Ghana’s biggest private money manager plans to start a buyout fund that will invest in agriculture and financial-services companies in the West African nation.
“We’re building the pipeline to get it ready,” Kojo Addae-Mensah, chief executive officer of Databank Group, an investment bank and money manager with the equivalent of $232 million in assets, said in an interview on May 11 in the capital, Accra. The fund will target returns of more than 10 percent over five years, he said.
Databank closed a $36 million fund in May 2014 that bought stakes in a poultry producer in Burkina Faso, a bakery in Nigeria and a juice factory in Zimbabwe. The second fund will open to investors toward the end of the year and will consider purchasing part of a fruit processing company, Addae-Mensah said.