Private equity firm names advisers on first-ever Africa panel
Private equity house Actis has finalised its first-ever Africa panel, with magic circle firm Clifford Chance (CC) and City firm Hogan Lovells both securing an appointment. The firms were appointed in October following a competitive tender process led by Actis' London-based general counsel, Paul Owers.
November 09, 2010 at 02:41 AM
2 minute read
Private equity house Actis has finalised its first-ever Africa panel, with magic circle firm Clifford Chance (CC) and City firm Hogan Lovells both securing an appointment.
The firms were appointed in October following a competitive tender process led by Actis' London-based general counsel, Paul Owers.
The emerging markets-focused private equity house has traditionally specialised in growth and development opportunities in Africa, and in 2009 closed a $750m (£450m) infrastructure fund for investing in the region. Owers has now kicked off a review to appoint law firms to two further panels – Asia and the Americas; its two other main markets.
Commenting on the reviews, a spokesperson for Actis said: "Actis is in the process of consolidating its relationships across its markets in order to ensure efficiencies."
CC has advised Actis on a number of occasions in the past, including on a $2.9bn (£1.8bn) fundraising for Actis Emerging Markets 3 in 2009. On that occasion, the firm fielded a team led by former funds head Jason Glover, who is set to join Simpson Thacher & Bartlett's London office.
Most recently, Hogan Lovells advised Actis on its acquisition of fashion retail business Vlisco Group from Gamma Holding for ‚Ǩ118m (£102m).
Commenting on the Actis panel, one private equity partner said: "Traditionally, the buyout market only really existed in South Africa and to a lesser extent Egypt, but this is likely to change, not least given the number and size of funds being raised and the trend for the large South African funds and Middle East and North Africa region funds to focus outside their traditional markets."
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