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TPG to invest up to $1 bln in Africa with Satya Capital: source
David Bonderman, Founding Partner, TPG, takes part in Private Equity: Rebalancing Risk session during the 2014 Milken Institute Global Conference in Beverly Hills, California, April 29, 2014. PHOTO BY REUTERS/Kevork Djansezian
18/06/2015
(Reuters) - U.S. private equity firm TPG will invest up to $1 billion in Africa through a tie-up with Sudanese billionaire Mo Ibrahim's Satya Capital, a person familiar with the matter told Reuters on Wednesday.
Funds for the investment will come from TPG's middle market platform, TPG Growth, instead of raising a new fund for the continent, the person said.
William McGlashan, managing partner of TPG Growth, said Africa is the last major market in which his company has not yet invested, in an interview to the Financial Times, which first reported the partnership.
TPG confirmed the story but declined to comment further. No one was available to comment at Satya's London headquarters after normal business hours. Satya's website describes the company as an investment firm focused on Africa.
Ibrahim said that Satya Capital is looking at three deals in healthcare, education and retail, the FT reported.
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