Last week in brief… It was Africa's energy sector that proved to be the major beneficiary of private equity investment activity last week with the news that Seven Energy, a Nigerian oil and gas company, received $100 million in equity capital from a number of its existing investors as well as the Islamic Development Bank’s Infrastructure Fund II, a $2 billion private equity infrastructure fund managed by Bahrain-based ASMA Capital.
IDB Fund II is investing $50 million in the deal while the balance is being provided by a group of the Nigerian company’s existing shareholders including Temasek, Petrofac, Capital International Private Equity, Standard Chartered, the International Finance Corporation and the IFC’s Africa, Latin American and Caribbean Fund. The firm is going to use fresh capital to boost its liquidity as it completes work on a gas pipeline that will integrate its existing pipeline network in the south east of Nigeria.
Staying in West Africa, private equity firm African Capital Alliance is acquiring a significant stake in publicly-listed Continental Reinsurance for an undisclosed amount. The investment is being made through Capital Alliance Private Equity IV, ACA’s most recent fund, which is reportedly targeting a final close of $600 million and is being backed by, among others, the New York State Common Retirement Fund.
Development Partners International or DPI is on the verge of closing its first deal in Egypt, according to South Africa's Business Day. The deal will be in the retail sector and will be made through DPI's latest fund, the $750 million African Development Partners Fund II which was the third largest Africa-focused private equity fund to close last year. Once the transaction is complete, the fund will have approximately 60% or $450 million of its committed capital remaining for other deals.
On the fundraising front, sources told Dow Jones LBO Wire that Kuramo Capital Management has garnered a combined $140 million in commitments for its second Africa-focused fund of funds and a companion co-investment vehicle last week. Ultimately the New York-headquartered firm is targeting a combined total of $250 million for both vehicles and anticipates holding a final close between April and June this year.
In South Africa, well-known venture capital firm Knife Capital has become the latest firm to establish a 12J Venture Capital Company with the launch of KNF Ventures. The firm’s goal is to raise R100 million or $65 million to invest and has delivering investors annualized returns of 40% or more as a target. 12J Venture Capital Companies take advantage of a South African Government-implemented tax incentive designed to help the country’s SMEs with access to equity finance by encouraging more investment in privately-owned entrepreneurial businesses. Individuals, companies and trusts investing through approved section 12J venture capital companies can deduct the full amount of their investment from taxable income.
And finally this week, LeapFrog Investments is pushing ahead with its initiative to expand its investment activities into the healthcare sector and has appointed Felix Olale, an entrepreneur as well as a physician-scientist, as a Partner and Lead for the impact investment firm’s healthcare deals in Africa. He'll have Matthew Myers, a Director and Tom Verghese, an Associate Director, working with him and playing, what the firm describes as being "pivotal" roles in LeapFrog’s healthcare investments strategy in Africa.
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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