TPG,Satya hires ex-African Development Bank president

The hire will bolster the $1 billion partnership, which has so far made one investment in Africa since its formation in June.

TPG and Satya Capital have recruited the former president of the African Development Bank Group, Donald Kaberuka, as a senior advisor for its $1 billion Africa investment platform.

Kaberuka will add further strength to the tie-up formed in June between TPG Growth, which leverages TPG’s global resources, and the expertise and the connections of Africa-focused Satya and Mo Ibrahim, its billionaire entrepreneur chairman. In a statement, the group said that Kaberuka would “provide counsel and insight on investment opportunities on the continent.”

Since its launch, TPG/Satya has been seeking African companies looking to expand both in the continent and internationally.  It is looking to allocate $1 billion, with Satya providing up to 30 percent of the capital.

It made its first investment in September, with an investment in Ecoles Yassamine, a chain of private schools in Morocco.  

Kaberuka formerly spent 10 years as president of the African Development Bank Group and was also a minister of finance and economic planning in Rwanda.

At the Bank, he oversaw a tripling of its capital, and a doubling of its investment portfolio, while its annual private equity target allocation was increased from $500 million to nearly $3 billion.

Kaberuka said: “Private equity is transforming Africa. TPG/Satya’s sector knowledge, operational resources and global experience puts it in a unique position to help unleash the potential of businesses across the continent.”

Bill McGlashan, managing partner at TPG Growth, said: “TPG Growth is passionate about partnering with great entrepreneurs and helping them thrive – particularly in emerging economies. We see tremendous opportunity in Africa and are extremely confident in the impact we can make with Mo and Donald.

Satya Capital chairman Ibrahim added: “Donald is not only one of Africa’s leading economists, but also one of its greatest champions. He has a deeply held optimism about Africa’s future and the role of private investment in unlocking that opportunity – beliefs that underpin the TPG Growth and Satya partnership.”