Following to source, Frederick Antwi, a former Goldman Sachs Group Inc. banker who was raised in Ghana, has been appointed by a private equity firm TPG Capital as a consultant to devise a strategy for prospecting investment opportunities in Africa.
TPG is lagging its U.S. private-equity rivals Blackstone Group LP, KKR & Co. and Carlyle Group LP, which have already established teams for Africa and have started doing deals on the continent. Blackstone built a hydroelectric dam in Uganda, while KKR bought a rose farm in Ethiopia earlier this year. Carlyle has raised a dedicated African investment fund.
Mr. Antwi will report back to TPG next year on the geographic areas and the industry sectors in Africa that may provide investment opportunities, the person familiar said. TPG could invest in Africa from its global private-equity fund or its growth fund, the person said.
Private-equity firms are being drawn to Africa by higher economic growth rates and lower competition for deals. Investors at a conference in London this week considered 136 projects valued at $246 billion. Africa presents opportunities in energy infrastructure and in providing goods and services to an emerging middle class, according to Robert van Zwieten, chief executive officer of the Washington-based Emerging Markets Private Equity Association.
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