Africa - Sub-Saharan - Global Private Capital Association

Sub-Saharan Africa has emerged from a once overlooked region to an increas-ingly attractive destination for private equity investment. In 2007, Sub-Saharan Africa funds raised US$2.3 billion, falling just slightly from US$2.4 billion raised

in 2006. During the fi rst half of 2008, Sub-Saharan Africa funds had already raised US$1.3 billion, up from US$592 million during the same period in 2007.

South Africa, which had been the focus of 50% of funds raised in 2006, accounted for only 24% of the total in 2007. This drop was partly due to the timing of multiple large South African fund closings in 2006, but also refl ects the rising interest in other Sub-Saharan African markets. Capital raised for investment beyond South Africa—Pan-African funds, Sub-Saharan regional funds, and country-dedicated funds focused on other markets—grew 50% over the same period, rising from US$1.2 billion in 2006 to US$1.8 billion in 2007. This increase is explained by growth in funds focused on sub-regions such as West or East Africa, as well as an increase in the number of pan-African funds in 2007.

Notable improvements in the economic and political environments across a number of countries are being refl ected in changing investor attitudes about risk in Africa. LPs responding to EMPEA’s 2008 Survey of Institutional Investor Interest assigned a risk pre-mium to Africa of 6.7%, down from 8.9% in 2006—a lower premium than that assigned to Brazil and Russia and equivalent to the premium for Latin America.

Region Snapshot

© 2008 Emerging Markets Private Equity Association 1

Sub-Saharan Africa’s PE Fundraising Totals (2005 - 1H08)

2008 Population: • 809 million

Population Growth (1990-2005): • 2.5% p.a.

% of Population Under 15 Years-old: • 43%

2008 GDP*: • US$1,095 billion

GDP Growth (2008): • 6.5%

* South Africa and Nigeria together account for 54% of the region’s GDP.

Source: IMF, World Bank, Population Reference Bureau

continued on page 2

Source: EMPEA

AfricaSub-Saharan Africa has emerged from a once overlooked region to an increas-

ingly attractive destination for private equity investment. In 2007, Sub-Saharan Africa funds raised US$2.3 billion, falling just slightly from US$2.4 billion raised


South Africa, which had been the focus of 50% of funds raised in 2006, accounted for only 24% of the total in 2007. This drop was partly due to the timing of multiple large South African fund closings in 2006, but also refl ects the rising interest in other Sub-Saharan African markets. Capital raised for investment beyond South Africa—Pan-African funds,

* South Africa and Nigeria together account for 54% of the region’s GDP.

Source: IMF, World Bank, Population Reference

ub-Saharan Africa has emerged from a once overlooked region to an increas-ingly attractive destination for private equity investment. In 2007, Sub-Saharan Africa funds raised US$2.3 billion, falling just slightly from US$2.4 billion raised


South Africa, which had been the focus of 50% of funds raised in 2006, accounted for

Region Snapshot2008 Population: • 809 million

Population Growth (1990-2005): • 2.5% p.a.

% of Population Under 15 Years-old: • 43%

2008 GDP*: • US$1,095 billion

GDP Growth (2008): • 6.5%

AfricaAfricaAfricaAfrica An Overview of Trends in Select Sectors and Markets October 2008

Sub-Saharan

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EMPEA Insight: Sub-Saharan Africa

African investment volumes increased by more than 86 times between 2003 and 2007 from four deals totaling US$74 mil-lion to 24 deals totaling US$6.4 billion, according to data pro-vider Dealogic. The total value of deals in the region appears to have fallen in 2008; however, this is likely the result of a drop in the incidence of very large buyout transactions (to date primar-ily in South Africa). The decrease in total value obscures the fact that deal volumes, i.e., the number of investments, appear to be holding steady or even growing. EMPEA’s deals database reveals at least 35 deals totaling more than US$2.2 billion com-pleted in 2008 year-to-date.

Fundraising TrendsThe number of funds focused on Sub-Saharan Africa has surged in 2008, with as many as 36 funds in the market as of October 2008. Of these, an estimated 11 new funds launched in 2008 alone. Moreover, 10 of these 11 new funds are regionally fo-cused or are dedicated to markets other than South Africa. The increased geographical diversifi cation of the Sub-Saharan pri-vate equity market and dramatic increases in fund sizes refl ect the region’s growing sophistication.

