EFTA00703133.pdf

From: To: "Jeffrey E." <[email protected]> Subject: Re: More US Pension Fund Money for African PE? Date: Thu, 14 May 2015 21:07:39 +0000 Seeing CEO 29th Means I can't sit on board but he's game for big cool ideas On May 14, 2015, at 4:46 PM, jeffrey E. <[email protected]> wrote: mastercard On Thu, May 14, 2015 at 4:46 PM, < > wrote: is PE the route to will in Africa? Or more "venture partner w Mastercard or Silicon Valley or ?? Up to 5bn from a single NY pension fund; that's how much we did in total in Africa in the first three quarters of this FY Africa Assets More US Pension Fund Money for African PE? This subject is getting a bit of traction on the Internet: The WSJ first reported that one of the largest US pension funds, the USD180bn New York State Common Retirement Fund, had announced that it would invest up to 3% of its assets — which could be around USD5bn - in Africa over the coming five years. Others like Quart also picked up this story. Still: For the New York State Common Retirement Fund, 3% is a modest amount to move into what is still new and uncertain territory for them. And in a message to Quartz, they added a cautionary note that their investments will be made 'as opportunities arise and meet investment standards'. The fund will work with experienced Africa investors like Helios Investment Partners — who have just raised a USD1bn fund - and African Capital, investment managers who have shown that they can deploy capital in Africa's still often challenging market conditions. Helios are also among the still relatively few funds that can invest amounts that will satisfy institutional investors looking for scale and offer significant co-investment opportunities. African PE fund managers have generally been trying to raise funds from non-DR sources, but the usual gaggle of SME funds is unlikely to get a look in here (On the other end of the scale, ft's worth noting that relative newcomer Ascent Capital have managed to convince two Kenyan pensions funds to invest USD4m and USD1m respectively). So this is cautiously good news, although it remains to be seen whether those USD5bn will be absorbed, how much of it might go to private equity, and whether, on balance, it was a profitable investment: if so, this will certainly attract more institutional investor capital from less Africa-experienced markets. Time to perform! please note EFTA00703133 The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00703134