Funds of Funds managers with an Africa fund preference

by Patrick Adefuye

  • 28 Jul 2011
  • PE

Preqin’s Investor Intelligence database profiles 32 active fund of funds managers that have a preference for committing to funds with a focus on Africa. The majority (41%) of these managers are headquartered in the US with 13% headquartered in South Africa, and 9% headquartered in France and Switzerland respectively.

One such fund of funds manager is HarbourVest Partners. The US-headquartered firm is raising HarbourVest International Private Equity Partners VI Emerging Markets, a broad emerging markets focused fund targeting USD 300 million. The fund includes an allocation for investments in Africa.

Africa-based funds of funds managers offering access to the region’s private equity markets include South Africa-headquartered FirstRand Alternative Investment Management. The fund of funds manager’s latest fund, Momentum Private Equity Fund of Funds II, which is targeting ZAR 500 million, is predominantly focused on South Africa but can invest up to 15% of its capital in the wider Sub-Saharan African region.   Another Africa-based manager focused on the region is Mauritius-based South Suez Capital. The manager is investing from its debut fund, South Suez Africa Fund, which will invest in Africa-focused funds excluding South Africa-focused funds. The fund will seek to invest in a range of underlying funds including buyout, venture capital, distressed debt and mezzanine vehicles.

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