West Africa gets exciting

This article first appeared in emerging Private Equity’s July/August 2008 issue.
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Vicky Meek - emerging Private Equity

With limited partner interest increasing towards Africa as a whole, it’s hardly surprising that West Africa is seeing a dramatic increase in funds being raised for investment there. It is, according to CDC investment manager and Togo national Jean-Marc Savi de Tove, “one of the most dynamic regions in Africa”.

“We’re seeing quite a few new GPs emerge in the region and some long-standing ones raising capital,” says John Mawuli Ababio, managing director of the African Venture Capital Association. “There are six or seven that have just closed a fund or that are seeking capital now.” He points to those such as Ghana-based Fidelity Capital Partners’ latest US$35 million fund, Togo-headquartered Cauris Management’s US$15 million fund, Phoenix Capital Management’s US$100 million fund, which it will invest from its Côte d’Ivoire office, and the Advanced Finance & Investment Group’s US$100 to US$200 million Atlantic Coast Regional Fund that it is currently raising. Nigerian firm Travant has just reached a US$107 million first close on what is believed to be the largest fund raised on the continent outside South Africa; it is looking to raise a total of US$300 million. And that doesn’t take into account the pan-African and South African funds with allocations to West Africa. Read more.