Private equity house Abraaj closes $990 mln sub-Saharan Africa fund




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DUBAI,  – Emerging-market focused private equity firm Abraaj Group has closed a $990 million sub-Saharan , its third the region, the firm said on Monday.

and North American investors committed 64 percent of the capital the Abraaj III, funding from global institutional investors, pension and sovereign wealth adding up to 76 percent, according to a statement.

Abraaj did not disclose its own contribution to the .

“It () is a story driven by rapid urbanization and favourable demographics that are fuelling consumption across multiple sectors from an expanding, young middle class,” Arif Naqvi, founder and group chief of Abraaj Group, said.

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The new African fund will focus on well-managed, mid-market firms sectors most likely to benefit from demand driven by the rapid expansion of a young, urban, middle class, Abraaj said, without naming specific .

The sectors include consumer goods and services, consumer finance, and resource and infrastructure services in the core countries of Nigeria, Ghana, Côte d’Ivoire, and Kenya.

Abraaj said it had deployed around $3 across the African continent, while in sub-Saharan Africa alone, it had made 67 investments 30 full or partial exits. (Reporting by Nadia Saleem; Editing by Mark Potter)

*(Reuters)*