In 2007, only one fund raised surpassed US$1 billion—the US$1.3 billion Pamodzi natural resources fund, which was the largest raised to date for Africa. In 2008, fi ve funds are attempt-ing to raise US$1 billion or more. Average fund size has risen from US$116 million among 2005 vintage funds to US$266 mil-lion for 2007 vintage funds. Notable jumps in target fund sizes in 2008 include:

South African veterans Ethos Private Equity and Brait, •

which are both reportedly targeting more than US$1 billion for their next funds, Ethos VI and Brait V.

Emerging Capital Partners’ (ECP) pan-African fund, ECP • Africa III, targeting US$1 billion, which represents a two-fold increase over ECP’s previous fund, EMP Africa Fund II (2007, US$523 million).

Kingdom Zephyr, which has raised US$325 million for its • US$500 million pan-African buy-out fund with backing from Prince Alwaleed bin Talal, the Saudi billionaire. King-dom Zephyr’s previous funds, Pan-African Investment Part-ners (“PAIP”) and Pan-Commonwealth African Partners, garnered US$123 million in commitments.

Aureos Capital, which has held a fi rst close of US$253 mil-• lion for its US$400 million Pan-African fund—nearly three times larger than the combined US$140 million in capital raised for its three sub-regional African funds in 2003.

Several established fund managers are now more actively look-ing beyond their home markets—some with explicitly broadened mandates, and others with a wider opportunistic lens. Veteran South African fund managers such as Brait and Ethos are look-ing more broadly for opportunities in the greater Sub-Saharan region with an initial emphasis on Southern Africa. Brait has been investing north of South Africa since 1999—including deals in Botswana and Mozambique. Ethos’ US$750 million

continued on page 3

October 2008

Assigned Risk Premiums for Sub-Saharan Africa2006 vs. 2008

EMPEA Insight

Editorial Director Jennifer Choi [email protected]

Writing and Research Alexander Adrian / [email protected]; Sean Michaels / [email protected]; Harrison Moskowitz /[email protected]

Production Manager Cristiane [email protected]

Advertising OpportunitiesEMPEA Insight offers readers an overview of the data and drivers behind investment trends in emerging markets private equity. Each issue of EMPEA Insight provides an opportunity for a single exclusive back page advertisement. Issue-specifi c placements are on a fi rst come, fi rst served basis. For a list of upcoming issues and more information about advertising opportunities and rates, contact Cristiane Nascimento at [email protected].

About EMPEAThe Emerging Markets Private Equity Association is a broad-based membership organization founded in 2004 that focuses on the emerging private equity markets of Africa, Asia, CEE, Russia/CIS, Latin America, and the Middle East.

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Source: EMPEA LP Surveys 2006 and 2008


fifth fund, closed in 2006, included a mandate for 25% of the corpus to be invested in the rest of continent. Both Brait and Ethos are expected to begin raising follow-on funds some time in late 2008 that will still invest primarily in South Africa but will also include a broader regional approach.

Absa Private Equity, now raising its first non-proprietary fund tar-geting US$1.7 billion, is exploring opportunities in those coun-tries where its parent, Absa Bank, already has a footprint (e.g., Mozambique, Tanzania). Similarly, Venture Partners Botswana will use its second fund to invest beyond its home market for op-portunities throughout the Southern Africa Development Com-munity.1

A number of regional fund managers are raising capital for un-derserved regions and sectors with new funds that have a Pan-African focus. Development Partners International (DPI) was launched in 2008 by Miles Morland, founder of 1990s pioneer-ing public equities investor Blakeney Management, and Runa Alam, formerly of African GP Kingdom Zephyr. The fund, which has already held a first close of US$361 million, will invest in countries emerging from conflict, beginning with Angola, Algeria, Ethiopia and Mozambique. Adlevo Capital is raising a US$100 million technology fund that will focus initially on West Africa (primarily Nigeria and South Africa). Adlevo is expected to hold a first close in the coming months, and has already secured a US$20 million commitment from the European Investment Bank (EIB).

Fund managers’ dramatic regional expansion is accompanied by their increasing focus on Sub-Saharan SMEs, which account for approximately 50% of the region’s GDP and nearly 90% of all businesses.

South African-based GroFin raised US$125 million in its first close for its GroFin Africa fund, which will provide expansion capital to SMEs in Sub-Saharan countries including South Africa, Kenya, Uganda, Tanzania, Rwanda and Nigeria. InReturn Capital, a joint venture of Dutch and Kenyan enterprises and Dutch develop-ment organization Cordaid, has launched a US$22.5 million fund that will invest in SMEs in East African countries including Kenya, Uganda and Tanzania. In July 2008, the IFC committed US$15 million to the US$150 million Atlantic Coast Regional Fund, man-aged by Washington and Dakar-based Advanced Finance & In-vestment Group (AFIG). The fund, which has closed on US$75 million, will support the growth of SMEs in 29 francophone coun-tries along the coast of West Africa, from Morocco to Angola.

