Frontier stock markets in Africa have missed out on this years’ rebound in emerging markets. But some private equity funds with a history of investing in sub-Saharan Africa are continuing to raise money for the continent, even if there is often a strong reliance on development agencies.
The funds are focusing in particular on infrastructure and domestic consumer markets.
Kingdom Zephyr, for example, is raising its second fund, which is aiming for $420 million. The venture between US-based Zephyr Management and the holding company of Saudi Prince Alwaleed Bin Talal is expecting a second close for the fund.
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