October 12th, 2020
The weekly roundup of Africa's Private Capital news

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Welcome to your weekly wrap of deal activity in Africa's private equity and venture capital markets. We hope it helps keep you connected with what's going on in the market, especially since many of you are out of your offices and not able to keep abreast of what's happening in the markets as easily as before.

We thank you for being part of the Africa Capital Digest community and encourage you to contact us with any suggestions on topics and coverage which might be more useful to everyone by emailing me at Allan Cunningham today.

Best wishes to everyone for a healthy, productive week.
This week's issue supported by...            
AEF 2020 - New
The Week in Brief...
Averroès Africa, the fourth Africa-focused private equity fund-of-funds co-sponsored by Bpifrance and PROPARCO in the past 20 years, held its first close last week. So far the fund-of-funds has 55% of the total amount of capital commitments its aiming for which will be invested in Africa-focused private equity funds. 

South Africa-based Vantage Capital announced that it has made its second deal in Morocco, backing a healthcare business with clinics in Rabat, Marrakech and Tangier. The mezzanine fund manager is investing $28 million in equity on behalf of the $288 million Vantage Mezzanine III to take a significant minority stake in Cliniques Internationales du Maroc Group. The fresh capital has been earmarked for the group's development and expansion plans.

In another private equity deal, TLG Capital is buying MyBucks' stake in Opportunity Bank Uganda on behalf of the London-based investment firm's Credit Opportunities Fund. The deal makes the fund the Bank's largest shareholder. The Bank joins a number of Ugandan businesses such as Cipla Quality Chemicals, Vero Foods, and BAJ Service Stations in the fund's portfolio.

IFC is considering an investment in a new platform set up by Eris Property Groupa commercial real estate development and property management firm majority-owned by South African insurer MMI Holdings. The DFI's potential commitment to the Momentum Student Accommodation Impact Fund is under review currently and will come up for approval by the IFC's board towards the end of November.

Tugende, a provider of lease-to-own financing for drivers of "bodas" or motorcycle taxis has completed a Series A round and raised $6.3 million from a group of new and existing investors. The round was led by Mobility 54, a venture investment fund set up last year by Toyota TshushoKampala-based Tugende will use the capital to invest in additional technology development, grow its core financing product for boda owner/drivers, and speed up its plans to offer asset financing opportunities to MSMEs in other sectors such as retail and agribusiness.

Honoris United Universities, an education platform set up by Actis in 2017, has entered into a deal with a provider of advertising, marketing, and business design courses and training in South Africa. The agreement with Cape Town-headquartered Red & Yellow Creative School of Business marks the twelfth institution to be added to the Honoris United network and the first in this particular vertical.

As Harith General Partners' CEO steps back from the role of leading the company he founded 14 years ago, the private equity infrastructure firm announced that his successor has now taken up the reins. The firm told its investors last week that Sipho Makhubela, who has worked with Harith since 2007, took over as Harith's CEO from Tsepho Mahloele as of September 1st. The new CEO and his colleagues will still be able to tap into Mahloele's experience. The firm's founder is not retiring, but taking up a new role as group executive director in charge of strategic initiatives.

And finally, SAVCA elected two senior investment professionals, both women, to its Board at its AGM last week. Natalie Kolbe of Actis and Sthembile Nkabinde of Khulasande Capital join the industry association's governing body as three former directors, two men and a woman, step down at the end of their terms.
 
That's it for this week. Please scroll down and click through the links for full details on these stories and more.

Vantage Capital backs Moroccan healthcare business Cliniques Internationales du Maroc Group
Image Credit: CIM Holding
Private Equity & Debt Deals...
Private Equity
Vantage Capital makes second deal in Morocco
South Africa-based Vantage Capital has made its second deal in Morocco, backing a healthcare business in the North African country with...
Private Equity
TLG Capital buys MyBucks' stake in Ugandan bank
TLG Capital's Credit Opportunities Fund has acquired MyBucks' holding in Opportunity Bank Uganda (OBUL) in a deal worth in excess of...
Private Debt
WIOCC raises debt package from PROPARCO and EAIF
The West Indian Ocean Cable Company has raised a package of debt from PROPARCO and the Emerging Africa Infrastructure Fund in support of its...
Venture Capital
Toyota Tshusho's Mobility 54 leads Series A for Tugende
Tugende has completed its Series A round and raised $6.3 million from a group of new and existing investors led by Mobility 54...
Perspectives...
This week's issue supported by...            
Power
An essential part to play helping plug Africa's infrastructure gap?
Chain AMS Gas Turbine offer to appeal to Africa's power investors and IPPs
Read about Chain AMS and their provision of lightly used, reasonably priced, capital equipment to power investors, corporations and governments north and south of the Sahara. Case in point a Siemens Gas Turbine which could appeal to any IPPs or investors developing projects to improve the stock of infrastructure assets on the continent.

Review the asset here or email Kevin Callahan today to find out more
Fund & Fundraising News...
Private Equity
France-backed PE fund-of-funds holds first close
Averroès Africa, the fourth Africa-focused private equity fund-of-funds co-sponsored by Bpifrance and PROPARCO, announced its first close last week. The fund...
Private Equity
IFC mulls student accommodation investments backing
IFC is considering an investment in a new student accommodation investment platform set up by Eris Property Group, a commercial real estate development and...
Projects & Portfolio Company News...
Education
Honoris United adds twelfth institution to network
Honoris United Universities, an education platform set up by Actis in 2017, has entered into a deal with a provider of advertising, marketing, and business design courses...
Companies, People & Profiles...
People
Mahloele's successor takes the reins at Harith
As Harith General Partners' CEO steps back from the role of leading the company he founded 14 years ago, the private equity infrastructure firm announced that his...
People
SAVCA's AGM elects new board members
At its AGM last week, the South African Venture Capital and Private Equity Association (SAVCA) elected two senior investment professionals, both women, to its Board...
Job Openings...
Job of the week...            
Business Development & Research Executive at Krypton // kryptonfs.com
Based in Moka, Mauritius
Principal/Director, Private Credit at BluePeak Private Capital
 
// bluepeakpc.com
Based in Nairobi, Kenya
Transaction Leader at Open Capital Advisors
 
// opencapitaladvisors.com
Based in Nairobi, Kenya
Senior Investment Manager at RENEW
 
// renewstrategies.com
Based in Kampala, Uganda
Senior Associate, Fund Administration at IQEQ // iqeq.com
Based in Port Louis, Mauritius
Associate, Global Investment Funds Practice at DLA Piper // dlapiper.com
Based in London, United Kingdom
Investor Desk Associate, Funds & Capital Partnerships at CDC // cdcgroup.com
Based in London, United Kingdom
Upcoming Conferences...
Highlighted Event...            
5th Renpower Maghreb 
Online, December 15th to December 16th, 2020
21st Africa Energy Forum 
Virtual Event, October 20th to November 13th, 2020
SuperReturn Growth Markets Virtual 
Online, November 30th to December 3rd, 2020
New this week...
Mining Indaba 
Cape Town, South Africa, February 1st to February 4th, 2021
New this week...
SAVCA Conference 2021 
Sun City, South Africa or Online, March 3rd to March 4th, 2021
AFSIC - Investing in Africa 
London, United Kingdom, May 5th to May 7th, 2021
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 subscribe to Africa Capital Digest and receive full access to the service if they take a moment to sign up here today.

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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