British International Investment
9 January 2015

CDC appoints new Managing Director for its Africa Funds team

CDC Group plc, the UK’s development finance institution, has appointed Murray Grant as Managing Director for its Africa Funds team.  He will join CDC in January 2015 and will manage the team responsible for the organisation’s investments in private equity funds across Africa.

Murray joins CDC from Actis and has a long history of working and investing in Africa. He was born in Kenya and began his career as an engineer on the Kiambere Hydro-Electric Scheme early in the 1980s.  After 13 years at 3i in the UK, working on a wide range of investments, he joined CDC in 2002 as a Director.

When Actis split from CDC in 2004, Murray became one of the founder Partners, with responsibility for development of its Africa business and the Africa team.  His investment and NED track record at Actis included Vlisco in Nigeria, Banque Commerciale du Rwanda, DFCU in Uganda and Middle East Foods in Egypt.

He has an MBA from London Business School and a BSc (Hons) in engineering from Edinburgh University.

CDC is one of the largest, long-term investors in African private equity with over US$1,268m invested (and a further US$726m committed), supporting 565 companies across the continent. CDC is currently committed to 55 funds investing in Africa.

Welcoming the appointment, CDC’s Chief Executive, Diana Noble said:

“It would be difficult to find an investor with longer experience in Africa than Murray, so I am delighted that he has decided to take up this important role in the Africa Funds team. Although CDC now invests capital, both debt and equity, directly, a commitment to the African private equity market remains central to our investment strategy. 

“Our focus is on supporting businesses that are commercially successful and have a powerful development impact through the creation of jobs. Murray’s experience and knowledge of the market will allow CDC to continue to back those funds that help us deliver our mission.

“From its first fund investment in Africa in 1994, CDC has played a pivotal role in establishing and supporting the growth of the private equity industry in the continent. Murray will play a central role in nurturing African investment teams as the market grows further.”

Murray replaces Rod Evison who retired in 2012. In the interim, CDC’s Africa Funds team has been led by Dolika Banda.

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