1 The Southern African Development Community (SADC) includes Angola, Botswana, Leso-tho, Malawi, Mozambique, Swaziland, Tanzania, Zambia and Zimbabwe.

Another sign of the deepening of the Sub-Saharan African PE market is the growing number of specialized funds—expanding beyond natural resources and infrastructure to include new sec-tors such as agribusiness, cleantech and healthcare.

In August 2008, South Africa-based investment groups Sanlam Private Equity and SPATKIF (Strategy Partners) launched the Agri-Life Fund, a US$100 million fund that will pursue opportu-nities in the agribusiness sector. Aventura Partners, launched in 2007 with the aim of building the agribusiness value chain in companies across the Sahel, aims to raise US$19.5 million and has already made four investments.

OPIC recently invested US$50 million in the Africa Health Care Fund, co-managed by US firm Seven Seas Capital Management and South Africa-based Indigo Venture Partners. The US$100 million fund will focus on healthcare in Ghana, Kenya, South Af-rica and Uganda.

The Evolution One fund, South Africa’s first dedicated cleantech fund, is the product of a partnership that includes Consensus Business Group, Pan-African Capital Holdings, Alluvia Group and Capital Evolution. The fund has already raised US$54 mil-lion and includes IFC as an anchor investor.

Investment TrendsAmong the Sub-Saharan countries, South Africa has drawn as much as 76% of the region’s investment total to date. In ad-dition, South Africa ranks in the top quartile of countries in the

continued on page 4

October 2008

Sub-Saharan Africa-focused PE Funds Launched (1989 - 2008 YTD)


Source: EMPEA

80

70

60

50

40

30

20

10

01989-2004 2005-2008 YTD

52

75

Other Sub-Saharan Africa ex-South Africa

South Africa-dedicated


2007 Milken Institute Capital Access Index,2 whereas all other Sub-Saharan African countries are in the bottom half of the index—75% of which are in the lowest quartile.

However, the credit crunch has resulted in a tightening of South Africa’s syndicated loan markets, resulting in some deals of larger sizes being hung up and an overall downward slide in deal size in 2008 relative to 2007. Headline-grabbing transac-tions like the US$3.5 billion EdCon deal in 2007 have been far fewer in 2008, both as a result of decreases in asset prices and the tightening global credit market.

The data on deal volume in the rest of the continent is limited, but anecdotal evidence from a number of GPs currently build-ing or evaluating their 2008 pipelines suggests very healthy deal flow in the rest of Africa, particularly in those markets in

2 The Milken Institute Capital Access Index scores the ability of entrepreneurs to gain access to capital in countries around the world. (e.g., breadth and depth of capital markets, openness in providing access without discrimination).

which private equity is more nascent, where access to capital has historically been more limited, and where deals are primar-ily equity, as opposed to debt financed.

Within South Africa, and across the Sub-Saharan region, con-sumer goods and services, telecommunications, banking and domestic infrastructure have drawn the bulk of private equity in-vestment to date. The emergence of a growing consumer class has made the telecoms and banking sectors particularly attrac-tive to investors.

Sub-Saharan Africa is home to over 125 million mobile subscrib-ers; yet, there are only 18 subscribers per 100 people, compared to 90 subscribers per 100 people in South Africa. Fund manag-ers have been quick to exploit this under-penetration across the rest of the continent. In March, ECP invested US$20 million in Cellcom Telecommunications Limited, a West African mobile tele-communications company—ECP’s seventh in the sector to date.

October 2008EMPEA Insight: Sub-Saharan Africa

continued on page 5

Sampling of Recent Investments

Fund Manager FirmAmount (US$m) Sector Market Date

Investment Equity (%)

Absa Capital EnviroServ 256 Waste Management

South Africa Aug-08 N/A

Actis Alstom South Africa 700 Electrical Engineering

South Africa Aug-08 N/A

AIG Capital Partners, Inc. Blue Intercontinental Microfinance Bank

161 Financial Services Nigeria Sep-08 N/A

ASCOM (owned by Citadel Capital) Nubia Mining Develop-ment PLC, Ezana Mining

N/A Mining Ethiopia Jan-08 N/A

Aureos Capital Sandbox Holdings 4.1 Technology South Africa Feb-08 30.4

Brait Primedia Limited N/A Media South Africa May-08 Minority

Centum Investment Longhorn Kenya 3.7 Publishing Kenya Mar-08 35

Citi Venture Capital International ABC Holdings 25 Financial Services Botswana Mar-08 20

