September 18th, 2017
The  weekly roundup of Africa's Private Capital news


  

Here's the latest wrap of Africa's key private equity, infrastructure and venture capital deals and industry news which was reported over the past 7 days. W e'd be delighted if you shared it with any interested colleagues and/or business partners.  If they would like to receive their own weekly copy, they're more than welcome to sign up here.  

Many thanks for being a reader. If you have any tips, suggestions or questions, please reach out to Allan Cunningham at acunningham@africacapitaldigest.com
This week's issue supported by...             
The Week in Brief...
Fundraising-related news dominated Africa's private capital markets last week. While there were no fund closes, there were a couple of commitments and one launch.

Capitalworks, one of Africa's larger private equity firms, has launched Africa Capitalworks, a planned $300 million investment company that will target mid-market opportunities in a number of sectors across sub-Saharan Africa. The new permanent capital vehicle has already received significant support and investment from, among others, CDC and Public Investment CorporationSouth Africa's largest asset manager and manager of the Government Employees Pension Fund.

Fresh from launching the Africa Infrastructure Fund with $550 million in August, A.P. Moller Capital announced it had raised an additional $100 million from PFA Pension, Denmark's largest pension fund.  The fund, which is targeting $1 billion in time for a final close at the end August next year, will back infrastructure opportunities across Africa, aiming to deliver returns in the high teens as well as deliver significant economic, social and governance impact in the assets and regions in which it invests.

The European Investment Bank is committing $15 million to Ezdehar Management's inaugural fund, the Egypt Mid-Cap Fund, bringing the total raised to date to $85 million. The  EIB is the latest of a number of European DFI's investing in the fund, joining CDC and FMO on the fund's roster of investors. Egypt Mid-Cap's strategy is to target growth capital opportunities in private companies and family enterprises in the North African country.

The IFC's board is set to review a potential €15 million commitment to Partech Ventures' Africa fund which will make equity and equity-related investments in exchange for minority stakes in rapidly growing companies. By final close, the early stage venture capital fund hopes to have raised €100 million (almost $110 million) to back digital and technology startups in sub-Saharan Africa as well as non-African businesses who have significant operations on the continent.

In deal news, Apis Private Equity is backing Nigeria's Bankers Warehouse with a reported $30 million in exchange for a significant, if undisclosed stake. The deal, which was led for Apis by Lagos-based partner, Rotimi Oyekanmi, is the sixth investment for the firm's inaugural fund, Apis Growth Fund I, which closed with $287 million in March this year.

Arise, the $660 million financial services investment platform launched earlier this year, is taking a 12% stake in publicly-listed Equity Group Holdings, the parent company of Equity Bank. The new entity cam about following an agreement between CDC, Norfund and   Rabobank to combine their stakes in financial services companies in more than 20 countries on the continent and use the new platform to take minority stakes in additional companies.

In venture capital news, Spark Venture Fund, Safaricom's $1 million venture investment vehicle, is making its sixth and final investment and backing iProcure in an undisclosed deal. The deal is the second agribusiness transaction for the fund, which backed FarmDrive earlier this year. Launched in 2014, Spark Venture Fund's strategy has been to make late-seed to early-growth stage investments in startups which use mobile technology as an enabler. More than 600 applicants approached the fund, of which just 6 have received backing.

Job change news from Sanne Group, a provider of outsourced corporate and fund administration services, which has appointed Oliver Morris as head of Private Equity for the EMEA region. Prior to joining Sanne at the beginning of this month, Morris had worked for KPMG in the Channel Islands, most recently as a Director focusing on the private equity sector. He will be based in the firm's offices in the Channel Island of Jersey.

As always, you can review these and other stories by scrolling down and clicking through to them below.  

