Mubadala has agreed to invest 350 million euros ($414 million) in African private equity funds with French, state-owned investment bank Bpifrance, WAM reported.

The two companies aim to make joint investments in top-tier African private equity and venture capital funds, with a focus on high-growth African startups, SMEs and mid-caps.

The investments will focus on regional, multi-country and pan-African funds and fund managers with a proven track record, building upon the expertise and network of Bpifrance.

“Over the years, we have developed a strong relationship with Bpifrance and have successfully invested or committed approximately 1.5 billion euros in more than 15 investments in France,” said Mubadala Deputy Group CEO Waleed Al Mokarrab Al Muhairi.

“We are excited to extend this partnership into Africa, a market which we believe has significant untapped potential, and to invest alongside them in high-growth companies,” he said.

Read more/Source: Arab News