Archive for the 'Private Equity' Category
April 9th, 2010 by Tom Minney
Top of this month’s conference agenda is the Africa investor’s Analysts’ and Fund Managers Forum & Financial Reporting Awards, organized in association with NYSE Euronext and Bloomberg. This prestigious event will be next Monday and Tuesday, 12-13 April, at Bloomberg’s London headquarters, and your editor will be day chairing the whole of the first day. Sorry, this will mean that updates and news disseminated via this blog will be late.
Ai (www.africa-investor.com) is a leading African provider of benchmarks and indices and their opening speaker is editor Hubert Danso. Bloomberg (www.bloomberg.com) is a top rated supplier of market data, news and other information services and will be represented for the opening by Ian Yeulett, Chief Executive, Europe and Africa. It is part of Ai’s series of road shows profiling African capital markets to the international investment community.
It offers high-level networking to analysts, fund managers, pension funds, sovereign wealth funds, investor relations officers and the financial media to meet CEOs from Africa’s leading listed companies and stock exchanges.
The theme is “capital introduction” and the organizers are also putting together one-on-one meetings for institutions currently raising capital and seeking investors.
The event also includes the annual Africa investor Analysts’ & Fund Managers Forum and the Financial Reporting Awards as well as a full day (13 April) Investor Relations Training Workshop for IR professionals from African listed companies, CEOs, Finance Directors, Compliance Professionals, IR and communication consultants and other advisory professionals from listed companies.
Monday, 12 May
Session 1(10:10am): The Value Proposition – overview of African capital markets (equity and bonds) including their size, how do capital flows compare with other regions, direct vs portfolio investment, how do its exchanges compare to global leaders, and why did it lag the recovery of other emerging markets after the crisis? Chair: Anton Hobbs (Africa Sales, Bloomberg), panel: Matthew Pearson (Head of African Equity Products, Standard Bank), David Cowan (Economist Africa, CitiGroup), Luca del Conte (Executive Director, MediCapital Bank) and Veronica Kalema (Director, Fitch).
Session 2 (10:50am): Hidden value? Valuation and Accounting in African Companies including leading investment researchers, credit rating analysts and financial journalists reviewing some special factors behind the valuation of companies and sectors in our resource-rich but under-developed continent. Chair: Joseph Wambia (CEO, Wambia Capital LLC), Neil Shah (Research, Edison Investment Research), Daniel Broby (CIO, Silk Invest), Gregory Kronsten (Chief Economist, First City Monument Bank UK), Maciek Szymanski (Investment Strategist, African Alliance Securities)
Session 3 (12:00 noon): Capital Introduction – Trends and Prospects. Leading pension funds and fund managers will analyse global capital raising market for Africa-focused listed, bond, Shariah, hedge and private equity funds, including the views of international pension funds, new directions for sovereign wealth funds and family funds and sector-focused funds. Chair: Rafael Stone (Foster Pepper LLC), Christopher Grune (State Street Global Advisors), Martin Poulsen (Chief Private Equity Officer, African Development Bank), Craig Mercer (Senior Investment Consultant, Towers Watson), Hela Dammak (MD, Global Markets Societe Generale) anf Zain Latif (Partner, TLG Capital).
Session 4 (12:40): Global emerging markets investors and African pension funds and CEOs will debate: disclosure compared with other global markets; can companies identify and talk to their owners, do African companies take investor needs seriously and what could they do to reduce their cost of capital? Chair: Sunil Benimadhu (CEO, Mauritius Stock Exchange), Tim Goodman (Hermes Fund Managers), Nicolas Clavel (CIO, Scipion), Richard Veringa (Executive Director/COO, Sigma Pension Funds), Stephen Swanson (Senior Legal Counsel, Abu Dhabi Investment Company).
Session 5 (14:30): CEO Roundtable: Success stories and strategies from leading African capital markets personalities, including investment strategies and other experiences. Chair: Ekow Afedzie (CEO, Ghana Stock Exchange), Arnold Ekpe (CEO EcoBank), Geoffrey White (CEO, Lonrho), Euan Worthington (Chairman, African Eagle Resources), Dr James Mwangi (CEO, Equity Bank) and Ismail Douiri (Directeur, Attijariwaffa Bank)
Session 6 (15:10): Fund Managers’ Analysis of Market Trends and Forecasts for 2010. Sharing and analysing research, profiling countries, sectors, funds and companies they believe will do well, with predictions and forecasts. Chair: Tom Minney (Editor, African Capital Markets News), Andrew Lister (Senior Investment Manager, Advance Emerging Capital), Ian Morley (CEO, Corazon Capital). Marc Sullivan (Portfolio Manager, Cadiz), Jamie Allsopp (Fund Manager, Insparo Asset Management), Renaissance Capital.
