OPIC seeks EM fund managers(2)

Emerging market fund managers are being sought by the US government's DFI, which aims to commit $35m - $150m per qualified fund.

The Overseas Private Investment Corporation, a US government development finance institution, has issued a call for proposals from emerging market private equity fund managers, according to an OPIC statement.

OPIC will consider investments in the $35 million – $150 million range in each selected fund, provided the amount is no more than 33 percent of a fund’s total capitalisation. 

OPIC will consider investments in the $35 million – $150 million range in each selected fund. The total capital it seeks to invest was not specified, but in 2011 OPIC issued a similar call for emerging market fund proposals to which it aimed to commit $400 million in total.

Fund managers are responsible for raising the remaining two-thirds from other limited partners. 

Fund managers investing in infrastructure and infrastructure-related sectors within sub-Saharan Africa, including energy and energy-related services, will receive additional consideration, the statement said. 

Torrey Cove Capital Partners, an alternative investment advisor, has been brought on to assist in evaluating proposals received.

Recent funds OPIC has invested in include Asia-Pacific-focused Asia Development Partners III (Olympus Capital) and BanyanTree Finance’s BanyanTree Growth Capital II; Catalyst Private Equity’s Fund I, which has a MENA focus; and CapMan’s Russia Fund II, targeting Central and Eastern Europe, according to PEI’s Research & Analytics division.

Last month, OPIC pledged to invest $150 million in Africa-focused Development Partners InternationalPEI previously reported.

The total capital it seeks to invest was not specified, but in 2011 OPIC issued a similar call for emerging market fund proposals to which it aimed to commit $400 million in total, Private Equity International reported earlier.

Deadline for the submission of proposals is December 2, 2013. Details of the call for proposals may be found on OPIC’s website at www.opic.gov.

OPIC is the US Government’s development finance institution. It mobilises private capital to help solve critical development challenges and in doing so, advances US foreign policy. Established in 1971, OPIC says it has since supported $200 billion of investment in 4,000 projects.