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Dangote Transaction: Dubai Money Flows Into West Africa

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Nigeria-based Dangote Cement is a publicly-traded company on the Nigeria Stock Exchange, with a market capitalization of approximately US$ 24.5 billion (largest company in Nigeria by market capitalization). Founded by businessman Aliko Dangote, Dangote Cement received a US$ 300 million investment from the Investment Corporation of Dubai (ICD). In return, ICD received a minority stake of 1.4%.

In a press release, Mohammed Ibrahim Al Shaibani, CEO of the Investment Corporation of Dubai, said, ” We believe sub-Saharan Africa, and particularly Nigeria, provides fantastic long-term investment opportunities.”

QNB Acquires Stake in Ecobank

Dubai government money is flowing into West Africa, a pre-cursor for future Gulf streams of capital. In another Middle East – Africa deal, Qatar National Bank purchased a 12.5% interest in pan-African lender Ecobank Transnational Incorporated for around US$ 200 million. QNB bought existing ordinary and convertible preference shares from Nigeria’s Asset Management Corporation – a special purpose vehicle formed by the Central Bank of Nigeria to hold non-performing loans. QNB becomes the second largest investor in Ecobank, after South Africa’s Public Investment Corporation (PIC).

Progetto Iride Issues Inaugural Tender for Joint PE Investment

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Progetto Iride, translated in English to Project Iris, is an investor group of five Italian pension funds. Progetto Iride issued an RFP for a private equity manager for a joint portfolio worth around €216 million.

The funds under Progetto Iride have €6,122,872,593 in assets as of December 31, 2018.

The five constituents of Progetto Iride are Foncer (€28 million allocation), Fondenergia (€72 million allocation), Fondo Gomma Plastica (€46 million allocation), Pegaso (€30 million allocation), and Previmoda (€39 million allocation).

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Flexstone, Hostplus Initiate U.S. Private Equity Program

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Australia-based superannuation fund Hostplus appointed Flexstone Partners to run a U.S. private equity emerging managers program. Flexstone Partners is owned by Natixis Investment Managers. The emerging managers program will see Flexstone Partners invest over the next three years in the first, second or third funds of U.S. middle-market private equity managers on behalf of the industry superannuation fund.

Hostplus is the industry superannuation fund for those who live and love Australian hospitality, tourism, recreation, and sport.

Flexstone Partners was formed in 2005 and is the combined entity of Caspian Private Equity, Euro-Private Equity France, Euro-Private Equity Swiss, and Eagle Asia Partners.

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Trump to Nominate Stephen Moore to Federal Reserve Board

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U.S. President Trump plans to nominate Stephen Moore to the Federal Reserve board. Moore is currently a visiting fellow at the Heritage Foundation. He served as a Senior Economic Advisor to Trump’s 2016 presidential campaign. In 1987, Moore was Research Director of U.S. President Ronald Reagan’s Privatization Commission. Moore also served as a Fellow at the Cato Institute and was a Senior Economist under the U.S. Congress Joint Economic Committee under Chairman Dick Armey of Texas

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