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Senegal makes inroads into private equity with €100M mid-cap fund

The Republic of Senegal is launching a €100 million private equity fund that will provide mezzanine financing to midsize companies in sectors ranging from agriculture to healthcare, Bloomberg News reported, citing the CEO of state-owned investment holding company Fonsis SA.

The fund will be managed by an external team, with development finance institutions providing initial capital and technical assistance, Papa Demba Diallo told the news outlet. Fonsis is aiming to make some investments by the end of 2019, Diallo said, according to the report.

The Senegal-backed fund marks the West African country's foray into private equity. Fonsis is evaluating the future launch of two other vehicles, according to Diallo, based on investor interest.