Abraaj secures $990m for mid-market firms in Nigeria, Ghana, others

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– Emerging market-focused private equity firm, Abraaj Group, it has secured a 990 million dollars for of mid-market firms sub-Saharan Africa.

Arif Naqvi, Founder and Group Chief of Abraaj Group, said on Monday that tagged “Sub-Saharan Africa III’’, was third the sub-Saharan Africa.

The is for consumer goods and services, consumer finance and resource and infrastructure services the core countries of Nigeria, Ghana, Côte d’Ivoire, South Africa and Kenya.

Naqvi said the was provided by its and North American investors who committed 64 per cent of the capital in the Abraaj Africa III.[pro_ad_display_adzone id=”10″]

He said that funding also came global institutional investors, pension funds and sovereign wealth funds adding 76 per cent.

Naqvi did not, however, disclose how much Abraaj contributed the fund.

“It (Africa) is a story driven by rapid urbanisation and favourable demographics that are fuelling consumption across multiple sectors an expanding, young middle class,’’ he said.

The firm said the new African fund would focus on well-managed, mid-market firms in sectors most likely benefit demand driven by the rapid expansion of a young, urban, middle-class.

Abraaj reiterated that it had deployed around 3 billion dollars across the African continent, while in sub-Saharan Africa alone; it had made 67 investments with 30 full or partial exits. (Reuters/NAN)