OPIC Selects Managers For Africa Investment Fund –

The Overseas Private Investment Corp. (OPIC) has selected The Sloan Financial Group and its subsidiary New Africa Advisers of Durham, N.C., and Taylor-DeJongh Inc. of Washington, D.C., to manage its latest private equity fund.

The New Africa Infrastructure Fund’s $350 million target makes it the largest OPIC fund to date. It will leverage an additional $2 billion of investment in the continent. Investments will target the 47 sub-Saharan countries in Africa.

OPIC will provide two-thirds of the fund’s capital and the managers will be responsible for raising the balance. An OPIC spokesperson said the entire fund must be invested in the target region. The managers’ compensation will be based entirely on the performance of the fund’s portfolio.

The fund will consist primarily of companies that produce goods that aid in developing the infrastructure of these countries. In particular, the investments will focus on telecommunications, energy and transportation providers, the spokesperson said. Representatives at Sloan and Taylor-DeJongh could not be reached.