Citadel sets up $150m Africa fund

Egyptian private equity firm Citadel Capital said yesterday it is setting up a new $150 million (Dh551m) co-investment fund for Africa, focusing particularly on the east of the continent.

The main investors in the fund will be Proparco, a French development financial institution, the Dutch development bank FMO, along with the African Development Bank (AfDB) and potentially a fourth financier, which Citadel Capital would not disclose.

"[It is] our first ever fund, a co-investment fund. We are looking at closing for it by the end of the second quarter," Citadel's Karim Sadek, a Managing Director, said.

"They will be co-investing two-to-one for every dollar they have invested equity to. They are looking at a number of deals; waste management, the agrisector, transport."

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