Private Equity |

Gulf Capital closes $250m private debt fund

LAGOS (Capital Markets in Africa) – UAE-based alternative investment firm Gulf Capital has closed a $250 million (AED925m) debt fund, it said on Monday. The Gulf Credit Opportunities Fund II is Gulf Capital’s second private debt and mezzanine fund. The fund, which follows a similar investment and diversification strategy as its predecessor (Fund I), will invest in mid-market companies across the Middle East, Turkey, and Africa region that generates over $5m (AED18.35m) in earnings before…

Algebra Ventures in Egypt hits $40m mark

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CAIRO (Capital Markets in Africa) – Algebra Ventures has completed a US$40-million first closing. Algebra claims that it’s the largest tech VC fund in Egypt. According to a press release sent to Ventureburn, the fund will invest in up 25 tech startups or “tech-enabled” start-ups. Focus areas include “technology IP, fintech, industry platforms, e-commerce and consumer internet”, Algebra explained. As for funding amounts, Algebra confirmed that investments would mostly be in the range of US$500…

Safa Afrique raised capital for diamond mining in West Africa

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CONAKRY (Capital Markets in Africa) – Citigate International Ltd has announced the successful closing of Safa Afrique with $10 million raised from GCC investors. These funds will be deployed for Safa Afrique’s diamond mining portfolio which primarily consists of its flagship project in Sierra Leone as well as two joint venture projects in Guinea and Liberia with Stellar Diamonds plc, a London listed (AIM: STEL) company. Work on the project will begin immediately with activities…

Dutch Private Equity invests in Kenya-based dairy company

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NAIROBI (Capital Markets in Africa) – DOB Equity has announced today that it has taken up a stake in Countryside Dairy Ltd at a publicly undisclosed value as part of a commitment to increase social impact investment deals in Kenya. By investing in Countryside Dairy Ltd, the Private Equity fund with offices in Kenya, Tanzania and the Netherlands will be seeking a slice of the KES100bn Kenya Dairy sub-sector. According to the Kenya National Dairy Master…

South Africa’s Rand Merchant buys 30 pct stake in UK insurer Hastings

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LONDON (Reuters) – South Africa’s Rand Merchant Investment Holdings ramped up its presence in the British insurance market on Wednesday with the purchase of a 30 percent stake in Hastings, driving the UK firm’s shares to 2-1/2 month highs. Hastings, which listed just over a year ago, has made headway in a competitive sector by focusing on selling motor insurance via price comparison websites. Hastings Investco, the firm’s main shareholder, and other individual shareholders are…

A ROBUST YEAR FOR SOUTHERN AFRICAN PRIVATE EQUITY IN 2016

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JOHANNESBURG (Capital Markets in Africa) – In a climate of economic and political instability, private equity in Southern Africa has again had a robust year. The region still accounts for about a third of the African private equity market, with the bulk of deal activity (measured both in terms of value and volume) being centralised in South Africa. “The average deal size for the year across Southern Africa has been around US$250m to US$300m,…

LeapFrog is Raising $800 Million for Africa Deals

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NAIROBI (Capital Markets in Africa) – LeapFrog Investments Ltd. plans to raise $800 million for its latest fund as the private-equity firm seeks stakes in African banks, insurance brokers and payment companies to tap into rising demand among low-income consumers. Overseas Private Investment Corp., the Washington-based development financing unit of the U.S. government, has approved an investment of as much as $200 million in the fund, the buyout company’s third, said Karima Olokun-Ola, a partner at LeapFrog…

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