Private Equity

JOHANNESBURG (Capital Markets in Africa) South Africa’s Public Investment Corp. rewarded employees with extra pay and bonuses for helping to cover up a culture of mismanagement and corruption at Africa’s biggest money manager, according to the former chief technology officer. While some dysfunction at the top of the PIC dates back to before departed Chief Executive Officer Daniel Matjila succeeded Elias Masilela more than four years ago, the situation got worse afterwards, Luyanda Ntuane said on Tuesday in the…

JOHANNESBURG (Capital Markets in Africa) – Clover Industries Ltd. management plans to buy into the business alongside a group of investors that offered 4.8 billion rand ($338 million) to acquire South Africa’s largest publicly traded dairy-products manufacturer. If the transaction goes ahead, the Johannesburg-based company will expand into other African markets, Chief Executive Officer Johann Vorstersaid in a phone interview on Tuesday. A consortium led by Tel Aviv-based Central Bottling Co. offered 25 rand a share for Johannesburg-based Clover…

CAIRO (Capital Markets in Africa) – Private sector business activity in Egypt slowed in February to its lowest level since September 2017, as companies struggled with liquidity and new orders continued to fall, according to an Emirates NBD-Markit survey. The Purchasing Managers Index for the non-oil private sector fell for the sixth consecutive month, to 48.2 from 48.5 in January — well below the 50 mark that signals a growth in business activity. The sustained…

LAGOS (Capital Markets in Africa) – Research provider Preqin indicated that 1,175 private equity (PE) funds raised a total of $426bn in capital commitments worldwide in 2018, compared to 1,670 PE funds that raised $565.8bn in 2017. Also, it said that 214 buyout funds raised $229bn in 2018, or 53.8% of total capital commitments, followed by 605 venture capital funds with $78.9bn (18.5%) in raised capital, 155 growth funds with $59.1bn (13.9%) in capital commitments,…

KINSHASA (Capital Markets in Africa) – Investment firm Blackstone Group LP is scaling back its bet on Africa, almost five years after it made a commitment to spend billions of dollars alongside the continent’s richest man. The world’s largest alternative-investment manager is in the process of selling its Africa subsidiary Black Rhino Group back to management, according to a person familiar with the deal, who asked not to be identified because the discussions are private. The unit…

JOHANNESBURG (Capital Markets in Africa) – The Public Investment Corp.’s board of directors offered to resign amid an inquiry into allegations of wrongdoing, throwing the South African manager of more than 2 trillion rand ($150 billion) deeper into crisis. The institution responsible for most South African government worker pension funds has been “destabilized” by a series of claims, including against at least four board members, Chairman Mondli Gungubele said in a letter to Finance Minister Tito Mboweni co-signed by…

LAGOS (Capital Markets in Africa) – Amethis, the investment fund manager dedicated to long-term responsible investments in Africa, is pleased to announce an intermediary closing of its second Pan-African fund, Amethis Fund II, which collected EUR 305mn from a broad range of investors in Europe and Africa, exceeding its initial target of EUR 300mn. Amethis, founded by Luc Rigouzzo and Laurent Demey in partnership with the Edmond de Rothschild Group, manages two other funds, Amethis…