The Africa investor Financial Reporting Awards: The winners will be announced at the end of the forum followed by a cocktail reception in recognition of the award winners. Africa investor will recognise the best listed companies and media houses as well as the leading financial analysts with an outlook on Africa.
Tue 13 May
Industrial Relations workshop sponsored by supported by the IR Global League (www.irgl.info).
For bookings for this and for the industrial relations workshop contact Africa investor click here.
March 30th, 2010 by Tom Minney
Angola’s first private equity fund has raised US$28 million in capital in its first closing, in an important step forward for the country’s capital markets. The Fundo de Investimento Privado Angola (FIPA) aims to link local capital markets with international sources of finance and to small and medium-sized privately owned businesses.
The fund was initiated by Norfund, in association with local partner Banco Africano de Investimentos (BAI). According to a press release from the European Investment Bank, Kjell Roland, CEO of Norfund, emphasizes how having a local partner is key to success: “We believe this is the time for private and institutional investors to start looking beyond traditional markets… There are many good entrepreneurs in Angola. They are in need of strong financial partners that, in addition to financial capital, can provide long term partnership and support. We find similar demand across the continent and hope the story of FIPA can spark the interest of other investors in the African markets.”
The investors in FIPA are:
• The European Investment Bank (www.eib.org), the long-term lending institution of the European Union, whose shareholders are the 27 European Union member states. EIB has been active across Africa for over 40 years and its loans in Africa concentrate on fostering private sector-led initiatives, including SME and microfinance investments that promote sustainable economic growth and help to reduce poverty. The Bank also supports public sector projects that are critical for private sector development and the creation of a competitive business environment.
• Danish International Investment Funds (www.ifu.dk), founded by law in 1967. The objective of IFU is to promote economic activity in developing countries in collaboration with Danish trade and industry. IFU works to achieve it’s objective by investing in companies in such countries in collaboration with Danish strategic partners.
Banco Privado Atlântico (www.bpa.ao), aims to be a model financial company in Angola.
• Banco Africano de Investimentos (www.bancobai.ao), founded in 1996, claims to be the largest Angolan bank, with over 70 branches in Angola, BAI is also present in Portugal (BAI Europa), Cabo Verde, Sao Tomé e Príncipe and Brazil.
• Norfund (www.norfund.no). The Norwegian Investment Fund for Developing Countries was created by Parliament in 1997 and is a hybrid state-owned company established by law with limited liability, owned on behalf of the state by the Ministry of Foreign Affairs. The vision is to combat poverty through investments in profitable and sustainable businesses in developing countries and it works in accordance with the fundamental principles for Norwegian development cooperation.
Tiago Laranjeiro, Managing Director of Angola Capital Partners LLC, says he is optimistic about the prospects of investing in SMEs in Angola, one of the world’s fastest-growing economies. “We see plenty of potential within our pipeline companies and the economy in general. Sectors outside the dominant petroleum sector are in special need for growth and expansion capital” says Laranjeiro. “Our second closing, to be completed by year-end 2010, will aim to raise FIPA’s capital up to $100 million, so that we can fully capture the good investment opportunities we have at hand.”
Kim Gredsted, Head of the Johannesburg regional office for Denmark’s IFU says it is important to have a team on the ground in Angola since private equity financing has been mostly missing: “By filling in this gap, FIPA can be seen as a step in the right direction of making the financial system of Angola more complete… Our investment in FIPA has enhanced IFU’s presence in one of the more challenging but also very promising markets in Africa. We can now pursue investment opportunities with Danish strategic partners and in many cases bring FIPA as a local financial partner and thereby have a permanent team on the ground that will help manage the investment and mitigate the various risks that are associated with private equity investments in Angola.”
March 24th, 2010 by Tom Minney
Private equity fund manager Aureos Capital (www.aureos.com) has signed up for a UN-backed globally recognized initiative to promote responsible investment. Aureos specializes in investing into small to medium-sized businesses in emerging markets and it recently signed up to the United Nations Principles for Responsible Investment (UNPRI) initiative.
