Actis

in review
2014

The positive
power of capital

Welcome

Contents

Viewed through the prism of the

24-hour news cycle, emerging markets
can sometimes seem volatile and
unpredictable places. In reality, they
represent some of the worlds fastest
growing economies, where dreams
and ideas are being turned into business
opportunities at breakneck speed.
At Actis, we are experts in assessing
the risks and spotting the great
investment narratives.

03

Where we are now

08

Portfolio

at work
Vesta

10

Portfolio

at work
Edita Food Industries

13

Actis at a glance

14

Portfolio

at work
Aela Energa

16

Portfolio

at work
Jabi Lake Mall

20

P
 ortfolio at work
Symbiotec

22

P
 ortfolio at work
Paycorp

26

Regions and sectors

28

Investments

29

Investors

30

Portfolio companies

34

The team

This report, produced annually,

outlines some of Actiss investments
and the extraordinary people behind
them; from a wind and solar farm in
Chile to the first waterfront shopping
centre in Nigeria.
I hope you find the stories as inspiring
as we do.

Paul Fletcher
Executive Chairman

Cape Town, South Africa

Where we are now

Every era seems unique
could be interpreted as an
overly simplistic statement
of fact. Yet as we look back
at the ten years since the
founding of Actis in 2004,
this change has, and
continues to be a constant
in our markets.
Little did we know, as we began developing our
emerging markets expertise and portfolio, that we
were a few years away from the biggest global
financial crash for a century. It was one of those
generation-changing moments. For those of us
involved in the developing economies, we saw
investments drop from US$62 billion in 2007 to
US$22 billion a year later. Yet emerging market
investment soon started recovering, increasing
to US$36 billion by 2013. And when we compare
this to the 2004 investment level - US$6.5 billion we see how quickly this asset class has developed
in emerging markets and how robust it remains,
despite the dip.
Clearly, the financial crash did not change the
fundamentals: there are bound to be significant
investment opportunities in regions of the world
where demographic shifts and economic growth
combine to lift hundreds of millions of people out
of poverty each year. These markets are fast
moving, the people are young and energetic and
each market is bursting with opportunity. This has
remained a constant. So too has the fact that it is
not, and never will be, an easy task to understand
these markets and to develop the networks and
expertise required to make sound, long-term
investments there. But the crash did re-focus minds
in the more sluggish developed economies on the
business opportunities in the part of the world that
was still growing at an impressive rate.

So Paulo, Brazil

are are
we now
3 Where we

At Actis, we have continued to build our investment

portfolio and our sectoral knowledge and expertise
on these new markets. It is only with this deep
knowledge, combined with our networking
capabilities and management expertise that we
can begin to deliver strong risk-adjusted returns
on our investments. Without that expertise, we
and our investors run the danger of being exposed
to unexpected and unmanaged risks.
What is our perspective of investing in the emerging
markets a decade on? We are certain that combining
our knowledge of sectors with local knowledge
provides the best route to solid investment and
portfolio management decisions. Take the banking
industry as an example. If one has a track record and
deep knowledge of the sector across the cycle of
economic development, then one understands
better the new opportunities that emerge as each
country develops; from traditional banking services
to payment processing, ATMs, credit bureaus and
brokerage firms, and on to mobile payments.
Another example is a deep understanding of
how consumers behave in these markets. In 2004,
10 million Chinese travelled abroad. By 2014, the
number will be eight times that figure, at 80 million.
Thats not just great for the tourist industry. It means
business opportunities emerge when travelers return
home filled with new tastes and interests from their
visits abroad. Capitalising on this trend, one of our
investments was in a local family business, Vesta,
which built on the new demand for Western-style
food by providing the kitchen equipment needed
to cook it.
The environment todays emerging market leaders
operate in may be more ordered and professionalised
than in the past. These leaders can see that there
have been ups and there have been downs. They
can see that the emerging markets are not a dream,
but equally not a certainty. Emerging markets do
present a very good opportunity if one approaches
them with solid, well-thought through investment
planning indeed the opportunity we see is still a
once in a lifetime shift as the middle class grows
six-fold in these markets.

