Kingdom Holding Company (KHC), chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, and PineBridge Investments Middle East (“PBME”) a global multi-asset-class manager have signed a memorandum of understanding (“MOU”) on 30 June 2014 to establish a joint venture platform (“JV”) to invest in direct private equity opportunities in Africa. The MOU was signed by both Dr. Adel Alsayed, KHC’s Executive Director for Private Equity and International Investments, and Mr. Talal Al Zain, Chief Executive Officer of PineBridge Investments Middle East.
The joint venture between KHC and PineBridge Investments Middle East will invest in African companies, in response to rising investor demand for exposure to the continent’s fast growing economies. Key focus sectors include manufacturing, consumer driven sectors, infrastructure, financial services and other sectors.
Prince Alwaleed commented: “The investment in this platform is a continuation of KHC’s successful investment strategy in Africa that began in 2003, and reflects our confidence in achieving long-term returns for investors in this venture.”
Mr. Al Zain commented: “We have strong conviction that the African continent is going through positive socio-economic transformations. PineBridge Investments has a long track record of direct investing in Africa since the 1990s, with extensive experience in sectors including infrastructure, banking and consumer industries. The firm has offices in South Africa, Kenya and Uganda, investing in equities, credit and private markets.”
KHC and PineBridge Investments are long-established in Africa and have extensive emerging and frontier markets experience. Over the 2003 to 2011 period, KHC and Zephyr Management (Zephyr) combined well in their strategic views and execution of an African investment strategy. In 2011, KHC and Zephyr reached an agreement for the acquisition of Zephyr’s interest in KZAM and was subsequently renamed to Kingdom Africa Management (KAM).
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