Private Equity |

Financial services firm gets $20m for Africa expansion

Port Louis, Mauritius (Capital Markets in Africa): Mauritius-based financial services firm, afb, which provides innovative consumer and SME financial products, has signed a $20 million investment deal with GEMCORP, that enables the former to hasten its speed of growth within sub-Saharan Africa. A statement from afb, quoted the firm’s chief executive officer, Karl Westvig as saying that the deal will help them extend to a number of countries within the next five years. Currently, afb…

Omidyar Network Bets on Nigeria’s Growing Travel and Tourism Sector with Investment in Hotels.ng

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Lagos, Nigeria (Capital Markets in Africa) — Omidyar Network today announced an investment in Hotels.ng, a hotel-booking platform in Nigeria. The company provides an online marketplace to connect consumers to more than 14,000 small and medium hotels in the country, most with no prior digital presence. The Series A round investment is part of Omidyar Network’s Consumer Internet & Mobile initiative, which focuses on supporting new digital solutions to connect people, enabling them to share…

South Africa’s Pension Fund acquires stake in Bayport Management

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Port Lious, Mauritius (Capital Markets in Africa):-The Public Investment Corporation (PIC), manager of South Africa’s $150 billion Government Employees Pension Fund (GEPF), is investing $149 million in Bayport Management, the Mauritius-based financial services company. However, the size of the minority stake acquired was not disclosed. Bayport Management Limited provides unsecured loans to customers in developing markets including several in Africa. Founded in 2001, the company now has over 6,700 employees servicing over 500,000 customers through 405 branches…

IFC Supports Tech Companies with US$10mn Investment in Wamda Capital

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Cairo, Egypt (Capital Markets in Africa) — IFC, a member of the World Bank Group, is investing $10 million in a venture capital fund that supports promising technology companies, part of an effort to drive job creation across the Middle East and North Africa (MENA). The investment will help Wamda Capital advise entrepreneurs and provide seed funding to tech firms in Egypt, Lebanon, Jordan, and other countries. Such support is considered vital in a region where…

The Abraaj Group invests in Auvest MENASA Opportunities Fund

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Dubai, United Arab Emirates (Capital Markets in Africa) — The Abraaj Group (‘Abraaj’ or ‘The Group’), a leading investor operating in global growth markets, today announced its commitment of US$ 30 million to the Auvest MENASA Opportunities Fund I L.P. (the ‘Fund’). Through this investment, Abraaj will take on the role of cornerstone investor in the Fund, which intends to raise between US$ 250-300 million to invest in the small and medium enterprise (SME) sector across…

Pembani Remgro Infrastructure Fund raises $245 Million to Power Africa

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Johannesburg, South Africa (Capital Markets in Africa):- The Pembani Remgro Infrastructure Fund, announced today that it has achieved a successful first closing of $245 million. In addition, the Fund has received a further commitment equal to 20% of the fund size, capped at $100 million, from the Overseas Private Investment Corporation (OPIC). The formal fundraising process commenced in May 2014, with the aim of achieving final close during 2015 at a target fund size of…

AfDB approves US$50mn investment in CEC Africa Investments

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Lagos, Nigeria (Capital Markets in Africa):- The Board of Directors of the African Development Bank (AfDB) approved on Wednesday, April 29, 2015, a USD 50 million investment in CEC Africa Investments Limited, a multinational power company headquartered in Nigeria and Zambia. CEC Africa (CECA) seeks to acquire and develop distribution and transmission assets and complementary greenfield generation projects throughout Sub-Saharan Africa. By investing across the energy value chain (generation, transmission, and distribution), CECA aims to…

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