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Musa Capital – History

Musa Capital has 20 years of experience in wealth creation, focusing on asset management, mid-cap private equity and financial advisory in Africa.

Musa Capital was founded in 1995 and, in 1996, established a fund (Fund I) principally sponsored by HRH  Prince Al-Waleed of Kingdom Holdings in Saudi Arabia. The fund targeted high growth and undervalued African assets across a sector base including telecoms, financial services, agri-processing, and property. The portfolio was characterised by a realised IRR of 23.9% gross and 20.2% net. Average annual dividends across the portfolio exceeded 14% and dividend yield on some assets was in excess of 20%.
 In 2005, Musa Capital relocated its head office to Johannesburg, South Africa, expanding its business model to include corporate finance and mergers and acquisitions.

In 2008, Musa Capital established the Musa Kubu Fund (Fund II), which includes South African-based high net worth individuals, along with a local institution representing a community of 35 000 previously disadvantaged people living in the North West Province. Fund II is nearly fully invested and beginning to have early liquidations.

Other highlights:

1995 Won US-based company Bell Atlantic (now Verizon) mandate to advise on entry into the African telecommunications marketplace; focused on South Africa and Nigeria
1995 Secured US-based Scientific Atlanta advisory engagement to advise on entry into broadcasting equipment market; analysis focused on South Africa
1997 Placed over US$40 million in seven transactions in its private equity fund and proprietary investing spanning all of Sub-Saharan Africa on behalf of a diverse investor base
2006 Musa Capital invested in the Asoupko and Umutu oil and gas field (‘A&U’) in Nigeria, through participation in a third round financing offered by the field’s principal operator, Platform Petroleum (Nigeria) Limited
2010 Musa Capital completes its ninth Fund investment complemented by over R400 million of third-party debt and equity funding
2011 Musa Capital concludes the first transaction under the South African B.I.P.P.A with Zimbabwe, raising US$30 million from the Industrial Development Corporation of South Africa for Zimbabwe’s leading agricultural and industrial development bank, Agribank
2012 Musa Capital concludes the second transaction under the South African B.I.P.P.A with Zimbabwe, with Industrial Development Corporation of South Africa increasing its funding in Agribank, Zimbabwe’s leading agricultural and industrial development, by another US$30 million
2013 Musa Capital signs on several African governments as advisory clients including Government of South Sudan and Government of Bayelsa
2013 Musa Capital advises on a R5 billion project finance mandate assisting a local consortium to manufacture and supply the Passenger Rail Agency of South Africa
2014 Musa Capital is engaged by Gazprom Bank of Russia to assist in establishing a banking and investment platform in Africa
2014 Musa Capital grows its housing finance platform with a R100 million financing commitment from Absa, allowing its portfolio company Abacus to expand its offering of lower-income housing finance to the South African market
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