
across multiple sectors from an expanding, young middle class,” Arif
Naqvi, founder and group chief executive of Abraaj Group, said.
The new African fund will focus on
well-managed, mid-market firms in sectors most likely to benefit from
demand driven by the rapid expansion of a young, urban, middle class,
Abraaj said, without naming specific companies.
The sectors include consumer goods and
services, consumer finance, and resource and infrastructure services in
the core countries of Nigeria, Ghana, Côte d’Ivoire, South Africa and
Kenya.
Abraaj said it had deployed around $3
billion across the African continent, while in sub-Saharan Africa alone,
it had made 67 investments with 30 full or partial exits.
No comments:
Post a Comment