Cordiant Capital, Inc. via the FMO-Netherlands Development Company

Real People 20 Financial Services South Africa Jan-08 N/A

East Africa Capital Partners Wananchi Group 40 Media (Internet, Entertainment)

Kenya Aug-08 N/A

Emerging Capital Partners (ECP) Cellcom Telecommunica-tions Limited

20 Telecoms Liberia, Guinnea,

Sierra Leone

Mar-08 N/A

Emerging Capital Partners (ECP) BACIM Bank 15.9 Financial Services Mauritania Apr-08 N/A

Ethos Private Equity Ltd. House of Busby 160 Retail South Africa Jun-08 32

Ethos Private Equity Ltd. Tiger Automotive 145 Retail South Africa May-08 100

First Reserve Corporation, AMCI Capital & Pamodzi Holdings

Cooke (Subsidiary of Harmony Gold and Mining)

420 Mining South Africa Jan-08 60

HSBC Principal Investments New Forests Company (Subsidiary)

8.5 Forestry Uganda Sep-08 N/A

PME African Infrastructure Opportunities

Sheltam Grindrod Holdings

8 Engineering & Construction

South Africa Sep-08 50

Sphere Private Equity Target Cranes N/A Crane Leasing South Africa Sep-08 32.5


A growing consumer class and the vast number of Africa’s un-banked add to the appeal of the financial services sector, ac-counting for at least 12 PE transactions in 2007 and 2008.3 ECP’s deals in the sector in 2008 include US$28 million in Togo bank Financial BC, US$15.9 million in Maritania-based BACIM Bank and US$15 million in Blue Financial Services, a sub-Sa-haran micro lender. Nigeria’s banking sector drew a number of notable investments in 2007, including Diamond Bank, Oceanic Bank and Intercontinental Bank.

Although rising commodity prices have been an important driver of the region’s recent growth, PE interest in the natural resourc-es sector has thus far been limited due to its high-risk profile. Activity has largely been confined to mining, primarily invest-ments in mining juniors (management companies with explora-tion rights for pre-existing assets). A handful of regional players have been particularly active in the mining sector—namely Actis and ECP—joining more specialized natural resources investors such as Pamodzi and Decorum Capital Partners, currently rais-ing its second mining fund.

Exit TrendsWith the exception of South Africa, exit data on the rest of Sub-Saharan Africa is sparse. As for South Africa, a 2007 PE sur-vey conducted by KPMG and SAVCA indicated that capital re-turned to investors more than doubled in 2007, increasing from US$616 million in 2006 to US$1.3 billion. A study sampling the returns of 11 South African PE funds over a 13-year period revealed that the average aggregate gross Internal Rate of Re-

3 There are an estimated five mobile phone subscribers for every one bank account holder in Sub-Saharan Africa.

turn (IRR) since inception was 34.8%, a performance premium of 18% per annum relative to listed South African equities.4

Both within and beyond South Africa, strategic sales remain the most prevalent path to exit. In August, Aureos Capital exited its US$1 million investment in Uganda Microfinance Bank through a strategic sale to to Equity Bank, a leading Kenyan bank listed on the Nairobi Stock Exchange.

Private-equity backed IPOs remain rare. Listings accounted for only 1.5% of total proceeds returned to LPs by South African funds in 2007 (7 of 135 liquidity events), and 1% of exit pro-ceeds between 2003 and 2007. With the exception of South Africa, the majority of domestic capital markets within the Sub-Saharan Africa region remain relatively thin. South Africa ac-counts for roughly 90% of the liquidity in the region—the JSE’s more than US$700 billion dwarfs Nigeria’s exchange, with a market capitalization of US$62 billion, and Morocco’s, with US$58 billion.

However, deepening capital markets and a growing landscape of PE investors within Africa are enhancing the prospects for exit mechanism diversification beyond trade sales. The year 2008 witnessed a landmark example: the listing of Actis’ and ECP’s shares in Nigerian mobile group Starcomms on the Nigerian Stock Exchange (NSE) made Starcomms the first listed Nigerian telecom company on the NSE and yielded a 2.9x return on ECP’s US$34.3 million investment.

