Dedicated African private equity fund focuses on businesses that support growing middle class
London, UK 16 April 2014
Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced the final close of Carlyle Sub-Saharan Africa Fund (CSSAF), reaching $698 million, almost $200 million above its initial target of $500 million.
Marlon Chigwende, Managing Director and co-head of the Sub-Saharan Africa advisory team, said, “The success of the fundraising reflects investors’ appetite for the strong economic growth that the region has experienced over the last decade, as well as the prospects for future economic development across the continent. Carlyle is one of the first global alternative asset managers to launch a dedicated Sub-Saharan African fund and we are grateful for the support of our fund investors, who share our belief that Sub-Saharan Africa offers many investment opportunities.”
The fund has strong support from African investors and also attracted a significant amount of international capital from investors around the world, including investors who are investing in Africa for the first time.
With a focus on investment opportunities linked to the growth of the emerging middle class across Sub-Saharan Africa, key sectors for the fund are expected to include consumer, logistics, financial services and telecommunications.
To date the fund has made two investments: Export Trading Group, an African based supply chain manager headquartered in Tanzania and J&J Africa, a logistics business headquartered in Mozambique.
Mr. Chigwende added, “Carlyle has a strong track record of partnering with private, family owned and entrepreneurial firms and helping them to expand and compete on a global stage. Our team of locally-based investment professionals continues to see promising investment opportunities where we can help create value.”
David Rubenstein, co-founder and co-CEO of The Carlyle Group stated, "Carlyle has been an early mover in emerging markets, including China, India, Brazil and the MENA region, and we are optimistic about prospects for investing in Sub-Saharan Africa. The region has been the fastest growing developing market in the world outside of China, and we have a strong, experienced, local team in the region. We are very pleased with investor interest in this strategy."
The advisory team for CSSAF has offices in Johannesburg, South Africa and Lagos, Nigeria and they will continue to benefit from the support of the firm’s global network of 34 offices.
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About The Carlyle GroupThe Carlyle Group (NASDAQ: CG) is a global alternative asset manager with approximately $189 billion of assets under management across 118 funds and 106 fund of funds vehicles as of December 31, 2013. Carlyle's purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,500 people in 34 offices across six continents.
About the Carlyle Sub-Sahara Africa (SSA) TeamEstablished in March 2012, the Carlyle SSA team advises on buyout and growth capital investments in private and public companies from offices in Johannesburg, SA and Lagos, Nigeria. The Carlyle SSA team focuses on transactions where it has a distinctive competitive advantage and can create tangible value for companies in which it invests, through industry specialization, deployment of human capital and access to Carlyle’s global network. Carlyle’s target industries include consumer goods, logistics, financial services, agribusiness, and energy, and the Africa-based team has experience of working in 29 African countries.
Media ContactsThe Carlyle Group
+44 20 7894 1632; Catherine.Armstrong@carlyle.com