Duet Private Equity, a global alternative asset manager, has announced a partnership with Asset Management Corporation of Nigeria (AMCON) to set up a US$600 million investment fund focused on Nigeria’s Fast-moving consumer goods (FMCG) sector.
The fund will launch with an initial target size of US$400 million with AMCON contributing six portfolio companies currently under its control. An additional US$200 million will be injected into these six companies by the Fund.
The fund will be used to invest in companies, which MUST be food and beverage companies with local brands, in precarious situations – those that require additional capital and debt restructuring to stay afloat.
“We are delighted to partner with AMCON in this exciting project. We believe it is absolutely the right time to invest in Nigeria and in the FMCG sector. We have a strong track record partnering with promising, growth business that can tap into growing demand for consumer goods in Sub Saharan Africa,” said Henry Gabay, Duet Group CEO and Duet Private Equity chief investment officer.
He added, “We believe that import substitution and local product development present huge opportunities for investors in the region. We plan to invest new capital into those companies as well as contribute additional management and industrial expertise. Where necessary, we will leverage our excellent relations with blue chip companies to bring in additional expertise to these companies by teaming up with experienced industrial partners.”
Duet Private Equity will open an office in Nigeria real soon to help it identify and assess investment opportunities, manage portfolio companies and work with local partners.
Founded in 2002, Duet Group has developed an established portfolio of products in areas of growing importance within the investing community, notably within the Emerging and Frontier Markets.
It currently manages over US$5.6 billion of equity across three business areas: Hedge/Long-Only Funds, Private Equity and Real Estate.
The company has offices in London (Headquarters), New York, Dubai, New Delhi, Accra and Cairo where over 82 professionals work.