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.”