Private Equity

LAGOS (Capital Markets in Africa) — Viruses mutate all the time, including the novel coronavirus that’s caused the global Covid-19 pandemic. Most of the changes have no apparent effect. But recent variants that have emerged in the U.K., South Africa, and Brazil are causing particular concern. Studies suggest they are more contagious, and some evidence points to the U.K. strain being more deadly. An increase in infections has led to a surge in hospitalizations and…

JOHANNESBURG (Capital Markets in Africa) — South Africa’s government is unlikely to force retirement funds to plow money into specific companies or projects, an industry body of fund managers and insurers said. Of the economic plans under discussion to revive South Africa’s economy, none are calling for prescribed assets to be used as a solution, the Association for Savings and Investments South Africa Chief Executive Officer Leon Camphersaid in an emailed statement. The African National Congress…

LAGOS (Capital Markets in Africa) — Nigeria plans to introduce an infrastructure-focused fund that will be accessed by investors for as long as 10 years to boost growth after the pandemic, according to the state-owned Bank of Industry. The lender is seeking the approval of the government for the fund to start, “hopefully by early next year or towards the end of this year,” Chief Executive Officer Olukayode Pitan said at a virtual investor conference…

LAGOS (Capital Markets in Africa) — The U.K.’s development-finance arm CDC Group committed $100 million to a $1.25 billion Africa-focused private-equity fund planned by Helios Investment Partners LLP. CDC will also look for co-investment opportunities with Helios, Clarisa De Franco, the head of the London-based firm’s African funds in an e-mail. The investment, which will come from $1.5 billion the CDC has set aside this year for Africa and Asia, could be a catalyst for commitments from…

JOHANNESBURG (Capital Markets in Africa) — Ninety One Plc is raising a recovery fund to invest in South African companies struggling with the economic fallout from the spread of coronavirus. The firm is targeting 10 billion rand ($595 million) and will market the fund to institutional investors in South Africa, according to a statement from the firm. The Ninety One SA Recovery Fund will invest in public and private equity as well as debt, with…

LAGOS (Capital Markets in Africa) — Harambe Entrepreneur Alliance, whose backers include Cisco Systems Inc. and a foundation of South African businessman Jonathan Oppenheimer, has raised $1 million to support its African technology startups and help kick-start the return of venture capital to the continent following the coronavirus outbreak. The group has allocated about $100,000 each for two Nigerian companies to help them through economic downturns caused by the pandemic, Harambe Chairman Okendo Lewis-Gayle said in a…

JOHANNESBURG (Capital Markets in Africa) — Carlyle Group Inc. is spinning out its sub-Saharan African team to a new company formed by the managers of its $700 million regional fund, according to a person with direct knowledge of the matter. The alternative asset manager is hiving off the fund after deciding against raising a follow-on fund to the one it closed in 2014, most of which has been invested, the person said, asking not to…