1 April 2011
Privately held global asset manager The Carlyle Group has announced the establishment of a team to conduct buyout and growth capital investments in private and public companies in sub-Saharan Africa, with offices to be based in Johannesburg and in Lagos, Nigeria.
Carlyle, based in Washington DC, is a global alternative asset manager with US$97.7-billion of assets under management committed to 76 funds as of September 2010.
Carlyle’s local team will be co-headed by Marlon Chigwende, former MD and head of Private Equity Africa for Standard Chartered Bank, and Danie Jordaan, former executive committee member and partner of Ethos Private Equity. The team also includes Genevieve Sangudi, most recently a partner and MD of Emerging Capital Partners.
Jordaan begins his duties immediately, while Chigwende and Sangudi will begin in early May.
‘One of the fastest-growing regions in the world’
“We are pleased to welcome Marlon, Danie and Genevieve to Carlyle,” Carlyle Group MD Greg Summe said in a statement this week. “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.”
He explained that the newly established team comprised African national with deep market knowledge, broad networks across the continent and had 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.”
Carlyle will focus on transactions, where it has a distinctive competitive advantage and can create tangible value for companies in which it invests, through industry specialisation, deployment of human capital and access to Carlyle’s global network.
‘Will attract more capital into the region’
Carlyle’s initial target industries include consumer goods, financial services, agriculture, infrastructure and energy.
Jordaan said the entrance of a global player like Carlyle into sub-Saharan Africa was a testament to the region’s progress and prospects, and that it would attract more capital and talent into the region.
“We are excited to join Carlyle, with its demonstrated ability to build thriving private equity businesses across emerging markets,” he said. “As sub-Saharan Africa gains from political and economic reforms, demand for basic services and infrastructure is dramatically increasing.
“We also believe Carlyle’s global network will facilitate the growth of its sub-Saharan African investments in the major international markets.”
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