Carlyle Group LP, the world’s second largest manager of alternative assets, has raised $698 million for its first find targeting investments in sub-Saharan Africa. The final amount raised is 40% above the $500 million targeted by the Washington-based Carlyle for the vehicle. The firm has completed two deals in the region, investing in the Tanzanian agricultural commodity business Export Trading Group in 2012, and the Mozambique-based logistics company J & J Africa. The new fund will focus on investments in South Africa, Nigeria, Tanzania, Ghana, Mozambique, Botswana, Zambia, and Uganda. Private equity investments in sub-Saharan Africa were $1.6 billion in 2013, reaching a five-year high and surpassing the $1.1 billion invested in 2012.
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