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Injaro Invests in Novafrique (Sub-Saharan Africa)
West Africa-focused private investment fund manager Injaro Investments has invested in Côte d’Ivoire-based soap manufacturer Novafrique Industries. The company plans to partner with Injaro to optimize utilization of its current facilities and improve profitability. Financial details of the transaction were not disclosed. Read More
Novastar Reaches US$72.5 Million First Close for Second Venture Fund (Sub-Saharan Africa)
Africa-focused venture capital fund manager Novastar Ventures has reached a first close for Novastar Ventures Africa Fund II with US$72.5 million in capital commitments. Investors in the fund include AXA, CDC Group, FMO, the European Investment Bank and the Dutch Good Growth Fund. Novastar’s second fund, which is targeting US$120 million in total commitments, will invest in early- and growth-stage businesses across East Africa and West Africa. The expansion of Novastar’s remit to West Africa follows the establishment of a new… Read More
Nexxus Capital and Alta Growth Capital to Invest in Grupo Turistore (Latin America)
Mexico-focused private investment fund managers Nexxus Capital and Alta Growth Capital have agreed to invest in Mexico-based retailer Grupo Turistore. Nexxus will invest through Nexxus Capital VI. Grupo Turistore operates 56 stores across Mexico, focusing on key beach destinations for tourists. Financial details of the transaction, which is subject to regulatory approval, were not disclosed. Read More
Zebra Global Capital Closes Second Fund (Asia)
Asia-focused private equity fund manager Zebra Global Capital has reportedly reached a final close for its second fund, bringing the firm’s total assets under management to approximately US$2 billion. The size of the new fund, which received commitments from U.S.-based university endowments, the Hillhouse Foundation and Tencent Holdings, was undisclosed. Zebra closed its first fund at US$800 million last year. Read More
Airtel Africa to Raise US$1.25 Billion from Consortium of Investors (Sub-Saharan Africa)
Airtel Africa, a unit of India-based telecommunications group Bharti Airtel, has agreed to raise US$1.25 billion via new share subscriptions from a consortium of investors including global private equity fund manager Warburg Pincus, Singaporean sovereign wealth fund Temasek Holdings and corporate investors Singapore Telecommunications and SoftBank Group. Airtel Africa will use the funds to pare down its debt and expand… Read More
DPI Acquires 20 Percent Stake in Dolidol for US$30 Million (MENA)
Pan-African private equity fund manager Development Partners International (DPI) has acquired an approximately 20 percent stake in Morocco-based Dolidol for US$30 million. Dolidol manufactures and distributes foam, mattress and bedding products in Morocco and Côte d’Ivoire. The company plans to partner with DPI to grow its business in West Africa. DPI invested through African Development Partners II Read More
StoneCo Raises US$1.2 Billion in IPO (Latin America)
Brazil-based payments and financial technology company StoneCo has raised US$1.2 billion in its initial public offering (IPO) on NASDAQ. The offering included 46 million newly issued shares and a secondary offering of 5 million shares sold for US$24 per share. gStoneCo is backed by various investors, including private investment fund managers Actis, Tiger Global Management, Gávea Investimentos and Valor Capital… Read More
JSW Steel Acquires Dolvi Minerals for US$15 Million from SCPE and Others (Asia)
India-based steel manufacturer JSW Steel has increased its stake in India-based minerals trading company Dolvi Minerals and Metals from 60 percent to 100 percent, acquiring stakes from existing investors including Standard Chartered Private Equity (SCPE) for INR1.09 billion (approximately US$15 million). Dolvi Minerals is a trader, wholesaler and retailer of metallic and non-metallic minerals, including coal, lignite and iron steel… Read More
Investec Invests in Richfield Holdings and Mobisol (Sub-Saharan Africa)
The Africa-focused private equity arm of banking and investment group Investec Asset Management has acquired a controlling stake in South Africa-based tertiary education provider Richfield Holdings. The company, which primarily operates under the Richfield Graduate Institute of Technology brand, has more than 20,000 enrolled students across 40 campuses in South Africa and offers distance learning courses throughout Southern Africa. Separately,… Read More
Warburg Pincus Invests in Capillary Technologies and OnlinePajak (Asia)
Global private equity fund manager Warburg Pincus has led a new financing round for Singapore-based customer relationship management (CRM) software provider Capillary Technologies. The company develops artificial intelligence-based consumer loyalty, engagement and analytics solutions for retailers in Asia and plans to use the funds primarily to expand its presence in China. Financial details of the transaction were not disclosed. Separately,… Read More
SEAF Invests in Kyna and AKM Glitters (Asia, Sub-Saharan Africa)
Global SME-focused impact investing firm SEAF has invested in Vietnam-based Dream Viet Education, an online education provider operating under the Kyna brand. SEAF, which invested through the SEAF Women’s Opportunity Fund, will partner with Kyna to expand the reach of its educational offerings in Vietnam. Separately, SEAF has invested in Tanzania-based integrated poultry business AKM Glitters Company. AKM will use… Read More
AfricInvest Reaches Second Close for Maghreb Private Equity IV (MENA)
Pan-African private equity fund manager AfricInvest has held a second close for Maghreb Private Equity IV with EUR172 million (approximately US$199 million) in capital commitments. New investors in the fund include OeEB, the Development Bank of Austria, and a South Africa-based fund of funds. Other investors include development finance institutions FMO, IFC, AfDB and SIFEM. The fund aims to raise… Read More