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TLG Capital invests in Africa-focused fixed income bank

24 Nov 2010

UK frontier markets investor TLG Capital has taken a stake in Iroko Financial Products, a fixed income boutique banking firm focused on sub-Saharan Africa.

The UK-based, FSA-regulated business has arranged over $1.3bn of structured transactions since 2005, including a $200m corporate bond for Ghana Telecom, the first corporate bond ever issued in the country.

Companies operating under the Iroko umbrella include debt capital markets and treasury management services firm Iroko Securities and Sphynx Capital Markets, which operates a multi-issuance structured note programme, with Iroko as sponsor. Current shareholders in Iroko include Dutch FMO, Liquid Africa, and the company’s management team.

TLG principal Zain Latif said, “The reputation and experience of Iroko is well known in the financial world, both within the African continent and in the Western markets. They provide an important link for many international investors looking to gain exposure in Africa and are one of the few dedicated boutiques focused on the region.

“We believe that there are synergies in working with Iroko Financial Products in leveraging their excellent platform allowing us to scale up our private equity operations with an experienced outfit that can open up origination in Francophone Africa.”

Earlier this month, the firm took a stake in Snapper Hill Clinics, a Liberian healthcare company, and the only private clinic to remain open during the Liberian war.

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