The Carlyle Group Closes Carlyle Sub-Saharan Africa Fund at almost $700 million
April 16 2014 - 7:00AM
Business Wire
Dedicated African private equity fund focuses
on businesses that support growing middle class
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.
About The Carlyle Group
The 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.
Web: www.carlyle.comVideos: www.youtube.com/onecarlyleTweets:
www.twitter.com/onecarlylePodcasts:
www.carlyle.com/about-carlyle/market-commentary
About the Carlyle Sub-Sahara Africa (SSA) Team
Established 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.
The Carlyle GroupCatherine Armstrong, +44 20 7894
1632Catherine.Armstrong@carlyle.com
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