Carlyle appoints sub-Saharan Africa advisor – Exclusive

Dele Babade will work on both deal origination and value creation within the existing portfolio.

The Carlyle Group has appointed an advisor to its dedicated sub-Saharan Africa fund, Private Equity International has learned.

Dele Babade’s appointment is effective immediately, a spokesperson for the firm confirmed.

Babade, who has almost 30 years’ experience in financial markets, mostly in Africa, will advise Carlyle’s sub-Saharan Africa team, which is led by managing director Eric Kump, on deal origination and partnerships across the continent, as well as on value creation initiatives with existing portfolio companies.

Babade was previously chief executive officer at Ecobank Capital and a member of Ecobank’s group executive committee. He has also held senior positions at Midland Montagu, now HSBC Investment Bank, Nomura International and Citigroup.

Babade will also continue to devote time to various roles outside Carlyle, the firm said.

“Dele’s background perfectly complements that of our on-the-ground teams in Lagos and Johannesburg, and will help us continue to strengthen our business across the region as we look for new opportunities to create value for our investors,” Kump said in a statement.

Carlyle’s first dedicated sub-Saharan Africa fund closed significantly above its $500 million target on $698 million in April 2014. So far the fund has invested or committed to invest $343 million in seven portfolio companies, and has around 35 percent left to deploy. The vehicle’s investment period runs to April 2018.

The portfolio includes GCR, Africa’s largest credit rating agency, in which Carlyle agreed to acquire around a 50 percent stake from the management founders and German development finance institution DEG in January this year.

Among other investments in the portfolio are: CMC Networks, in which the firm acquired a majority stake from Investec Private Equity in November; a majority share of Amrod, a South African supplier of promotional products and clothing; and Nigerian commercial bank Diamond Bank.

In February Carlyle’s Genevieve Sangudi was appointed to the board of directors of the African Private Equity and Venture Capital Association. Sangudi, who is a managing director at Carlyle, played a leading role in launching the sub-Saharan Africa fund, including its fundraising and investment strategy.