Global private equity and venture capital news and research

Emerging Capital Partners back in market for $750m-targeting eighth fund

25 Sep 2013

news_africaglobe_lrgAfrica-focused private equity firm Emerging Capital Partners has reportedly started pre-marketing for a new vehicle which could target up to $750m.

Dow Jones first reported the news, citing people familiar with the firm’s plans.

ECP closed its last fund on $613m in 2010, well below the $1bn it had hoped to gather from LPs.

About $450m of that capital came from anchor investors the African Development Bank, IFC, the US Overseas Private Investment Corporation and UK development finance arm CDC, as well as pan-African fund of funds manager South Suez.

That fundraise brought the firm’s total raised capital to more than $2bn, which it has used for investment across more than 40 African countries.

ECP’s fundraising chances will have been boosted by its recent exit of Osead Maroc Mining, which saw it make an 8.4 times return and 94 per cent IRR.

OMM, the controlling shareholder of Moroccan lead explorer and producer Compagnie Minière de Touissit (CMT), was acquired for €38.3m in November 2007.

The business was held in the Moroccan Infrastructure Fund (MIF), which is co-managed by ECP and Attijari Invest.

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