According to an August 2008 IMF report, Nigeria, Botswana, Gha-na, Kenya, Mozambique, Tanzania, Uganda and Zambia all met the criteria required of the “emerging market” label, i.e., growth, private sector-led growth and investible markets. South Africa’s Standard Bank notes that Sub-Saharan stock markets’ capital-ization, excluding South Africa, increased 11.3% in dollar terms in the first quarter of 2008. In comparison, the MSCI World index of developed markets fell 9.5% over the same period.

The incidence of secondary sales is also growing. Notable ex-amples in 2008 include Ethos Private Equity and Nozala Invest-ments’ exit from hospitality and facilities management company Tsebo Outsourcing Group to a consortium led by Absa Capital, and Actis’ partial exit from food conglomerate UAC Nigeria in July through a share sale to international and Nigerian institutional and retail investors.

4 “Is Private Equity a Suitable Investment for South African Pension Funds?”, I. Missankov, R. van Dyk, A. van Biljon, M. Hayes and W. van der Veen, presented at the Convention of the Actuarial Society of South Africa. October 2006.

continued on page 6

October 2008 EMPEA Insight: Sub-Saharan Africa

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OutlookConsiderable improvements in the political risk profile of many economies are combining with a burgeoning middle class and a commodities boom to drive growth and attract investors. The 2009 Doing Business Report from the World Bank showed that between 2007 and 2008, 28 Sub-Saharan African economies implemented 58 reforms, more than any other year in the Re-port’s history.

But despite economic and political improvements, challenges remain. An infrastructure shortfall poses serious indirect costs on doing business in the region, as much as 20% to 30%. Busi-nesses in most Sub-Saharan African countries suffered outages at least 50 days of the year between 2004 and 2007. Genera-tion capacity is only 37 MW per million people, compared to 326 MW/M in other developing countries. Road density is another issue, with 137 km per 1,000 km2 in Sub-Saharan Africa com-pared with 211 km in other developing countries.

October 2008

Surging Asian demand for commodities has fostered a symbi-otic relationship between Africa and China. Access to Africa’s vast oil and mineral reserves has been returned with Chinese investment in the continent’s infrastructure, investing on aver-age US$1.7 billion per year in African power projects. However, many fear the pace of investment will be insufficient to meet the needs of rapidly growing African economies. For example, if investment in power generation continues at current rates, it could take Ghana 800 years to catch up with Malaysia in terms of kW per capita. Some PE firms see opportunity in address-ing this gap, with one notable example being the 2008 Actis-led consortium US$700 million investment in power generation and rail transport company Alstom South Africa—hopefully one of many such investments yet to come.

Fund Manager Firm Sector Investment Year CountryInvestment

(US$m or % equity) Exit TypeExit Date

Actis Palms Mall Real Estate 2005 Nigeria 40m Strategic sale Dec-07

Actis UAC Nigeria Consumer 2004 Nigeria 20.50% Secondary sale Jul-08

Aureos Capital Shelys Africa Limited

Pharmaceuticals 2003 Tanzania N/A Strategic sale Aug-08

Aureos Capital Uganda Microfi-nance Limited

Financial Services 2004 Uganda 1m Strategic sale Aug-08

Emerging Capital Part-ners (ECP) and Actis

Starcomms Telecoms 2005 Nigeria 34.3m(ECP)

IPO Jul-08

Ethos Private Equity Ltd. Tsebo Hospitality 2000 South Africa 49.9% Secondary sale Dec-07

HBD Venture Capital MyBeat Interactive Entertainment 2000 South Africa 40% Strategic sale Jul-08

Sampling of Recent PE-Backed Exits

Coverage deficit High costs

Item Sub-Saharan Africa

Other develop-ing countries

Item Sub-Saharan Africa

Other developing countries

Paved road density (per 1,000 km2) 31 134 Power tariffs (US$c/KWh) 0.05-0.30 0.05-0.10

Total road density (per 1,000 km2) 137 211

Mainline density (lines per 1,000 people) 10 78 Road freight tariffs (US$c/ton-km) 0.05-0.25 0.01-0.04

Mobile density (lines per 1,000 people) 55 86

Generation capacity (MW per million people) 37 326 International phone call (US$/3-min. call to the United States)

0.80 0.20

Electricity coverage(% of population)

16 41

Improved water(% of population)

60 72 Internet dial-up service (US$/month) 50 15-25

Improved sanitation(% of population)

34 51

Low Coverage and High Cost of Africa’s Infrastructure

Source: World Bank Global Monitoring Report (2008)


