Bpifrance's new 'fund of funds' sparks interest from private equity firms
The state-owned Bpifrance is set to finance leading African asset managers into its Averroès IV 'fund of funds.'
Though already a favourite among wealthy Africans and investors on the African continent, Jersey wants to further its image as a robust offshore financial centre. The Channel island offers a strategic stepping stone for London with Brexit just around the door.
While Olam set up its first fund, Arise Ports & Logistics, in London, from where its partner, AP Moeller Capital, runs its operations, the agribusiness giant has chosen Mauritius's more welcoming fiscal landscape for its second and third funds, Arise Infrastructure and Arise Special Economic Zone.
Canadian financier Prem Watsa, who heads the giant Fairfax investment group, announced plans to bring fellow investment giant Helios into the capital of his African subsidiary, Fairfax Africa, on 10 July. Fairfax Africa will divest itself of its struggling African banks, however, before Helios proceeds with its investment.
The European Union's shock move to blacklist Mauritius for money-laundering and terrorist financing has sent investors scurrying for other markets, spreading alarm across the island's financial sector. But if private funds are running scared, European public agencies, major clients of the offshore centre, seem less distressed by the Commission's judgment.
Despite being downgraded by the OECD in its latest peer review report on April 6, the offshore financial centre Seychelles is making strides by banking on new financial technologies. The country wants to outshine neighbouring Mauritius, which for its part, is in the OECD's good books.