[miningmx.com] — THE Oppenheimer family, which built its fortune on diamonds, sees opportunities in agriculture and African consumers and will also be looking to the media for investment opportunities.
Investment company Tana Africa Capital has been set up to invest in companies within these sectors in Africa.
Tana Africa Capital is co-owned with the Singaporean state-controlled Temasek Holdings investment company. The Oppenheimer’s E Oppenheimer & Son investment vehicle, together with Sennett Investments – a wholly owned subsidiary of Temasek – is reported to have established this joint operation. Each party will contribute $150m, according to Reuters.
The enterprise combines the broad experience and wide-ranging networks of both the Oppenheimer company and Temasek, as well as their knowledge of and experience in Africa, said the statement. Capital and support will be provided to businesses mainly in the consumer and agricultural sectors. Opportunities in media, health and education will also be considered.
In the consumer sector the focus will be on well-established companies to meet the consumer needs of Africa’s “young, energetic and growing population’.
The investment in agriculture will be in the agriculture value chain – from agricultural input to processing, storage and logistics.
Nagi Hamiyeh, managing director of the Temasek investment, said companies focusing on consumer products and agriculture would derive benefit from the growing population and Africa’s emerging middle class.
The company will be a long-term investor rather than a private equity fund with a fixed, limited term.
The size of the investment is expected to be between $40m and $50m, James Teeger, managing director of E Oppenheimer, told Bloomberg.
