Two African banking heavyweights launch investment platform for the continent
New African Capital Partners’ (NACP) first investment target is a large, regional banking group, co-founder Charles Kie tells Euromoney in his first interview since the launch.
Charles Kie, NACP
Charles Kie, formerly of Ecobank, and co-founder Paulo Gomes, formerly of the World Bank, on Wednesday announced their launch of pan-African investment platform NACP.
Its aim is to help grow small and medium-sized enterprises across Africa, as well as larger financial institutions, with funding sourced largely from investors based on the continent.
NACP’s first investment target is a “large” banking group already present in several countries across western and central Africa, Kie tells Euromoney. The potential acquisition of a majority stake in that group, whose identity Kie would not disclose, would likely cost NACP several hundred million dollars, he says.
The bidding process is at an advanced stage, and NACP has the funding to pull it off, Kie adds, though on the source of funds he again would not provide any further information.
NACP will invest anywhere between several million and several hundred million dollars in each company it buys into, with the aim of acquiring a majority stake in each case and staying invested for at least five years, Kie says.