Monday, December 24, 2007

Alwaleed-backed fund to invest $500m in Africa

JOHANNESBURG —A private equity fund whose biggest investor is Saudi billionaire Prince Alwaleed bin Talal is raising funds to invest $500 million throughout Africa.

The fund — Pan-African Investment Partners II — aims to ride on the back of strong economic growth on a continent where private equity has made much fewer inroads than in Europe and the United States, a top official of the fund said yesterday.

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