UNPRI (www.unpri.org) was established in 2005 by 20 of the world’s largest institutional investors. There are currently over 700 institutional investors, investment managers and professional service partners who have signed up to the Principles. It reflects the core values of investors who take a long-term view to the realisation of value from investments. This makes it particularly suitable for Private Equity investors, whose investment portfolio horizons are generally medium to long term.
Since its establishment in 2001, Aureos has increased its funds under management to over US$ 1.2 billion and extended its geographical footprint to over 50 emerging markets covering Asia, Africa and Latin America, by establishing 16 regional private equity funds. In a company announcement on Tuesday (23 March), it said it has long been committed to sustainable investing.
Aureos uses its network of professionals to ensure Environmental, Social and Governance (ESG) factors are integrated and it has extensive experience investing in Latin America, Africa, Asia and the Pacific to enhance the long-term value of portfolio companies.
Sev Vettivetpillai, Chief Executive Officer of Aureos Advisers Ltd, comments: “Our proactive approach to the consideration of ESG in portfolio companies and the communities in which they operate aligns commercial objectives with lasting development impact. We are successful in our approach through our partnership with our investors, employees, entrepreneurs and the people in the regions in which we operate.”
“Adhering to the principles of responsible investing is all the more important in emerging markets where there is often less regulation governing the impact of companies on the environment, or less enforced corporate governance standards.”
“We believe there is a positive correlation between the rigorous application of high ESG standards and financial returns for investors. It is a matter of mitigating investment risk. We are thrilled that these principles are now promoted by an institution with the global standing of the United Nations.”
The UNPRI is currently involved in a two-year promotional project in emerging markets. Aureos plans to spearhead a new drive promoting UNPRI’s credentials and addressing the G20’s recent commitment to financing small and medium-sized businesses in emerging markets.
Sev Vettivetpillai says: “Investing in SMEs in emerging markets is our key activity so we are delighted to be working with the UN to promote this.”
Principles include:
• Incorporating environmental, social, and corporate governance (ESG) issues into investment analysis and decision-making processes
• Being active owners and incorporating ESG issues into ownership policies and practices
• Seeking appropriate disclosure on ESG issues by the entities in which are invested
• Promoting acceptance and implementation of the principles within the investment industry
• Working together to enhance effectiveness in implementing the principles
• Reporting on activities and progress towards implementing the principles.
March 16th, 2010 by Tom Minney
Eduardo Vieira, President of Angolan stockbroker Novacao Corretora de Valores
As the former minister has said, we strongly anticipate that there will be a stock exchange up and running in the next 12 months. The Government has set new goals and targets for the economy and the stock exchange is part of their strategy. Our economy looks set to grow by a good 9%, it is sustainable growth and fuelled by our rich natural resources.
We need the capital market because companies fully rely on the banking system, finance is very expensive, and there is not enough for the current demand. A capital market would promote a culture of savings and investment. Angola has only 2 pension funds, one for mining firms, one for some oil companies, with 25% invested into Angolan government bonds and the rest into international money markets.
According to the official planning, the stock market will be driven initially by privatizations of some of our big companies, possibly including Sonangol. Suitable Angolan companies would be ready for dual-listings, both within SADC and internationally.
There is also very good scope for private equity investments in Angola.
Geoff Musikiwa – JSE Africa Board: contributions will be covered in separate story.
March 11th, 2010 by Tom Minney
The Aureos Africa Fund, which closed its fundraising in January with US$381 million, has completed a $10 mln investment in a leading Nigerian leasing company, C&I Leasing Plc. (www.c-ileasing.com). The fund is believed to be the largest fund ever to focus on investing in small to mid-sized businesses across Africa, and the latest investment brings its total investment in Nigeria to $40 mln.
Aureos Capital Ltd (www.aureos.com), a leading private equity fund management company specialising in investing in small to medium-sized businesses in emerging markets, manages the fund. Jacob Kholi, Managing Partner of Aureos in West Africa, comments in a press release: “Leasing is a fast-growing part of the financial services sector in Africa and we are delighted to have invested in a market-leading business that has ambitious expansion plans.”
