fbpx

$1B Private Equity Fund Will Benefit South African Businesses

$1B Private Equity Fund Will Benefit South African Businesses

South African businesses that want to grow north of the Limpopo River will be the beneficiaries of a new $1-billion private equity fund for Africa, News24Wire reports.

TPG Growth, with headquarters in San Francisco, California, and London-based Satya Capital announced on Thursday a $1-billion investment partnership in Africa.

The partnership is TPG’s first Africa-focused investment vehicle and will invest in growth-stage companies and the next generation of entrepreneurs across the continent, according to News24Wire.

Satya Capital was started by Sudanese-British billionaire Mo Ibrahim, who sold his Africa-based mobile communication company Celtel for $3.4 billion in 2005.

TPG Growth has $7 billion of assets under management, with past investments representing innovative and disruptive companies in tech, entertainment, and retail including Uber, Airbnb, Box, Domo, Beautycounter, Ride, Angie’s Artisan Treats, Fender, SurveyMonkey, Evolution Media and STX Entertainment, News24Wire reports.

The money will be provided by TPG Growth, which will look for companies and entrepreneurs in all sectors that need capital to help them grow, including in healthcare, technology, media and telecommunications, consumer and financial services.

From News24Wire. Story by Matthew Le Cordeur.

Satya managing partner Moez Daya told Fin24 that the partnerships were looking for entrepreneurial partnerships “north of the Limpopo River” and which could benefit South African businesses.

“The growth of the middle class is greater in sub-Saharan Africa,” he said. “South African growth is a lot more constrained. Growth beyond South Africa is faster, but more risky.

“The business we do is partnering great companies, those who are breaking through the (Limpopo) border,” he said. “We will be the ideal partners for South African companies wanting to do that. We bring capital, tools, know-how and the relationships that we’ve built across Africa.”

Read more at News24Wire.