The 5 most popular stories on Africa Private Equity News this week
Here are summaries of the five most widely read stories this week on Africa Private Equity News.
1. DPI and Amethis in pharma deal
Marcyrl Pharmaceutical Industries, an Egyptian pharmaceuticals manufacturer focused on specialty generics, announced a new investment aimed at accelerating its ambition to drive greater access to critical care drugs across Africa. The significant minority investment from Development Partners International (DPI) and Amethis, will further institutionalise the business.
Marcyrl, established in 1998, is a manufacturer of essential pharmaceuticals, focused on improving accessibility to specialty generics drugs in Egypt. Since founding, the business has seen significant growth with resilient sales, demonstrated by a strong performance in the past year, with revenues representing more than 2% share of the Egyptian market.
2. The Rohatyn Group completes acquisition of Ethos Private Equity
The Rohatyn Group (TRG), a specialised global asset management firm focused on investment solutions in emerging markets and real assets, announced the completion of its acquisition of Ethos Private Equity.
“We are pleased to complete our acquisition of Ethos, which marks our official expansion into Africa, one of the largest and fastest growing regions in the world,” said Nicolas Rohatyn, TRG’s chief executive officer and founder. “Together, with unmatched local knowledge and a skilled global team of investors, we’ll unlock significant opportunities to drive further growth across the continent’s private markets, real assets, and public markets.”
3. Final close for AfricInvest’s French African Fund II
AfricInvest has announced a final close of the French African Fund II (FFA II), the successor to its first French African Fund, having raised over €50 million from French and international institutional backers, including private investors and family offices. The fund is managed by AfricInvest Europe, part of AfricInvest Group, and is led by a dedicated team.
FFA II received the backing of several repeat investors from FFA (including Bpifrance, Proparco, Société Générale, Sanlam, and the Central Bank of Kenya Pension Fund), and welcomes a number of new French and African institutional investors including BNP Paribas, Mauritius Commercial Bank, and Mauritian insurer Sicom as well as several new European and African family offices.
4. Kenya: Victory Farms raises $35m
East African aquaculture platform, Victory Farms, has successfully completed its $35 million Series B round to fund the expansion of its operations in Kenya, Rwanda, and potential entry into Ethiopia, Uganda and Tanzania.
The Series B round was led by Creadev, a global VC and growth equity evergreen investor controlled by the Mulliez Family. The round also included participation from the Acumen Resilient Agriculture Fund (ARAF), DOB Equity, Endeavor Catalyst Fund and Hesabu Capital. The company’s founders and angel investors, including Joseph Rehmann, Steve Moran, Kamran Ahmad, and Hans den Bieman also invested into the transaction.
5. Infrastructure Climate Resilient Fund lands $253m commitment
Africa Finance Corporation, an African infrastructure solutions provider, and its asset management unit AFC Capital Partners have secured a $253 million commitment from the Green Climate Fund (GCF) towards its inaugural offering, the Infrastructure Climate Resilient Fund (ICRF).
The GCF’s junior first-loss equity investment into ICRF marks its single largest equity investment in Africa to date. With a target fund size of $750 million, ICRF is a finance instrument established to climate proof Africa’s infrastructure by integrating scientific climate-resilient measures in the planning, design, development, construction and operation of infrastructure assets in alignment with the Paris Agreement on climate change.