C&I was established in 1990 and offers companies both operating and finance leases on various classes of assets. The company is active in other services such as car rental, car distribution and other logistics services. In 2007, C&I acquired a Ghanaian lease provider as part of its regional expansion strategy and is also exploring growth opportunities in the telecommunications, oil and gas, and fast-moving consumer goods (FMCG) sectors.
Davinder Sikand, Regional Managing Partner of Aureos in Africa, adds: “As with many other emerging markets, African economies have grown steadily throughout the global downturn. Nigeria is the second-largest economy in Africa after South Africa and with GDP increasing at over 5% per annum, Nigeria offers serious opportunities for private equity investment in SMEs with regional growth ambitions.”
“The success of Aureos in the region reflects its excellent deal sourcing capacity by having seasoned teams on the ground, and the ability to build a well diversified portfolio.”
Kholi says: “Whereas the Nigerian stock markets fell by more than 40% over the last two years, Aureos’ first generation fund’s portfolio in Nigeria grew by approximately 19% in value over that same period. We are excited to be forging strong relationships with small and mid-cap Nigerian businesses, and for Aureos Africa Fund to be able to capitalise on the strong track record we have built with our first generation Aureos West Africa Fund.”
“This new investment… is a demonstration of our commitment to West Africa, with the majority of our Nigerian companies having expanded their revenue base throughout the region.”
Aureos Capital is a private equity fund management company which specialises in providing expansion and buy-out capital to unlisted mid-cap businesses across Asia, Africa and Latin America. Since establishment in 2001, Aureos has increased its funds under management to over $1.2 billion and extended its geographical footprint to over 50 emerging markets, by establishing 16 regional private equity funds.
February 24th, 2010 by Tom Minney
Standard Chartered Private Equity Limited (www.standardchartered.com) recently announced $47.5million investment for a minority stake in Seven Energy (www.sevenenergy.com), a leading Nigerian gas exploration and development company, according to a report in Nigeria’s Vanguard newspaper.
Seven Energy was formed in 2007 and is focused on the provision of gas to leading industrial firms in Nigeria. Standard Chartered envisages that, in the medium term, the investment will Seven Energy’s existing management team in its drive as a pioneer and consolidator within Nigeria’s gas industry.
Christopher Knight, the Managing Director/ CEO of Standard Chartered Bank Nigeria Limited was reported as saying: “We are proud to invest in Seven Energy as Seven’s value proposition is uniquely hinged on the monetization of Nigeria’s substantial gas reserves to meet the country’s growing energy needs. Our established footprint in Asia, Africa, and the Middle East, along with our long history of supporting trade flows to and from these regions, places us in a unique position to provide vital funding to growing companies in growing economies.”
According to the report, Dr Yemi Osindero, Head of Standard Chartered Nigeria’s private equity business, says: “This will be an active year for us in Nigeria. We have long term equity capital available to assist good companies that want to accelerate growth. We also have a knowledgeable team to assist the management and shareholders of our investee companies to achieve their objectives.” Dr. Osindero will join the board of Seven Energy.
Marlon Chigwende, Head of Standard Chartered’s African Private Equity business, says: “We will continue to invest equity capital in strong businesses and management teams across the African continent. After a year of turmoil in the international debt markets, we see a clear need for committed equity to support growth.”
Standard Chartered Plc, headquartered in London and listed on both London and Hong Kong stock exchanges, ranks among the top 25 companies in the FTSE-100 by market capitalization. It has operated for over 150 years in some of the world’s most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and profits have more than doubled over the last five years, primarily as a result of organic growth.
February 23rd, 2010 by Tom Minney
The Aureos Africa Fund is busy with its mission – it says it is the largest fund ever to focus on investing in small to mid-sized businesses across Africa. Earlier this month it announced that it had closed its fund-raising after gathering US$381.1 million. The fund has already invested approximately $120 mln in 10 companies operating in a variety of sectors and regions.
It is managed by Aureos Capital (www.aureos.com), which specializes in investing in mid-sized businesses across the emerging markets and says that it was supported by a broad range of institutional investors attracting institutions from the US and Europe as well as Africa.
Sev Vettivetpillai, CEO of Aureos Advisers Ltd comments (in a company announcement): “Considering the weak fundraising environment for private equity over the last two years we are delighted with the strong interest shown by investors.”
“Many institutional investors are becoming aware that they have little or no exposure to what is becoming an increasingly robust and vibrant part of the global economy. As with many other emerging markets, African economies have grown steadily throughout the global downturn and unlike the western economies they have not had to saddle themselves with large public sector deficits to achieve that out-performance.
