The Carlyle Group is expected to hold a final close on its debut Sub-Saharan Africa Fund on between $700 million and $750 million in late March or early April, according to a source familiar with the matter.
Carlyle declined to comment.
The Sub-Saharan Africa Fund launched in 2013 with a $500 million target. The fund had raised about $592 million as of October 2013, according to documents filed with the US Securities and Exchange Commission. The African Development Bank is a limited partner in the fund, according to Private Equity International’s Research and Analytics division. TCG Securities and JP Morgan Securities will receive compensation from the fund, according to the documents.
Upon closing the fund, Carlyle’s Africa team will have undergone a significant management change, as Daniel Jordaan, a managing director and co-head of Carlyle’s Africa team, recently transitioned to the role of senior advisor. The move did not trigger a key-man clause and managing director and co-head Marlon Chigwende will continue to lead Carlyle’s Sub-Saharan Africa team in Johannesburg. Jordaan was hired in 2011 after working as a partner at Ethos Private Equity.
Carlyle’s Africa team also includes managing director Genevieve Sangudi, who is based in Lagos, Nigeria, according to Carlyle’s website.
Carlyle has already made two investments from the fund. In January, the firm partnered with Investec Asset Management to invest in J&J Africa, a pan-African logistics company which focuses on road transportation along the Beira corridor of Southwest Africa, according to a statement.
“By building on J&J’s current service, as well as adding new offerings, we hope to better serve current and future customers in this fast-growing region,” Chigwende said in the statement. “J&J is well positioned to benefit from the fast growth across Southern Africa, particularly in Mozambique and Zambia.”
Carlyle also invested in Tanzania-based agribusiness company Export Trading Group in November 2012.