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CDC backs Citigroup's CVCI Africa Fund15/01/2007. Source: AltAssets. 
 UK government-backed private equity emerging markets fund of funds investor CDC Group has committed $100m to Citigroup's first dedicated African private equity fund, CVCI Africa Fund. CDC will be the sole investor.
CVCI Africa Fund will provide growth capital to larger companies across Africa and will invest alongside Citigroup Venture Capital International's managed emerging market private equity funds. The amounts invested by the new fund and other CVCI managed funds in individual transactions are expected to be between $20m and $60m and will be invested in companies in both Sub-Saharan and North Africa.
CDC CEO Richard Laing said, 'CVCI has a strong track record of developing and growing a private equity business in emerging markets and we are extremely pleased to be backing its team to invest in Africa. This is just one example of the way in which CDC acts as a pioneer investor, where we believe backing a team like CVCI to invest in the region will benefit the private equity industry in Africa as a whole.
'Many of the investment opportunities for the fund will lie in areas such as infrastructure, natural resources, energy, telecoms and general manufacturing. We believe that profitable investments in such areas are fundamental to creating wealth and alleviating poverty in growing economies,' Laing continued.
CDC has assets of £1.6bn targeting businesses in the poorer countries of the world with an emphasis on Africa and South Asia. CDC's commitment to the CVCI Africa Fund brings its total commitments to Africa to over $830m since 2004.
CVCI is a division of Citigroup Alternative Investments.
Copyright © 2007 AltAssets
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