Abraaj has partnered with the Inter-American Development Bank and the Inter-American Investment Corporation on an initiative aimed at promoting private sector development and investment in Latin America and the Caribbean.
The IDB, IIC and Abraaj will develop both financing options and education, aiming to expand the regional private equity industry. On the financing side, they will target small and middle market companies, and will co-finance initiatives in areas of shared priority.
“Private equity as an asset class is still in its beginnings in Latin America and the Caribbean but it has enormous potential to impact development,” said Carl Muñana, General Manager of the IIC.
Abraaj focuses on emerging markets for its private equity investments and recently acquired a minority stake in Turkish e-commerce business Hepsiburada. That transaction was valued at approximately $100 million, PEI reported in February.
The firm has also recently closed its its Sub-Saharan Africa-dedicated private equity fund on its $990 million hard-cap. That vehicle will focus on mid-market companies in the consumer goods and services, consumer finance, and resource and infrastructure services sectors in the core geographies of Nigeria, Ghana, Côte d'Ivoire, South Africa, and Kenya.