Abraaj Africa Fund and South Africa Kenya

Arif Naqvi: The fund will focus on mid-market companies including in consumer goods, services and finance in the core countries of Nigeria, Ghana, Ivory Coast, South Africa and Kenya, according to Business Week. Demand for the fund reflects increasing investor appreciation for the powerful growth story unfolding across Africa, Arif Naqvi, Abraaj founder and chief executive officer, said in the statement. About 64 per cent of the capital committed to the Abraaj Africa Fund III came from Europe and North America, with institutional investors, pension funds and sovereign wealth funds pledging 76 per cent, the firm said on 12 April in an e-mailed statement. It is a story driven by rapid urbanisation and favorable demographics that are fuelling consumption across multiple sectors from an expanding, young middle class. It has made 67 investments in Sub-Saharan Africa in nine sectors over that period and achieved 30 full and partial exits. Abraaj has invested about $3 billion in Africa over more than a decade, it said in the statement. (news.financializer.com). As reported in the news.