US private equity fund eyes Kenya

Customers queue at Kenya Power offices. The firm has begun a crackdown on unauthorised domestic and industrial connections. FILE 

By BD REPORTER

US private equity investment firm Carlyle Group is hunting for investment opportunities in Kenya.

The Wall Street Journal reported early last month that the America-based global asset management firm is considering opening an office in Kenya having raised funds for investment in Sub-Saharan Africa.

The US business journal attributed the report to Marlon Chigwende, the Carlyle Group co-head of Sub-Saharan Africa buyout advisory team.

The global private equity group’s manager for media relations in Europe, Middle East and Africa, Catherine Armstrong, said in an interview in the Business Daily that Carlyle is “looking at investment opportunities in consumer or consumer-related companies.”

“A new (Nairobi) office is (not) a certainty.., but we will continue to look for potential investments in line with the investment plans of the overall fund, which covers all of sub-Saharan Africa,” said Catherine.

Carlyle manages 118 distinct funds and 81 fund of funds vehicles that invest across four segments, 11 core industries and six continents.

The Carlyle Sub-Saharan Africa fund was launched in 2011.

“This fund invests in Sub-Saharan Africa with a particular focus on South Africa, Nigeria, Kenya, Tanzania, Ghana, Mozambique, Botswana, Zambia and Uganda,” says the group on its website.

It has a staff of seven located in South Africa and Lagos.

“The Carlyle Africa team conducts rigorous top-down analysis on sectors that benefit from Africa’s economic fundamentals and trends, exhibit high growth potential...,” says the group.