“Governments in Africa are now wedded to prudent fiscal and monetary policies, and legislative reforms continue to make Africa a far more welcoming environment both for foreign direct investment and for local entrepreneurs.”
The International Monetary Fund (www.imf.org) forecasts average real per capita GDP growth of 4% for Africa in 2010 compared to an average of just 1.1% for advanced economies.
The Aureos Africa Fund targets initial investments of up to US$10 million with a focus on businesses that have strong potential to expand on a pan-African basis within two to three years via “buy and build” strategies and/or through carefully executed organic growth. The focus is on returns generated from growth as opposed to leveraging and financial engineering.
According to Davinder Sikand, Regional Managing Partner of Aureos Africa: “Our strong performance in Africa has been based on adding value to our investments by offering day-to-day and strategic help to the businesses we invest in. We have a very strong local presence and that is an essential ingredient in today’s world of emerging market private equity.
“Small and medium-sized business are becoming increasingly important players in domestic and regional markets across Africa – they are a key driver of the continent’s economic growth.”
Aureos has funds under management of approximately US$1.2 billion and a geographical footprint covering over 50 emerging markets in Asia, Africa and Latin America, through the establishment of 16 regional private equity funds.
Investors in Aureos funds include institutional investors, bilateral and multilateral development finance institutions and high net worth individuals.
Investments made already include:
• A market leader in milk production in East Africa with one of the largest and most modern milk-processing facilities in the region.
• A leading Nigerian biscuit manufacturers with an established distribution network.
• A well capitalized and rapidly growing insurance company headquartered in Nigeria.
• One of the largest cement companies in Senegal, considered to be the most technically advanced and environmentally efficient cement company in West Africa.
• A fast-growing information and communication technology company in West Africa.
• A leading provider of building management & security software and business software in Southern Africa.
• A leading provider of business software and technology solutions with offices in Kenya, Uganda and Rwanda.
• A diversified manufacturing company includes industrial contracting and South Africas largest ship repair company.
• A West African residential property developer and real estate management company.
• A leading leasing company in Nigeria with a subsidiary in Ghana.
In conclusion, Davinder notes that the Funds pan-African structure helps to diversify the economic and political risks that have historically been associated with investing in Africa.
February 2nd, 2010 by Tom Minney
The World Bank (www.worldbank.org) continues to step up its investments into Africa, and in February expects first close on a $500 million sub-Saharan Africa, Latin America, and Caribbean private equity fund and a $200 million Africa Capitalization Fund to invest in banks that are key to stability in the banking system. This was part of the speech of World Bank Group President Robert B. Zoellick at the African Union Summit, Addis Ababa, Ethiopia on 31 January.
Zoellick said that the International Finance Corporation (www.ifc.org) is stepping up its equity investment capabilities: “We are also pioneering new ways to connect private investments to Africa. IFC recently created a new Asset Management Company (AMC) that will raise and manage private equity funds to co-invest with the IFC.”
He said the Bank was working with China to help create the infrastructure for manufacturing and other investments that will create jobs and products: “For example, Oriental China-Ethiopia Industrial Zone aims to promote the manufacturing and processing industry while functioning as a hub for trade, warehouse, and distribution. These partnerships could be a growing part of Africa’s future.
“We also are working to make Climate Investment Funds more attractive to Africa. As developed countries consider low carbon investments and funds to support adaptation, the World Bank needs to use its global reach and experience to connect Africa to these opportunities.
Other areas Zoellick emphasized were help to Africa to develop energy access and to develop IT. He told the summit gathering of Africa’s presidents and heads of state: “Sub-Saharan Africa uses only 8% of its hydro potential. And we need to connect new electricity supplies to transmission and distribution systems, preferably with regional integration, so every African has access to electricity.
“ICT is a key enabler of productivity and creator of jobs. It can help farmers, small businesses, and those excluded from traditional banking services. It can extend and speed up government services. In Ghana, the introduction of IT systems and Business Re-engineering resulted in a drop in average customs clearance time from 2-3 weeks to 1-2 days and a 50% increase in revenue. In Kenya, ICT slashed the number of days it took to register a vehicle from 30 to 1, as well as cutting off avenues for greedy hands.
