Last year the fund bought a significant minority shareholding in technology services firm wiGroup, which is looking to grow its footprint outside SA. The fund also invested in IDM, a debt- management company in SA, and made a further investment in telecoms towers business IHS Africa in Nigeria, which was initially acquired by its first fund in 2011.
Francois van der Spuy, head of private equity at Investec Asset Management, said yesterday that following the three investments, the fund still had "north of 200m" to invest.
"We are looking at some interesting opportunities in countries such as Egypt, Mozambique, SA, Ghana and Nigeria.
"We also see opportunities arising in the East African community and Ethiopia," Van der Spuy said.
He said the fund would look at transactions between $15m and $40m. He said there was appetite to invest up to $100m, but only alongside other investors.
"We will invest in companies where the owners of the companies have established a track record (and) where there is a management team willing to become a partner," Van der Spuy said. "Our job is not to allocate capital, but to grow business."
Van der Spuy said that the company was looking to exit some of its investments in Investec Africa Private Equity Fund 1. "In the next six to 12 months we are probably going to see some news on two to three exits," Van der Spuy said.
In Investec Africa Private Africa Fund 1, investments were made in Daraju Industries, a fast moving consumer goods company in Nigeria; Big Media in Angola; OK Zimbabwe; SA Taxi Finance; Seven Energy in Nigeria; and J&J Transport, a Southern African transport and logistics provider.
Source: Business Day
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