Apis Private Equity backs Bankers Warehouse for first Nigerian deal
Deals and Deal News...
Private Equity
Apis backs Bankers Warehouse with $30mln
Apis Partners is backing Nigeria's Bankers Warehouse with a reported $30 million in exchange for a significant, if undisclosed stake.
Private Equity
Arise takes 12% stake in Equity Bank
Arise, the $660 million financial services investment platform launched earlier this year, is taking a 12% stake in publicly-listed Equity Group Holdings, Equity Bank's parent company.
Private Equity
COGELEC Energy marks second deal for Teranga Capital
Teranga Capital is making the second deal for its $58 million fund and backing COGELEC Energy, a provider of services to the power industry.
Venture Capital
Spark Venture Fund backs iProcure for final deal
Spark Venture Fund, Safaricom's $1 million venture investment vehicle, is making its sixth and final investment and backing iProcure in an undisclosed deal.
This week's issue supported by...             
Powering Africa Nigeria
Funds & Fundraising...
Private Equity
Capitalworks launches $300mln investment company
Capitalworks has launched Africa Capitalworks, a planned $300 million investment company that will target mid-market opportunities in a number of sectors across sub-Saharan Africa.
Infrastructure
A.P. Moller Capital lands an extra $100mln
A.P. Moller Capital, managers of the African Infrastructure Fund, have secured an additional $100 million commitment from PFA Pension, Denmark's largest pension fund with DKK 500 billion under management.
Private Equity
EIB backs Egyptian mid-cap fund with $15mln
The European Investment Bank is committing $15 million to Ezdehar Management's inaugural fund, the Egypt Mid-Cap Fund, bringing the total raised to date to $85 million.
Venture Capital
IFC mulls commitment to Partech's €100mln Africa fund
The IFC's board is set to review a potential €15 million commitment to Partech Ventures' Africa fund.
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And carry on reading what's being read by the who's who involved in Africa's private capital deal markets.
Policy, Regulation & Compliance...
Policy
CDC report pinpoints policy options for SME expansion
A new report commissioned by CDC has identified a number of policy options open to governments, businesses and investors in Tanzania, Uganda, Nigeria and Zambia looking to scale-up SMEs in those markets.
Sectors & Strategies...
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ESG
ESG-readiness of Africa's unlisted companies?
KudosImpact Pulse, a groundbreaking survey assessing and analyzing the extent to which Africa's unlisted companies are adopting ESG best practices, is inviting you and your private portfolio companies to take part, in confidence. The results, to be published in December in association with Africa Capital Digest, will be eagerly anticipated. To take part in this year's survey, click here today.
This week's issue supported by...             
SSA Power 2017
Companies, People & Profiles...
Companies 
Capitalworks to open London hedge fund business
In an exclusive report, Reuters reports that Capitalworks is planning to launch a London-based business to provide financial and operational support for hedge funds.  
People
Sanne taps Morris to head EMEA private equity
Sanne Group, a provider of outsourced corporate and fund administration services has appointed Oliver Morris as head of Private Equity for the EMEA region.
People
Aaron Fu moves from Nest to MEST
Meltwater Entrepreneurial School of Technology or MEST has appointed Aaron Fu, the Managing Partner of venture capital firm Nest, to be its new Managing Director.  
Current Job Postings...
This week's featured jobs...             
Head, Startup Success & Services, Accelerator Africa at Google  // google.com
Based in Lagos, Nigeria
Group Manager at Equinoxe Alternative Investment Services  // equinoxeais.com
Based in Ebene, Mauritius
Account Manager at Equinoxe Alternative Investment Services  // equinoxeais.com
Based in Ebene, Mauritius
Head, Operations, Accelerator Africa at Google  // google.com
Based in Lagos, Nigeria
Investment Associate, Industrial Businesses, Equity at CDC // cdcgroup.com
Based in London, United Kingdom
Associate, Project & Infrastructure FInance at Investec  // investec.com
Based in London, United Kingdom
Upcoming Conferences...
Highlighted Event...             
Finnovation Africa: Ethiopia 2017 
Addis Ababa, November 3rd, 2017 
Bonds, Loans & Sukuk Kenya Briefing Day 2017
Nairobi, October 3rd, 2017 
Powering Africa: Nigeria 2017 
Abuja, October 4th to October 5th, 2017 
Africa Private Wealth Forum 
Casablanca, October 4th to October 5th, 2017 
4th Agrique Africa Investment Summit 
Frankfurt, October 24th to October 25th, 2017 
META Projects 2017
Dubai, November 1st to November 2nd, 2017 
AfricaCom 2017
Cape Town, November 7th to November 9th, 2017 
International Islamic Banking Summit Africa 
Djibouti, November 8th to November 9th, 2017 
Sub Saharan Africa Power Summit
Lusaka, November 8th to November 10th, 2017 
Bonds, Loans & Sukuk Nigeria Briefing Day 2017
Lagos, November 20th, 2017 
African Agri Investment Indaba 2017
Cape Town, November 20th to November 22nd, 2017 
9th Africa Public Private Partnership Conference 
Cape Town, November 23rd to November 24th, 2017 
Gas Options North & West Africa 
Marrakech, November 29th to November 30th, 2017 
Africa Renewable Energy Forum 
Casablanca, November 30th to December 1st, 2017 
SuperReturn Africa
Cape Town, December 4th to December 6th, 2017 
And finally...
We hope you found the digest to be a useful summary of the major happenings in Africa's private capital markets last week.  We'd love it if you shared it with colleagues and business partners.  They can sign up for free, for the moment,  here.  

Best wishes for a productive week - if you have any tips, suggestions, questions or comments, please get in touch.

All the best,
 
- Allan
 
Allan Cunningham
Editor & Publisher
AfCD | Africa Capital Digest

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