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HEDGE FUNDS
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Aureos Africa Fund holds $253m first closing01/10/2008. Source: AltAssets. 
 Aureos Capital's new Aureos Africa Fund has raised $253.5m at its first closing. The fund has a target of $400m and will invest in businesses across Africa.
Investors include CDC, Norfund, FMO, IFC, EIB and private sector investors.
The Aureos Africa Fund will seek to make initial investments of up to $10m in mid-size companies with a strong emphasis to expand to pan-African businesses within two to three years via buy-and-build strategies and/or through carefully executed organic growth, the firm said in a statement. MBOs and PIPEs are also expected to account for a significant portion of the portfolio.
Sev Vettivetpillai, CEO of UK-based Aureos Advisers, which provides fund advisory services to Aureos Capital, said, 'Drawing from our significant investment experience in Africa we were confident that the Aureos track record was of great interest and of appetite for investors interested in investing in Africa. This first close demonstrates that fact.
'We are seeing unprecedented economic growth and foreign direct investment in Africa, which is providing a vibrant economic platform for achieving superior risk-adjusted returns in private equity investments,' Vettivetpillai added.
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