Britam anchors first south-south private equity fund in Africa

27 Mar 2019

Britam Holdings PLC has approved an anchor investment in Tiserin Capital, Africa’s first south-south private equity fund.  As a result, Britam will become an anchor shareholder in Tiserin Capital Private Equity Fund. This investment by Britam will play a catalytic role of both Tiserin Capital and other private equity funds in Sub-Saharan Africa outside of Nigeria and South Africa. This is the first time that an African institutional investor has made a decision to anchor a private equity fund in Sub-Saharan Africa. Tiserin Capital seeks to transform local industries by weaving partnerships between African companies and leading companies from Emerging Asia and Latin America.  The investment is a breakthrough in the region’s financial markets highlighting the important role pension funds, insurance and other local investors can play in supporting long term investments in the region.  The United Nations estimates that there is approximately US$60bn in sub-Saharan Africa pension funds (ex-SA) that could be mobilized to support private equity and infrastructure investments in the region.

Dr. Benson Wairegi, Britam’s CEO said “Britam continues to set the pace on innovation and service in the Sub-Saharan Africa region.  We are excited about this new partnership with Tiserin Capital that introduces us directly into the private equity space, an area with considerable potential in the region.  German Vegarra and Aida Kimemia have developed an innovative approach that seeks to accelerate job creation and transform local industries, both so critical for countries like Kenya.”  Innovation is one of Britam’s strategic pillars in the company’s 2016-2020 strategic plan.

Mr. German Vegarra, CEO, Tiserin Capital, added “we are delighted to have Britam as our partner.  We are impressed by Britam’s regional expansion, its push for innovation, and the stamp of approval provided by leading investors like IFC, Swiss-Re and AfricInvest.  Mr. German added “We want to thank Britam for their trust and support.  Britam understands the role private equity can play in expanding its product base while supporting regional economic growth.”  

Mr. Kenneth Kaniu, CEO - Britam Asset Managers, added “countries like Indonesia, India, Philippines, Peru and others have followed a socio-economic growth pattern that may provide regional economies a blueprint of what is to come to the region over the next decade.  Leading companies from these countries can help local companies to accelerate their growth by transferring industrial and management know-how and strengthen their competitive base.  We are always thinking of how to expand our investment offering to our institutional and high net worth clients.  Alternative investments like private equity are rapidly gaining interest from our clients.  Tiserin Capital puts us on the driver seat giving us valuable experience to grow our private equity investments.”

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