Last week in brief...News of a significant fund launch leads our coverage this week. Canada-headquartered Stonechair Capital announced the launch of #EnergyAfrica, a new private equity fund that is aiming to raise several hundred million dollars to invest in companies and projects involved in energy developments in sub-Saharan Africa.
#Edgefrica's investment pace and preferred deal sizes will also be determined by the most promising projects in the deal pipeline and their particular requirements rather than exclusively looking for deals which fit a particular profile. As such, projects of all sizes will be considered, backed up by the fund's engagement with other private co-investors, DFI’s, and governments which allows investments in important projects regardless of size.
The other item of fundraising news last week involved Abu Dhabi's sovereign investment firm, Mubadala Investments. German development finance institution, DEG, has agreed to commit $45 million to Mubadala's second infrastructure fund.
The multi-sector infrastructure fund is ultimately looking to raise $750 million to back companies that provide water and energy supply, build transport and telecommunications infrastructure and improve social infrastructure in the fund's target regions.focused on opportunities in emerging markets in Africa, the Middle East and Asia.
In deal news, One Thousand & One Voices is making its first investment in Africa’s financial services sector. The private family capital fund is backing Pay At Holdings or @Pay, a digital payments company based in Stellenbosch whose plans include expanding within Africa as well as the rest of the world wherever its service gains traction.
Enko Capital Managers is making its seventh and final investment for the Enko Africa Private Equity Fund.The private equity fund manager is investing an undisclosed amount of expansion capital in exchange for a significant minority stake in Software Technologies Limited, or STL, a proprietary software solutions provider and IT training company headquartered in Kenya.
IFU is backing Kenyan commercial bank Sidian Bank with convertible debt. The development finance institution is injecting capital to boost the former K-Rep Bank's regulatory capital ratios as it works toward achieving Tier II status by 2022. As part of the deal, IFU has the option of converting the debt to equity within the first 3 years, subject to approval from Kenya's Central Bank.
The Emerging Africa Infrastructure Fund and FMO are participating in a debt financing deal for a run-of-the-river hydro electricity generating station on Uganda's Kagera River. The Investec-managed infrastructure debt fund and the Dutch development bank are both investing in Kikagati Power Company Ltd, or KPCL, which is backed by Berkeley Energy's $205 million Africa Renewable Energy Fund.
Finally, Afreximbank has confirmed the institution's acting Southern Africa COO in the role permanently. Humphrey Nwugo, who stepped into the role in February last year following the departure of his predecessor, will now fulfill the duties of the bank's Regional Chief Operating Officer role, leading Afreximbank's business development activities in trade projects and export development finance across Southern Africa.
That's it for this week. As always, you can review these and other stories by clicking through to this week's preview edition of the newsletter.
Allan Cunningham is a senior media executive who has spent the last 15 years of his career working for some of the world’s most respected M&A and Private Equity media companies including Dow Jones’s publications Private Equity Analyst and VentureWire and most recently, The Deal. He has built a number of successful digital and event content businesses, both subscription and sponsor-supported, delivering information and content-marketing services to clients in the M&A and broader deal ecosystem. He recently struck out on his own and launched Rowayton Press, a multi-platform media company focused on the private capital opportunities in emerging and frontier markets. Mr. Cunningham holds a Bachelors degree from Liverpool John Moores University in the UK.
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