Peter Baird, who formerly led Standard Chartered’s private equity business in Africa, has started in his new role as Managing Principal of Investec’s Africa-focused private equity funds. He will head up the investment team responsible for investing and managing two funds totaling $450 million in size.
Baird spent 5 years at Standard Chartered leading its African private equity franchise, overseeing $900 million in investments. Prior to that, he held senior roles in industry and was a Partner at McKinsey in their healthcare and private equity practices.
In February last year, Investec held a final close for its second fund, raising $295 million from a mix if Africa, European and American institutions. The fund aims to back opportunities in the $15 million to $40 million range, but will reportedly entertain being part of club deals that range up to $100 million in size.
Most recently, the fund made what was termed a “significant” investment in Mobisol, a provider of off-grid solar hole systems in Africa. Headquartered in Germany, the firm has already established itself in Tanzania and Rwanda, and is beginning to penetrate the Kenyan market.