Nigeria’s state fund manager targets a fivefold increase with $270million AUM, Africa's latest unicorn at $400million funding round.
Plus Convergence Partners $296 million for latest fund, Swedfund invests $26 million in African infrastructure fund, STANLIB Infrastructure Fund II new acquisition.
Dear Afrlytics Reader,
I hope you had a good weekend. In today’s roundup of interesting news, trends, and dealmaking:
Vantage Capital’s mezzanine completes the final close
STANLIB Infrastructure Fund II acquires 42% of Upington Solar.
Adenia Partner's largest fund holds first close
Commercial International Bank Egypt (CIB) set complete acquisition of Kenya’s Mayfair CIB.
Nigeria’s state fund manager targets a fivefold increase with $270 Million AUM
Nigeria’s Ministry of Finance Inc (MOFI) is looking to grow its asset under management (AUM) by fivefold to $217 billion by 2033. The president tasked the new board of the investment vehicle, to invest in commercial opportunities as part of overall measures to revive and restructure non-performing assets and boost government revenue.
M & A
Commercial International Bank Egypt (CIB) set complete acquisition of Kenya’s Mayfair CIB.
Commercial International Bank Egypt (CIB) has received the regulatory approvals to acquire the remaining 49% of Kenya’s Mayfair CIB, in a deal valued at $40 million.
STANLIB Infrastructure Fund II acquires 42% of Upington Solar.
South African Asset Manager Stanlib, through its second infrastructure fund, has signed an agreement with renewable energy company Scatec to acquire a 42% stake in the 258 MW Upington solar power plant for R979-million.
Phatisa acquires a significant minority stake in MHL International Holdings.
Leading Sub-Saharan Africa private equity investor, Phatisa has acquired a minority stake in MHL International Holdings Limited (“MHL”), a subsidiary of The Manipal Group – the India-based conglomerate with interests in the printing and technology sectors
Rating Changes
Moody's Investors Service ("Moody's") has downgraded the ratings of Seplat Energy Plc (Seplat) and Dangote Cement Plc (Dangote) to Caa1 from B3. It has also downgraded the Nigeria Government's long-term foreign-currency and local-currency issuer ratings to Caa1 from B3.
Venture Capital
MNT-Halan becomes Africa’s latest unicorn
Egyptian payments solutions firm MNT-Halan has secured $400 million in equity and debt financing, including $260 million in equity and $140 million in debt at a valuation of more than $1 billion and making it Africa’s latest unicorn.
Lulalend raises $35million in Series B investment
South Africa SME digital lender Lulalend has raised $35 million in a Series B investment round led by Lightrock, The International Finance Corporation (IFC), Quona Capital, and new investors namely Triodos Investment Management, Women’s World Banking Asset Management, and German development finance institution DEG
Mawingu raises $9 million in Series B funding round
Kenya-based internet service provider Mawingu has raised $ 9 million in its Series B funding from existing and new investors
Private Debt
Oikocredits provides loan financing to Yellow
Dutch impact investor Oikocredit is providing a $5 million loan to Solar system provider Yellow. The funding will support the roll-out of the company’s solar system offering across four African countries.
Norfund invest in South Africa’s Synecore Holdings with convertible debt
Norwegian Investment Fund Norfund has made a convertible debt investment in Synecore Holdings, the South African manufacturer and distributor of food ingredients. to enable it to scale its operations.
Private Equity
Swedfund commits $26million to African Infrastructure Investment Fund
The Swedish Government’s development financier, Swedfund has made its first investment in broader infrastructure that includes more than clean energy and climate infrastructure with a commitment of $26 million to African Infrastructure Investment Fund 4 (AIIF4).
Fundraising Events
Convergence Partners completes the successful close of the latest fund
South Africa-based technology and digital infrastructure investment firm Convergence Partners, has successfully closed its Convergence Partners Digital Infrastructure Fund (CPDIF) at $296 million, with its initial target oversubscribed by 18%.
Vantage Capital’s mezzanine completes the final close
Leading African mezzanine fund manager Vantage Capital has held the final close for its largest fund with commitments from US and European investors
Adenia Partner's largest fund holds first close
Leading private equity firm Adenia Partners has reached the first close of its largest fund with an oversubscription of three-quarters of its final target.
Economy Updates:
Uganda has seen an increase in its annual inflation rate from 10.2 % in December to 10.4 % in January
Zimbabwe’s annual inflation dropped to 230% after five month-on-month reductions. The Zimbabwe Central Bank also lowered the benchmark interest rate from 200% to 150%.
Kenya’s inflation covering goods and services rose to a four-year high of 4.3 %pe in January.
Thanks for reading the Afrlytics. Please send us any feedback, news, or suggestions to info@afrlytics.com. Please ask your friends and colleagues to subscribe.