EMPEA Insight: Sub-Saharan AfricaOctober 2008

Sampling of Firms Investing in Sub-Saharan AfricaPE Firms Investing in India Most Recent Fund (Vintage Year, Fund Size) Sector

FocusSpecific Geographical Focus

Absa Private Equity Absa Capital Private Equity (Raising, US$1.7bn) Generalist South Africa

Actis Actis Infrastructure Fund 2 (Raising, US$1.3bn) Infrastruc-ture

Africa, Latin America, Southeast Asia

Adlevo Capital Adlevo Capital I (Raising, US$75m) Technology West Africa

Advanced Finance and Investment Group Atlantic Coast Regional Fund (Raising, US$150m) Generalist Atlantic coast, francophone countries

Africa Management Limited (JV: Och-Ziff Cap. Mgmt., Mvelaphanda, Palladino)

African Global Capital I (2008) Natural Resources

Pan-Africa

African Capital Alliance Capital Alliance Private Equity III (Raising, US$500m) Generalist Pan-Africa

African Lion African Lion 3 Limited (2008, US$79m) Natural Resources

Pan-Africa

AfricInvest Capital Partners AfricInvest Fund II (Raising, US$175m) Generalist Pan-Africa

Aureos Capital Limited Aureos Africa fund (Raising, US$400m) Generalist Pan-Africa

Brait Private Equity Brait IV (2006, US$880m) Generalist South Africa

CIEL Management KIBO Fund (2008, US$38.8m) Generalist Pan-Africa

Decorum Capital Partners New Africa Mining Fund II (Raising, US$150m) Natural Resources

Sub-Saharan Africa

Development Partners International African Development Partners I (Raising, US$400m) Generalist Post-conflict (Angola, Algeria, Ethio-pia, Libya and Mozambique)

Emergent Asset Management African Agricultural Land Fund (2008, US$2.9bn) Natural Resources

Sub-Saharan Africa

Emerging Capital Partners ECP Africa III, PCC (Raising, US$1bn) Generalist Pan-Africa

Ethos Private Equity Limited Ethos Fund V (2006, US$750m) Generalist Sub-Saharan Africa

Fidelity Capital Partners, Ltd. Fidelity Equity Fund II (2007, US$25m) Generalist Ghana, Sierra Leone, Liberia

Greylock Capital Management Greylock Africa Opportunity Fund I (Raising, US$200m) Generalist Pan-Africa

Gro-Fin Gro-Fin Africa Fund (Raising, US$160m) Generalist Sub-Saharan Africa

Harith Pan African Infrastructure Development Fund (Raising, US$1bn)

Infrastruc-ture

Pan-Africa

Helios Investment Partners Helios Investors, L.P. (2006, US$300m) Generalist West Africa

Horizon Equity Partners Horizon Equity Fund III (2007, US$85m) Generalist South Africa

I&P Management Ltd. I&P Capital Fund II (2007, US$40m) Generalist East Africa & Indian Ocean region

InReturn Capital East Africa Fund (Raising, US$20m) Generalist East Africa

Inspired Evolution Investment Management The Evolution One Fund (2008, US$140.8m) Clean Tech Southern Africa region / SADC

Kingdom Zephyr Africa Management Company

Pan-African Investment Partners II Fund (Raising, US$500m) Generalist Pan-Africa

Lereko Metier Lereko Metier Capital Growth Fund (2007, US$340m) Generalist South Africa

Medu Capital (Pty) Ltd. Medu Capital Fund II (Raising, US$107m) Generalist South Africa

Pamodzi Investment Holdings Pamodzi Resources Fund I (2007, US$1.3bn) Natural Resources

Sub-Saharan Africa

Sanlam PE & Strategy Partners Agri-Life Fund (Raising, US$100m) Agri-business

Sub-Saharan Africa

Sphere Holdings Sphere Private Equity I (2006, US$45m) Generalist South Africa

The Rohatyn Group Management LP Africa Catalyst Fund (Raising, US$300m) Generalist Pan-Africa

Travant Capital Partners Travant Private Equity Fund I (Raising, US$300m) Generalist West and Central Africa, primarily Nigeria

Vantage Capital Vantage Mezzanine Fund II (Raising, US$300m) Mezzanine Pan-Africa

Vectis Capital West African Advancement Fund (Raising, US$100m) Generalist West Africa

Venture Partners Bostwana VPB Fund II (Raising, US$200m) Generalist Southern Africa region / SADC

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