Jacana partners with Ghana’s leading Private Equity Fund
Jacana, the group that supports emerging SME private equity firms in Africa, has entered into a strategic partnership with Fidelity Capital Partners Limited, a Ghana-based fund manager with a total of $32 million under management. Jacana will make an investment in Fidelity Capital Partners, enabling it to expand the senior team. Jacana will also provide hands-on management support to both the investment team and their portfolio companies, ahead of the planned launch of Fidelity’s third fund in 2012.
13 December 2010
Jacana, the group that supports emerging SME private equity firms in Africa, has entered into a strategic partnership with Fidelity Capital Partners Limited, a Ghana‐based fund manager with a total of $32 million under management. Jacana will make an investment in Fidelity Capital Partners, enabling it to expand the senior team. Jacana will also provide hands‐on management support to both the investment team and their portfolio companies, ahead of the planned launch of Fidelity’s third fund in 2012.
Stephen Antwi‐Asimeng, Senior Partner of Fidelity Capital Partners, commented:
“We approached Jacana as a strategic partner because we believe that the combination of our local market experience and deal flow with their international expertise in private equity will be a powerful one which will enable us to scale new heights.”
Fidelity Capital Partners was founded in 1999 and is one of West Africa’s leading SME private equity firms. It currently manages two SME funds (Fidelity Equity Funds I and II) on behalf of a number of investors including SSNIT, the Venture Capital Trust Fund, Oikocredit, Sovec and leading Development Finance Institutions such as FMO (the Netherlands) SIFEM (Switzerland) and Finnfund (Finland).
Founded by European private equity experts, Jacana’s mission is to contribute to long‐term poverty alleviation by attracting public and private investment to SMEs in Africa. The approach is to partner with and develop local private equity fund managers. The combination of Jacana’s capital and expertise enables its partners to grow their teams, build their track records and raise larger funds.
This transaction is Jacana’s second partnership following its investment in InReturn Capital, an East African SME investment firm, in early 2010. The partnership with Fidelity Capital enables Jacana to extend its footprint in Sub Saharan Africa and further develop its track record in building successful SME private equity firms.
Claude Barras, Managing Director of SIFEM and Ben Zwinkels, Senior Investment Officer of FMO, both Board Directors of Fidelity Capital, commented:
“We believe that the combination of Jacana and Fidelity Capital will enhance returns for all investors and help us to achieve our development goals in Africa. We are excited about working together with Jacana and supporting both partners in their future growth.”
Press contact FMO:
Communications Officer (PR)
T: +31 70 314 9791
About Jacana Venture Partnership:
Jacana was founded in 2008 by a group with substantial experience in the private equity and venture capital industry in Europe. Its co‐founders include Stephen Dawson (a pioneer in the UK VC industry 30 years ago and a co‐founder of Impetus Trust, a venture philanthropy charity), Lord Joel Joffe (a philanthropist with a background in human rights law, a successful entrepreneur and former Chairman of Oxfam), Connie Helyar (a successful entrepreneur in fund administration for private equity) and Simon Merchant (a successful entrepreneur and VC investor). Jacana’s vision is the creation of a sustainable, responsible and robust SME growth capital industry in Sub‐Saharan Africa that supports local SMEs, fuels economic growth, creates employment and thereby makes a major contribution to the reduction of poverty in Africa.
About Fidelity Capital Partners:
Fidelity Capital Partners Limited was established in February 1997 and commenced business in November 1999 as a venture capital and private equity fund management company and corporate finance advisory services provider. Fidelity Capital’s shareholders include its management team, local and international private investors and development finance institutions. The company currently manages two dedicated private equity funds with a total committed capital of about US$32 million and is also the Local Investment Partner of Africinvest Capital Partners Limited, a Pan‐African private equity fund management company.