He followed earlier thought leaders in the last year, also covered on this blog, in pointing to the transformations of the African economy. “With supportive government policies encouraged by World Bank knowledge service, African entrepreneurs changed facts on the ground”.
January 25th, 2010 by Tom Minney
A new fund is making good progress in raising up to US$55 million to be invested in business start-ups and small and medium enterprises in Kenya, Rwanda, Uganda, and Tanzania. The Fanisi Venture Capital Fund was set up with help from Norwegian Investment Fund for Developing Countries (Norfund) and incorporated in Luxembourg. Norfund is also an investor and a shareholder in the management company, Fanisi Capital Ltd.,,which is majority owned by Nairobi-based Amani Capital Ltd.
Fanisi has raised $40 mln in commitments and expects to reach its goal in the next 12 months. On 22 January, the Internatonal Finance Corporation (www.ifc.org), part of the World Bank group, announced it will invest $7.5 mln.
According to an IFC press release: “The fund plans to make investments between $500,000 and $3 million in a variety of sectors, ranging from manufacturing to technology, helping smaller enterprises and start-ups get the capital they need to create and expand businesses. It also will set up a business services support facility to help pipeline companies overcome technical and governance limitations, pre- and post-investment.”
It quotes Ayisi Makatiani, head of the fund’s investment team and CEO of the fund nabager: “IFC’s early and continued support to the Fanisi team has been extremely helpful, especially for a local and first-time fund management platform.”
IFC’s Gender Programme has agreed to support the business services facility, and IFC’s Rwanda Enterprise Development Programme will provide training support to the fund’s portfolio companies.
Haydee Celaya, IFC Director for Private Equity and Investment Funds, said, “IFC is investing in this local private equity fund that focuses in growing SMEs and startups at a critical time, when the region needs long-term financial and advisory support. The investment also will help build local fund management capacity.”
IFC is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries—including by investing in private equity funds that target small enterprises in developing markets. Smaller enterprises are responsible for much of the job creation in the East African region.
January 21st, 2010 by Tom Minney
Egypt-based private equity fund Citadel Capital (www.citadelcapital.com) is to open an East African office in Nairobi during January. Citadel says it is independently ranked as Africa’s largest private equity firm, with US$ 8.3 billion in investments under control in 15 industries spanning 12 countries.
Citadel Capital listed for trading on the Egypt Stock Exchange (EGX) under the ticker CCAP.CA from Sunday 6 December 2009. Citadel Capital’s Chairman and Founder Ahmed Heikal said in a press release was not because management were selling, but in order to make it easier for Citadel to raise capital.
The fund plans to invest a further US$ 200-400 million over the coming two years in Kenya, Uganda and Tanzania, The fund is looking for investments in the region, including in agriculture, transport, mining, energy and financial services, including microfinance.
Mr Heikal says the move comes in the wake of investments in Sudan. To date, Citadel Capital’s investments in Sudan cover transport and logistics, financial services, cement, mining, agriculture, and oil and gas. “By the end of 2010, we will have invested more than US$ 900 million in that nation,” Heikal notes.
Citadel’s track record is of creating value across its investment footprint by transforming national leaders into regional powerhouses through smart deployment of capital and by attracting world-class management teams that have the know-how and experience to efficiently run day-to-day operations. These teams have the ability to help refine and execute the forward-looking strategies necessary to develop new business opportunities.
“Citadel Capital is uniquely positioned to apply the industry development model we honed in North African economies to markets in Kenya, Uganda and Ethiopia,” said Heikal. “East Africa’s appealing natural competitive advantages — including fast-growing consumer markets and large workforces — fit perfectly with our time-proven strategy of turning national players into regional champions.”
The firm’s expansion into East Africa will extend its business model into one of the world’s most fertile and unexplored investment environments.
It has already invested into ASCOM for Geology & Mining, the firm’s platform investment in the regional geological and mining services sector. This has established two joint ventures in Ethiopia and has been engaged in gold and other metal-exploration activities.
The African Development Bank (www.afdb.org) has invested in the Citadel Capital Joint Investment Fund, in support of its regional integration strategy. Attractions for the AfDB reportedly include success in job creation and poverty reduction, as well as the active role that managers take in the investee companies, which brings better governance, skills transfer, standardized processes, more competitiveness and better efficiency.
Citadel Capital fund managers have reportedly returned more than US$ 2.4 billion in cash to their co-investors.