Private equity giant Carlyle is interviewing in Africa
Nicol Degli Innocenti
The Carlyle Group, a global private equity firm with $97.7bn of assets under management of which $16.6bn in emerging markets, is zoning in on opportunities in Africa.
The group is opening an office in Johannesburg and one in Lagos and plans to invest in buyouts and capital growth ventures in the continent, targeting the financial services, infrastructure, agriculture and energy sectors.
"The entrance of a global player like Carlyle into sub-Saharan Africa is a testament to the region's progress and prospects and will attract more capital and talent to the region," Danie Jordaan, Carlyle's new co-head of sub-Saharan Africa said today.
"We also believe Carlyle's global network will facilitate the growth of its sub-Saharan Africa investments in the major international markets." Mr Jordaan, a South African, is a former partner in Ethos Private Equity with twenty years' experience in the sector and he will be based in Johannesburg.
The other co-head of sub-Saharan Africa is Marlon Chigwende, until now head of private equity in Africa for Standard Chartered Bank, who in the past has worked for Goldman Sachs, Greenhill and JP Morgan in London. Mr Chigwende is joining in May and will open the Lagos office. The team also includes managing director Genevieve Sangudi, who has left her role as partner and managing director of Emerging Capital Partners in Nigeria.
Other members of the team are being recruited now to staff the two offices in South Africa and Nigeria.
"We are interviewing people at the moment," says Johannes van Niekerk, Carlyle spokesman in Johannesburg. "We are looking across the continent and in London as well. Candidates with experience, particularly with African experience, will be preferred."
No decisions have been taken as to the size of the offices yet and they are likely to grow as business does.
"Sub-Saharan Africa is one of the fastest growing regions in the world, driven by favourable demographics, expanding domestic industries and an improving political environment," Greg Summe, Carlyle's managing director and vice-chairman of the global buyout division, said.
"Carlyle's sub-Saharan Africa team comprises African nationals with deep market knowledge, broad networks across the continent and extensive experience in private equity transactions. The Africa team's expertise should be a powerful combination with Carlyle's deep industry experience and global platform".
The private equity sector in Africa is destined to grow, according to specialist data provider Preqin: "Evidence suggest that the sector is expanding and new funds are rapidly increasing in both size and reach. Investors will enter the market, making strong expansion within the industry likely in the medium to long term."
