Developing Markets Capital Partners (DMC), a private equity firm set up by three former Goldman Sachs executives, has taken on the former chairman of Lazard’s international division as a partner.
Ken Costa, 62, has become the fifth partner at DMC, and will join former Goldman executives Chris Barter, Edward Eisler and Samuel Wisnia, as well as former TPG Capital European head Philippe Costeletos, Bloomberg reported Wednesday.
DMC was set up this year and has not yet launched its first fund, but will seek to invest in China, Russia, Southeast Asia, Turkey and sub-Saharan Africa when it does, the report said.
“There are huge synergies in investing across those regions and timing those markets appropriately,” Barter told Bloomberg.
“There are substantial emerging trade flows between those countries as we have seen between Russia and China and there are significant capital flows following those trade flows.”
The news comes just days after Baring Vostok said it has raised $1.5bn for its fifth fund, a move that will boost investor confidence in a region that has historically been approached with caution.
Last year the Kremlin launched the Russian Direct Investment Fund, a $10bn vehicle launched to entice overseas investors to commit to private business opportunities in the country.
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