The Netherlands Development Finance Company (FMO) is the entrepreneurial development bank of the Netherlands. FMO invests risk capital in companies and financial institutions in developing countries. With an investment portfolio of € 4.6 billion, FMO is one of the largest bilateral private sector development banks worldwide. Thanks in part to its relationship with the Dutch government, FMO is able to take risks which commercial financiers are not - or not yet - prepared to take. FMO's mission: to create flourishing enterprises, which can serve as engines of sustainable growth in their countries. www.fmo.nl
- 24 December 09:32 - New Credit Facilities for Delta Brac Housing by FMO and Triodos
- 23 December 11:51 - FMO’s Fund Emerging Markets recently contracted a EUR 2.4m finance with the Russian subsidiary of the Hencon Group
- 20 December 15:26 - Appointment Nanno Kleiterp as new chairman of EDFI
- 16 December 17:22 - Jacana partners with Ghana’s leading Private Equity Fund
- 02 December 16:29 - FMO and partners finance connection of 3 billion people to the internet with satellite
- 12 November 15:44 - AEI Closes Financing for Phase II Wind Project in Nicaragua
- 11 November 13:36 - UniCredit Bank and FMO sign USD 10mln Credit Agreement for support to SMEs
- 11 November 11:33 - FMO supports 6 out of 14 winners G-20 SME Finance Challenge
- 11 November 10:23 - FMO client Advans SA in Côte d’Ivoire creates new microfinance institution
- 09 November 14:11 - Lending consortium comprised of IFC, FMO, Proparco and the ICF Debt Pool finances new North Vietnam deep water container terminal
- 01 November 19:27 - FMO Invests USD15 million in Sudameris to Support Midsize Companies in Paraguay
- 01 November 16:36 - Innovation vital to sustainable development banking sector
- 29 October 17:10 - Festive celebration of FMO investment in Family Bank Kenya
- 28 October 18:16 - Dutch Fair Trade week features cashew nuts from FMO client Anatrans
- 27 October 16:54 - New Upsides special on the future of banking published
- 15 October 10:44 - IFC and FMO Invest $30 million in BIF to Support Midsize Companies in Peru
- 23 September 17:19 - Rebuilding capacity in Haiti's private sector
- 16 September 15:29 - Ameriabank CJSC sets example with implementation of Environmental and Social Management System (ESMS)
- 09 September 18:56 - Semi-annual results development bank FMO: well performing developing countries lead to profit growth
- 09 September 11:05 - Fidelity Bank Ltd and FMO increase support to Ghanaian SMEs
- 28 July 10:09 - FMO provides scarce private equity for clean technology in Mekong region
- 12 July 09:56 - USD 15m loan to stimulate small & medium sized businesses in Belarus.
- 07 July 14:28 - FMO signs MoU for strategic partnership with the Tuninvest-Africinvest Group
- 31 May 16:22 - Jean Frijns new Supervisory Board member FMO
- 26 May 09:21 - FMO finances Nicaraguan geothermal project with consortium of lenders
- 19 May 14:52 - USD 850m Caribbean Joint Action Plan signed by leading International Financial Institutions active in the region
- 19 May 11:57 - FMO and Standard Bank sign USD 400 mln Risk Sharing Facility
- 03 May 14:39 - FMO and ADB to share risk on trade finance in Asia
- 22 April 18:26 - Development banks FMO and BIO join forces in infrastructure sector
- 19 April 21:54 - FMO sounds the gong in honour of its 40th anniversary
- 15 April 09:41 - New Upsides housing special coming up
- 13 April 10:58 - EBRD, IFC, FMO, and ADM Capital Launch Fund to Help Companies in CEE, Central Asia, and Turkey Recover from Crisis
- 13 April 10:18 - New alliance FMO and Rabobank in emerging markets
- 08 April 08:43 - FMO provides EUR 125,000 Capacity Development grant to help rebuild Finca Haiti
- 01 April 10:20 - FMO increases investments in developing countries despite crisis
- 24 March 16:40 - Webcast of the presentation of FMO's Annual Results 2009
- 24 March 12:57 - FMO wins award for Best Financial Support in the Power Industry 2010
- 10 March 16:31 - FMO signs contract with Nigerian hospital and health insurance company
- 10 March 09:59 - PTA Bank receives US$50 million loan for onlending to corporate clients
- 05 March 17:23 - FMO signs MOU for enhanced partnership in Africa
- 10 February 12:51 - Ontwikkelingsbank FMO tekent Charter ‘Talent naar de Top’
- 03 February 11:43 - Banco Supervielle from Argentina achieved the highest stock value
- 26 January 10:04 - FMO invests USD 29.9 mln in local currency in Indian Slum Rehabilitation
- 21 January 18:03 - FMO signs USD 10 mln local currency facility with Abbey Building Society Nigeria
- 20 January 16:09 - FMO’s reaction on the WRR report 'Minder pretentie, meer ambitie'
- 15 January 10:37 - New UPsides energy special coming up