Carlyle Sub-Saharan Africa Fund closes at almost USD700m

Alternative asset manager The Carlyle Group has held the final close of Carlyle Sub-Saharan Africa Fund (CSSAF), reaching USD698 million, almost USD200 million above its initial target of USD500 million.

Marlon Chigwende, managing director and co-head of the Sub-Saharan Africa advisory team, says: “The success of the fundraising reflects investors’ appetite for the strong economic growth that the region has experienced over the last decade, as well as the prospects for future economic development across the continent. Carlyle is one of the first global alternative asset managers to launch a dedicated Sub-Saharan African fund and we are grateful for the support of our fund investors, who share our belief that Sub-Saharan Africa offers many investment opportunities.”
The fund has strong support from African investors and also attracted a significant amount of international capital from investors around the world, including investors who are investing in Africa for the first time.
With a focus on investment opportunities linked to the growth of the emerging middle class across Sub-Saharan Africa, key sectors for the fund are expected to include consumer, logistics, financial services and telecommunications.
To date the fund has made two investments: Export Trading Group, an African based supply chain manager headquartered in Tanzania; and J&J Africa, a logistics business headquartered in Mozambique.
Chigwende says: “Carlyle has a strong track record of partnering with private, family owned and entrepreneurial firms and helping them to expand and compete on a global stage. Our team of locally-based investment professionals continues to see promising investment opportunities where we can help create value.”
David Rubenstein, co-founder and co-CEO of The Carlyle Group, says: “Carlyle has been an early mover in emerging markets, including China, India, Brazil and the MENA region, and we are optimistic about prospects for investing in Sub-Saharan Africa. The region has been the fastest growing developing market in the world outside of China, and we have a strong, experienced, local team in the region. We are very pleased with investor interest in this strategy.”
The advisory team for CSSAF has offices in Johannesburg, South Africa and Lagos, Nigeria.

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