TPG Growth and Satya Capital Announce African Investment Partnership
Mo Ibrahim and Satya Capital bring African regional expertise to TPG Growth’s global capital, relationships and operational capabilities
San Francisco and London – June 18, 2015 – TPG Growth, the global middle market and growth equity platform of TPG, and Satya Capital Limited ("Satya"), with its founding chairman Mo Ibrahim, announced today the establishment of a formal partnership focused on new investments in Africa. The relationship will bring together the global strength and resources of TPG's investment platform, and the regional expertise and relationships of Satya and Ibrahim, to identify and invest in African companies looking to expand both in Africa and globally.
TPG Growth is a market leader in emerging markets investing. Its experienced investment professionals and global operations team have built successful and distinctive businesses around the world in countries such as Vietnam, Myanmar, India and Brazil. Dr. Ibrahim and Satya bring deep regional expertise, relationships and on-the-ground experience. Operationally, Satya offers a solid understanding of the continent's unique challenges and opportunities for expansion. Dr. Ibrahim is a renowned African business leader and his work, both in business and through his Foundation, is helping to transform Africa.
The firms will focus on investments in a broad range of industries including healthcare, TMT, consumer and financial services. Together they will look for companies and entrepreneurs that want investment partners who understand their challenges and opportunities on a local and global level, and who are focused on partnering closely to help them grow.
Dr. Ibrahim says: "I am very excited that we have found such a great partner in TPG. The dynamic combination of talent and experience of TPG and Satya has the potential to change the scope of investment across the continent. The African economy is just starting to realize its potential, and there are businesses and entrepreneurs across the continent that will thrive with the right operational support and access to global markets. I believe this partnership will give African entrepreneurs a very powerful platform."
David Bonderman, co-founder of TPG, says: “TPG was an early and successful investor in both Asia and Latin America and, working with Mo and Satya, we believe now is the time to recreate that same success in Africa. We look forward to identifying and supporting growing African businesses to meet the increasing demand from consumers on the continent and beyond.”
Bill McGlashan, founder and managing partner for TPG Growth, says: “We are thrilled to partner with Mo Ibrahim and Satya in Africa. Mo is a visionary leader, entrepreneur, and social activist who, along with Satya, are the perfect partners for TPG Growth's integrated global team as we look for entrepreneurs and companies where we can be a unique partner in driving growth. Whether in San Francisco, Myanmar, or Nairobi - the companies we invest in all get the same operational support and focus. We don’t believe in local funds, but rather the marriage of the best in local and global, so it is very exciting for us to combine the capabilities of Mo Ibrahim and Satya with our global platform, and to be part of Mo’s vision for Africa.”
Tsega Gebreyes, managing partner of Satya, says: "The new African narrative is driven by a transitioning landscape with increasingly stable political climates, improving infrastructure, growing economic power, adoption of innovative technology and urbanization. These positive trends are fueling consumption across multiple new and emerging sectors, which are untapped and prime for investment and development. We look forward to working with TPG Growth to identify those business leaders doing exciting things in these sectors and innovating within them, and then partnering on a strategy – both local and global – to help them grow. Ultimately it is innovation and entrepreneurism that will push Africa to a more prominent position within the global economy, and with this partnership, we look forward to helping drive that change."
Jide Olanrewaju and Samir Abhyankar will be joining Frederick Antwi to form the core of this Africa investment team.
Mr. Antwi was recruited to TPG Growth in 2014 as part of the firm’s effort to define a strategy for Africa. He joined TPG from an investment arm at Goldman Sachs, where he helped to lead the firm’s approach to Africa and made investments in retail, media and internet sectors. Previously, Mr. Antwi worked at McKinsey. Mr. Antwi, who was born and raised in Ghana, earned an MBA with distinction from the Stanford Graduate School of Business, received an AB in Economics from Harvard, and studied Philosophy and Politics at Oxford.
Jide Olanrewaju has most recently been leading investment activities for West Africa as a partner at Satya Capital. Prior to that he served as Vice President at Morgan Stanley, where he made investments and worked in various Investment Banking roles. Jide was born and raised in Nigeria and holds an MEng in Mechanical Engineering with a specialization in Nuclear Reactor Technology from Imperial College, London.
Samir Abhyankar most recently led investment activities in Morocco, Egypt and East Africa as a partner at Satya capital. Prior to that Samir was responsible for Citi Venture Capital International’s African private equity activities. Samir has an MBA from INSEAD, a Masters in International Affairs with a concentration in International Economics and African Studies from Johns Hopkins’ School of Advanced International Studies, and a BA in Economics and Political Science from Tulane University.
About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global private investment firm. With more than $7 billion in assets under management and committed capital, TPG Growth targets investments in a broad range of industries and geographies, with a significant focus on the U.S. and large, emerging markets such as China, India, Brazil and Southeast Asia. TPG Growth has the deep sector knowledge, operational resources and global experience to drive value creation and help companies reach their full potential. Backed by the resources of TPG, which has over $74 billion of assets under management, TPG Growth leverages the firm's sector teams, portfolio companies and network. TPG Growth's current and past investments represent a mix of disruptive and innovative companies across tech, retail and entertainment including Uber, Airbnb, Box, Domo, Beautycounter, Ride, Angie's Artisan Treats, Fender, SurveyMonkey, Evolution Media and STX Entertainment, among others. TPG Growth has offices in the United States, China, India and Singapore. For more information visit www.tpggrowth.com.
About Satya Capital Limited
Satya Capital is an independent investment firm focused on providing long-term growth capital to African businesses. The firm partners with entrepreneurs to build world-class companies with regional and pan-regional scope and has the flexibility to back investee companies during all stages of development – from expansion to post-IPO – because its permanent capital base enables it to hold investments without a fixed exit horizon. In particular, Satya will seed investment platforms with a view of creating evergreen holdings in its core sectors. The Satya team works closely with portfolio company management to build a foundation for future growth by developing internal systems, attracting management talent and leveraging its network of deep relationships across Africa. Satya targets investments of between $20m and $150m and invests in a broad range of sectors including: Consumer & Retail, Healthcare, TMT and Financial Services. The Satya team has a rich mix of financial, strategic and investment experience, as well as valuable direct operating experience, most notably through the establishment and growth of Celtel, a pan-African mobile operator. For more information, please visit: www.satyacapital.com