JP Anderson has formed a new private equity fund, The Sierra Leone Development Fund I, which will promote economic development in Sierra Leone, West Africa.
JP Anderson is looking to raise and invest USD100m in small to medium-sized businesses and government related agency projects.
The fund will seek minority stakes of USD5m to USD10m in companies that have current or projected earnings over USD2m annually. The fund is not targeting specific industry sectors but is aggressively looking to work with the government on various agency related projects that can stimulate the country’s growth and development.
The creation of the Sierra Leone Development Fund I came as a result of JP Anderson’s involvement with businesses and various philanthropic initiatives. While seven out of the top ten fastest growing economies in the world are in Africa, the country of Sierra Leone is being overlooked as a top emerging market due to its past history of civil unrest. JP Anderson says it seen amazing improvements in roads and infrastructure over the past three years and is experiencing a great deal of increased interest from businesses and investors desiring to enter the marketplace.
JP Anderson is looking worldwide for participants. The fund currently has several commitments from both US families and Sierra Leone families as initial investors.
JP Anderson says its primary objective as a company and fund manager is to embrace capitalism, improve economic freedom and create jobs and wealth for the people living in Sierra Leone.
James Price, chief executive of JP Anderson and the co-manager of the fund says: "JP Anderson will not just be a bank to the projects and/or companies. We will utilise all of our skill sets and contacts to draft, organise and influence the path for each project. I expect to close several deals/project financings in Sierra Leone by the end of this year. "
