AfDB backs Carlyle fund

AfDB backs Carlyle fund

Published: March 6, 2012

Bank invests US$50mn in Africa fund.

The Carlyle Group’s Sub Saharan Africa Fund has received US$50mn of equity from the African Development Bank (AfDB).

The US private equity firm established the fund to expand its interests in Africa.
Carlyle plans to invest US$500mn in Africa with South Africa, Nigeria and Kenya initial investment anchor countries.

Through the fund, Carlyle hopes to turn national companies into regional entities.

AfDB president Donald Kaberuka said no other development finance institution is better placed to welcome new investors to the continent.

Alongside its investment the AfDB has helped Carlyle establish a tracking system, which monitors job creation, tax revenues and capital flows to portfolio companies.