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

Posted on: 4 July, 2020 at 12:59 PM

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

1. PE fund lands $70m from CDC Group and Finnfund

CDC Group and Finnfund have announced a $70 million commitment to AfricInvest Fund IV, a generalist pan-African fund aiming to foster the growth of African enterprises across the continent. CDC, the UK’s impact investor and development finance institution, committed $50 million and Finnfund, the Finnish development financier, committed $20 million.

Fund IV will invest in mid-cap and growth-oriented companies in sectors including financial services, agribusiness, logistics, manufacturing, healthcare and education.

2. Actis-backed education platform acquires Nigerian university

Honoris United Universities, a pan-African network of private higher education institutions majority owned by private equity firm Actis, has announced its expansion into West Africa by acquiring Nile University of Nigeria.

Established in 2009, Nile University of Nigeria is a fully accredited university that offers a broad range of undergraduate and postgraduate programmes in the arts and social sciences, engineering, law, management sciences, natural and applied sciences, and medical & health sciences.

3. Medu Capital acquires 25.1% of Weir Minerals South Africa

Medu Capital has acquired 25.1% of Weir Minerals South Africa (Pty) Ltd, Weir Minerals Africa’s South African operation. The transaction was finalised in Johannesburg in May 2020.

Formed in 2003, Medu Capital is a 100% black-owned investment management company with a focus on private equity.

Part of the global Weir Group PLC, Weir Minerals Africa serves primarily the mining sector around Africa and the Middle East. It also manufactures mineral processing equipment for export to international group destinations.

4. Kenya: Leapfrog announces financial services investment

Leapfrog Strategic Africa Investments will acquire a 24% stake in ICEA LION Insurance Holdings Limited, a Kenyan insurer and asset manager.

Leapfrog Strategic Africa Investments is an investment partnership established in 2016 between LeapFrog Investments and the US-based global financial services leader Prudential Financial, Inc. that functions as a $350 million separate managed fund. The objective of the LSAI fund is to identify and make strategic investments in high quality financial services companies in selected African geographies.

5. SA SME Fund signs new investment

South African SME capital provider ProfitShare Partners has announced that it has secured R100 million (about $5.8 million) from the SA SME Fund. This will allow ProfitShare Partners to provide capital to catalyse growth for SMEs.

ProfitShare Partners provides disruptive alternative funding to SMEs that have a contract with a reputable company or government department to allow them to deliver on that contract.

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