Money Markets
Sudanese businessman Mo Ibrahim. Photo/LIZ MUTHONI
By DUNCAN MIRIRI
In Summary
- American private equity firm TPG will invest up to $1 billion (about Sh98 billion) in African companies.
- TPG is a newcomer to Africa while Satya’s interests range from healthcare in Nigeria to manufacturing in Tanzania.
- Satya will also make available an extra $300 million to $400 million (Sh29-39 billion) for investment under the tie-up.
American private equity firm TPG Capital will invest
up to $1 billion (about Sh98 billion) in African companies under a
tie-up with Sudanese billionaire Mo Ibrahim’s Satya Capital, the
companies said on Thursday.
TPG is a newcomer to Africa while Satya’s interests range from healthcare in Nigeria to manufacturing in Tanzania.
Satya will also make available an
extra $300 million to $400 million (Sh29 billion to Sh39 billion) for
investment under the tie-up, Ibrahim said.
“Actually it is much more than
that because we will leverage this money as well,” Ibrahim said in a
telephone interview. “We are going to look at everything from $1 million
to $200 or $300 million investments.”
The partnership is a special
purpose vehicle called TPG Satya Ltd, and the companies, in a joint
statement, said it would focus on businesses in healthcare, information
technology, consumer and financial services, among other sectors.
“We know the good guys. We know
the bad guys. We know which countries have rule of law. We know which
countries don’t,” Ibrahim said of Satya’s role.
Ibrahim said TPG’s funds would come from its middle market platform, TPG Growth.
William McGlashan, managing partner of TPG Growth, told the Financial Times — which first reported the partnership — that Africa is the last major market in which his company has not yet invested.
Ibrahim said the idea for a
partnership came up when Satya and TPG executives spent a weekend at the
house of U2 frontman, Bono, a mutual friend, who has long had an
interest in Africa.
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