The 5 most popular stories on Africa Private Equity News this week

Posted on: 18 April, 2020 at 2:50 PM

Here are summaries of the five most widely read stories this week on Africa Private Equity News.

1. North Africa: IFC to invest up to $20m in SPE Capital fund

The IFC has revealed an investment of up to $20 million into the SPE AIF I private equity fund, managed by SPE Capital.

The fund will focus mainly on Egypt, Morocco and Tunisia, where access to equity is especially constrained because of the macro-economic and political challenges.

The investment is part of IFC’s strategy to partner with selected fund managers in key regions to meet the needs of fast-growing companies, to help mobilise additional institutional capital in high growth sectors and ultimately strengthen capital markets.

2. Enko Capital appointed as a manager for central bank employees’ retirement fund

Enko Capital has been selected as one of the fund managers of the employees’ retirement fund of the Banque des États de l’Afrique Centrale (BEAC), also known as the Bank of Central African States.

The Bank of Central African States is a central bank that serves six central African countries which form the Economic and Monetary Community of Central Africa.

3. Enygma Ventures launches new fund to invest in post-pandemic innovation

Enygma Ventures has launched an R20 million (about $1.1 million) new fund towards startups with post-pandemic innovative solutions. The fund is open to entrepreneurs and innovators from the African continent.

Enygma Ventures will provide seed funding to startups who are creating innovative solutions to address problems that may remain in a post-Covid-19 world.

Through this sub fund, Enygma Ventures is expecting to provide seed capital for 20 to 40 startups as well as mentoring, training and business validation scholarships through Startup Circles. Startup Circles is an online platform that helps entrepreneurs quickly move from ideation, to validation, to startup, to investor-ready.

4. African genomics company, 54gene, raises $15m

54gene, the African genomics research, services, and development company has closed a series A round of $15 million, led by Adjuvant Capital, a life sciences fund backed by the International Finance Corporation, Novartis, and the Bill & Melinda Gates Foundation.

The round included participation from Raba Capital, V8 Capital, Ingressive Capital, and follow on investment from Y Combinator, Better Ventures, Fifty Years, KdT Ventures, Aera VC and Pioneer Fund. In July 2019, 54gene secured a seed round of $4.5 million which brings the company’s total VC investment to $19.5 million.

5. The Rise Fund’s CIO appointed as co-managing partner of TPG Growth

TPG, a global alternative asset firm, has appointed Michael Stone as the co-managing partner of TPG Growth, the firm’s global middle market and growth equity platform. Stone has been a senior advisor and partner with TPG Growth since 2009. He will work alongside Matthew Hobart, who was named co-managing partner of the platform in June of 2019.

“Mike is an incredibly accomplished investor who has played a fundamental role in shaping the growth equity landscape throughout his career,” said Jim Coulter, co-CEO and co-founder of TPG. “As proven growth investors and veteran members of the TPG team, Mike and Matt will together build on our commitment to excellence in our investing, enhance TPG Growth’s capabilities, and drive value for our companies and investors. I look forward to the team’s continued success under their leadership.”

Coulter, who was serving as interim co-managing partner of the platform, is stepping back from his day-to-day fund duties following Stone’s appointment.

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