PIC invest €19m in Phoenix Capital Management's West Africa Emerging Markets Growth Fund

26 Mar 2014

PIC invests Euro 19 million (FCFA 14 billion) in the West Africa Emerging Markets Growth Fund (WAEMGF), the Phoenix Capital Management (PCM) sponsored PE fund.

Johannesburg, South Africa, March, 2014 – South Africa’s Public Investment Corporation (PIC), the largest asset manager on the continent with assets under management of approx. USD 150 billion (FCFA 70,000 billion), has concluded an important strategic alliance with Cote d’Ivoire based financial services group Phoenix Capital Management (PCM) S.A.

Per the terms of the partnership between the two groups, PIC will, on behalf of the Government Employees Pension Fund (GEPF), invest an initial investment of US 30 million (FCFA 14 billion) in the West Africa Emerging Markets Growth Fund (WAEMGF), the Private Equity (PE) fund sponsored by PCM. In addition PIC will take a 30% shareholding in PCM Capital Partners (PCP), the Fund Manager.

This dual investment reflects the group’s developmental strategy for sub-Saharan Africa which revolves around investing some 5% of its assets under management (approx. FCFA 3,500 billion) on the continent.

The partnership envisages potential co-investment opportunities between the two groups and will give PIC a solid channel for any investments in the ECOWAS region.

Commenting, Dr. Dan Matjila, PIC’s Chief Investment Officer said “ The strategic partnership which we have recently signed with PCM offers the opportunity to widen our geographic focus outside of South Africa and to diversify our investment portfolio into growth sectors such as telecoms, financial services, industry, agriculture and the SME sector.”.

In response Michel Abrogoua, Managing Partner of PCP said “PIC’s decision to invest in the WAEMGF and take a shareholding in the fund management company will enhance our operational capacity and allow us to make a meaningful impact to development of the SME sector in the West African sub-region.”

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