Emerging Capital Closes $523M Africa Fund

May 25 2007 | 11:40am ET

Emerging Capital Partners, an international private equity firm focused on Africa, recently held a final close of its EMP Africa Fund II PCC (Africa Fund II) with total commitments of US$523 million. It is the largest private equity fund ever raised for investments in the region, according to the firm.
 
Africa Fund II will take positions in companies through equity, quasi-equity and convertible debt instruments, with a focus on telecommunications, natural resources, financial services, agribusiness, transportation and utility businesses.  While the fund will invest in companies with operations throughout Africa, the focus will be on larger markets, such as Nigeria, South Africa, Egypt and Kenya.
 
ECP has already made several investments through Africa Fund II, including Anvil Mining Limited (based in the Democratic Republic of Congo) and Bank of Africa. 

"We focus on sectors where Africa has a comparative advantage or where Africa has typically lagged developed markets,” said Thomas Gibian, CEO of ECP. “ECP can then play a variety of roles from a pure financial investor to a co-developer prior to entering the business, providing anything from executive recruiting and financial advisory services, to active board representation and strategic guidance on exit opportunities.”

Headquartered in Washington D.C., Emerging Capital Partners has been investing in Africa since 2000, initially as part of EMP Global before spinning out in 2005.


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