SBI To Launch Fund With Abu Dhabi's Invest AD

SBI Holdings Inc., a Japanese financial conglomerate, announced that Abu Dhabi financial services firm Invest AD and SBI will set up a new fund management company to invest in Africa, starting with a fund of up to $100 million. The new fund, seeded equally by Invest AD and SBI, will focus on Nigeria, Ghana, Kenya, Egypt, Tunisia and Morocco. It will invest in several sectors, including banking, mining, consumer products and manufacturing, through listed equities, unlisted equities, initial public offerings, as well as pre-IPO.