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. TLcom Capital fund signs new DFI LP
German development finance institution DEG has disclosed a commitment of $12.5 million to the TIDE Africa Fund II, a $150 million (target) VC fund managed by TLcom Capital LLP.
TLcom previously announced that it had reached the first close of this fund, its second dedicated to Africa, in January 2022 at $70 million.
With TIDE Africa Fund II, TLcom will continue to invest in tech and tech-enabled companies, adding Egypt as a new focus market alongside its long-standing commitment to East and West Africa.
2. South Africa: RMB Corvest in education deal
RMB Corvest, in direct partnership with Umoya Capital Partners, has recently acquired an interest in SANTS Private Higher Education Institution (SANTS).
RMB Corvest and Umoya have jointly acquired a significant minority stake in the business.
3. Carlyle exits investment in Gabon
Global investment firm Carlyle has agreed to sell Assala Energy, an upstream oil exploration and production company operating in Gabon, to Etablissements Maurel & Prom SA (M&P), an oil and gas exploration and production company listed on Euronext.
Carlyle invested in Assala in 2017 through Carlyle International Energy Partners, a private equity fund that invests in energy opportunities in Europe, Africa, Latin America and Asia. During its period of ownership and in partnership with the Assala management team, Assala has become a successful stand-alone company, adding reserves, upgrading production facilities and infrastructure, and executing strategic M&A.
4. Egyptian PE firm invests in pharma industry
Egyptian private equity firm B Investments has invested about EGP 300 million ($9.7 million) in EZ International.
The investment was made through B Pharma, an investment vehicle established by B Investments for the purpose of investing in EZ international. B Investments’ current ownership in B Pharma is 60%.
On 8 May 2023, B Investments and TSFE Healthcare & Pharma Subfund announced the establishment of a new company, EZ International, in partnership with pharmaceutical chain El-Ezaby Pharmacy, offering logistics and management services for pharmacies, as well as pharmaceutical distribution and trade services.
5. DFC names first deputy CEO
The U.S. International Development Finance Corporation (DFC) announced Nisha Desai Biswal as the corporation’s first deputy chief executive officer. The Senate confirmed Biswal by unanimous consent on 27 July and DFC CEO Scott Nathan swore her in on 14 August.
Biswal has more than 30 years of experience in both the public and private sectors. Most recently, she served as senior vice president for international strategy and global initiatives at the U.S. Chamber of Commerce.
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