Kingdom Holding Company (KHC), the investment firm owned by billionaire Prince Alwaleed bin Talal, has inked a deal with New York-based asset manager PineBridge Investments to set up a joint venture company for investment in African private equities.

The new venture will invest in African companies, in response to rising investor demand for exposure to the continent’s fast growing economies. The key focus sectors include manufacturing, consumer driven sectors, infrastructure, financial services and other sectors.

The MoU was signed by Dr Adel Alsayed, KHC’s executive director for private equity and international investments, and Talal Al Zain, CEO of PineBridge Investments Middle East in the presence of Prince Alwaleed.

Commenting on the deal, Prince Alwaleed said: "The investment in this platform is a continuation of KHC’s successful investment strategy in Africa that began in 2003, and reflects our confidence in achieving long-term returns for investors in this venture."

KHC and PineBridge Investments have been long-established in Africa and have extensive emerging and frontier markets experience.

Al Zain said PineBridge Investments has a long track record of direct investing in Africa since the 1990s, with extensive experience in sectors including infrastructure, banking and consumer industries. The firm has offices in South Africa, Kenya and Uganda, investing in equities, credit and private markets.

“We have strong conviction that the African continent is going through positive socio-economic transformations," he remarked.-TradeArabia News Service