Standard Chartered has hired Peter Baird to head up the bank’s private equity activities in Africa. He will be based in Johannesburg.
Baird will be responsible for growing Standard Chartered’s existing private equity business in Africa, which has invested $300 million to date in the continent, according to a statement. He was most recently a senior advisor to Vantage Capital, a Johannesburg-based mezzanine fund, prior to which he was a partner at McKinsey & Company and a principal at Brait Capital Partners in Johannesburg.
Baird will report to Standard Chartered co-head of private equity, Alastair Morrison. The group’s other co-head of private equity is Nainesh Jaisingh, who has worked for the private equity division since 2000.
Standard Chartered’s current African investments include stakes in gas exploration development firm Seven Energy Nigeria, South African grape and citrus producer Afrifresh and Lodestone Brands, a pan-African “fast moving consumer goods” company.
Standard Chartered has invested roughly $3 billion across Asia, Africa and the Middle East. Last month, the private equity group sealed its first investment in Saudi Arabia with the acquisition of a minority stake in building materials group Construction Products for $75 million. The company is Saudi’s largest building materials manufacturer, according to Standard Chartered Private Equity.
In July 2010, Standard Chartered appointed Taimoor Labib as managing director and head of private equity for the Middle East, North Africa and Turkey. Labib joined Standard Chartered in March 2010 from Riyadh-based Jadwa Investment, where he was managing director and head of private equity.