Kingdom Holding Company, a family office of Saudi Arabia’s Prince Alwaleed Bin Talal Al Saud , has signed a MoU With US-based PineBridge Investments to set up a joint venture platform that will invest in direct private equity opportunities in Africa.
The MOU was signed between Adel Alsayed, KHC’s executive director for private equity and international investments, and Talal Al Zain, CEO of PineBridge Investments Middle East.
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The JV will invest primarily in African companies and has been formed in response to rising investor demand for exposure to the continent’s fast growing economies.
In addition, the JV will focus on key sectors including manufacturing, consumer driven sectors, infrastructure, financial services and others.
Prince Alwaleed said: "The investment in this platform is a continuation of KHC’s successful investment strategy in Africa that began in 2003, and reflects our confidence in achieving long-term returns for investors in this venture."
Al Zain said: "We have strong conviction that the African continent is going through positive socio-economic transformations. PineBridge has offices in South Africa, Kenya and Uganda, investing in equities, credit and private markets."
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By GlobalDataPineBridge, which managed approximately US$71.4 billion as of 31 March 2014, offers alpha-oriented strategies across asset allocation, equities, fixed income and alternatives.
