JEDDAH: Fernvale Investments (Mauritius) Pte Ltd. is making a capital commitment of $75 million to Pan-African Investment Partners II Ltd. (the second Kingdom Zephyr fund, known as PAIP II). This was announced here on Monday by Kingdom Holding Company (KHC).
Fernvale is a wholly owned indirect subsidiary of Temasek Holdings (Private) Ltd.
Prince Alwaleed bin Talal, chairman of KHC, has welcomed his company’s partnership with Temasek on the African continent. “We believe this will pave the way for more transactions to come with such an institution that shares our global vision,” he said in a statement.
Ahmed Reda Halawani, executive director for Private Equity, commented: “The success of Kingdom Zephyr through its investment funds has made it Tamasek’s first choice for its investment in Africa. Temasek and KHC’s partnership in PAIP II further demonstrates and solidifies our dominance in the Private Equity field in the African continent. We are building the right investment conduit between Africa and East Asia.”
With Fernvale’s commitment, PAIP II will have total capital commitments of over $492 million. PAIP II’s investor base includes KHC, African Development Bank, International Finance Corporation, European Investment Bank, and Netherlands Development Finance Company.
PAIP II makes private investments in growing businesses throughout Africa. Since its inception in 2008, PAIP II has invested approximately $100 million in three investments: Thunnus Overseas Group, a seafood canning and processing business based in Cote d’Ivoire and Madagascar; Mixta, S.A., a builder of affordable housing, operating in five North African countries; and Buildworks, a South Africa based company listed on the AltX division of the Johannesburg Stock Exchange, that provides heavy building materials and constructs electrical power substations and transmission lines throughout Africa.