The Carlyle Group has tapped seasoned capital markets investor Dele Babade to be an advisor to the investment giant’s Sub-Saharan Africa Fund. His appointment, which takes place with immediate effect, will help bolster Carlyle’s fund managers’ efforts to source fresh deals, initiate new partnerships and boost the performance of the $698 million fund’s portfolio companies.
“We are delighted that Dele has chosen to partner with us, as he brings a wealth of experience investing across Africa,” the statement for Carlyle quoted Managing Director and fund Co-Head Eric Kumpf as saying. “Dele’s background perfectly complements that of our on-the-ground teams in Lagos and Johannesburg, and will help us continue to strengthen our business across the region as we look for new opportunities to create value for our investors.”
Currently the Chief Executive Officer of AfriCapital, a pan-African corporate finance and financial advisory firm which he founded in 2007, Babade’s 30-year career has included senior leadership positions at a number of leading global financial institutions. These include Citigroup, Nomura, Midland Montagu, and most recently Ecobank, where he was the CEO of the capital division of Africa’s largest multinational bank.
A 2014 vintage fund, Carlye’s Sub-Saharan Africa Fund has seven companies in its portfolio currently. Earlier this year, it announced it had struck a deal by agreeing to take a 50% stake in GCR, the continent’s largest credit rating agency for an undisclosed amount of capital. This transaction, which would add an eighth company to the portfolio, is awaiting completion.
To date, the fund has invested over $300 million across a variety of industries, including financial services, TMT, retail, logistics and mining services, and across a variety of geographies, including South Africa, Nigeria, Mozambique, Zambia, Tanzania, the Democratic Republic of the Congo and Southern Africa.