Wednesday, 27 May 2015
Last updated 18 min ago
Jan 30 2013 | 12:47pm ET
Private equity firm Jacana Partners is to merge with a Kenyan firm as it plans a new fund focuses on Africa.
Jacana and InReturn Capital will combine their operations by April. The two firms have been working together for three years, with InReturn co-managing one of Jacana's two existing African funds. The merger will give Jacana, which is based in London and manages US$43 million, offices in Nairobi, Kenya, and Dar es Salaam, Tanzania.
The combined company plans to raise a new US$75 million fund to invest in small- and mid-sized African business, in at least eight countries. Among the countries under consideration are Ethiopia and Nigeria, with plans to deploy between $1 million and $5 million to each target company, Bloomberg News reports.
Jacana CEO Simon Merchant said the expanded firm aimed to profit from Africa's growing population and middle class.
The firm plans to raise money primarily from development finance institutions. Eventually, Jacana hopes to attract American and European high net-worth and institutional investors.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…