Sovereign wealth fund GIC invests $100m in two private equity firms in Africa

Mar 09, 2016

This is the first time that GIC has invested in Africa.

Singapore’s sovereign wealth fund GIC has invested $100 million in two African-focused private equity funds.

While it has investment in the US, Europe and Asia, this is the first time that GIC has invested in Africa.

The first fund, Actis, is an emerging markets private equity firm with $7 billion (€6.3 billion) under management. It has already invested $3 billion in Africa, including $1 billion in financial services.

RMB Westport, GIC second investment target, was founded in 2008 as a joint venture between Rand Merchant Bank and Westport Property Group. The fund has large scale construction, development and maintenance projects across Africa including Nigeria, Ghana and Angola.

Investments from international private equity in sub-Saharan Africa have grown five-fold since 2008 to reach $12 billion, according to a new study from the Overseas Development Institute.

In 2015, Helios Investment Partners, a private equity fund focused on Africa, has for the first time raised more than $1 billion.ADNFCR-2976-ID-801814252-ADNFCR