Image caption

Organisations like ours must differentiate themselves

based on specialist knowledge and networks, brand
and track record and proprietary deal flow with all
the specific insights that brings. Its important also
to think about the people in organisations like ours:
are their aspirations being considered? You need
to offer investors the confidence that investment
teams are stable and that they have succession
planning in place.

dispersed more widely for the first time. There is

still great poverty and the contradictions between
rich and poor remain stark. There is though great
optimism and energy that is palpable whenever
you set foot in Delhi, Nairobi, Shanghai or any
other city in the fast-changing regions of the world.
Our job is to secure the best returns on our
investments and support positive change in the
markets in which we invest.

It is impossible not to feel

that we are living through
a moment of history
where forces of change
have come together in a
particular way to create
extraordinary economic
and social shifts.

Seeing peoples hopes and dreams being realised is

exhilarating. There are disappointments of course,
and the investment euphoria of the early years has
faded. But there is still much to play for. We are now
also armed with experience and knowledge.
Together that makes for a powerful combination.

We also strongly believe, and have always done so,

that investment decisions must take into account
our responsibility to people and planet. We need
to consider the rising populations and the disparities
in wealth. It is not just about investing and reaping
good financial returns. In our own way, we have
influence. In all things we adhere to the
Environmental, Social and Governance (ESG)
guidelines of responsible investment it is part of
our DNA. As custodians of capital we must play our
part in supporting business development that has
a positive impact on the environment, local
communities and peoples lives. It is for this reason,
we like sectors such as healthcare, education and
electricity generation and distribution, where large
numbers of people stand to benefit.
The seismic economic shift of world business to the
emerging markets in the early 21st century is one of
the most exciting phenomena of modern times. The
speed of change and the challenges faced in these
markets, whether you are talking about the
environmental impacts or social changes, are
immense. Ultimately we are seeing wealth being

4 Where we are now

Accra, Ghana

So Paulo, Brazil

Portfolio at work
Vesta
The wok is the workhorse of Chinese cuisine from stir-frying to
steaming, boiling and deep-frying, it is king of the kitchen. By contrast,
Western-style cuisine relies on ovens, fryers and griddles. As the
Chinese travel further and more frequently abroad the demand for
non-chinese food in China has soared, increasing the need for local
businesses to invest in new equipment.
Vesta is Chinas leading provider of Western-style appliances for
cooking and warming. Its equipment is used at different price points
across the food and beverage industry: from quick-service casual
chains, to gourmet cuisine in the kitchens of luxury hotels.

Date of investment
2011
Location
China
Sector
Industrials
Deal type
Management buy-in
Investment amount
US$48m

Actis became aware of commercial kitchen equipment as a fast

growing niche sector when it invested in popular hot-pot chain Xiabu
Xiabu in 2008. Given Chinas growing appetite for eating out, Actis
saw the potential of Vesta. After 18 years at the helm of the company,
the founder was ready to move on: in May 2011, Actis bought a 70%
stake in the company.
Actis was immediately able to improve the business on a number
of levels. Firstly, as a family business, Vesta found it hard to attract
senior executives from multinationals. By leveraging Actiss network
and specialisation in the food and beverage industry, Vesta soon
recruited a new senior management team, including a dedicated safety
manager, all with backgrounds at multinational companies. Actis also
appointed a new board, with a strong independent director who could
provide customer insight.
Secondly, spotting the potential of the home market and knowing
Vesta had begun to build an impressive track record in China, including
winning the catering equipment contract for the Beijing Olympics,
Actis decided to turn its attention away from the European export
business to focus Vestas efforts on the buoyant domestic market.
The leadership team identified an untapped market for Western-style
equipment amongst Chinese restaurant chains, which needed
standardisation to scale operations. Vestas R&D team tailored the
products to cater to those needs and built strong client relationships,
also acting as distribution channels. Actis also introduced Vesta
to Beijing restaurant chain Bellagio, another company in the Actis
portfolio. Vesta now supplies Bellagios restaurants with ovens and fryers.
Actis was approached by several potential buyers only months after
investing in Vesta. One prospect was Illinois Tool Works Inc. (ITW), a leader
in the premium segment of the catering market keen to expand its share
of the mid-market in China. With a strong pitch came a high bid, and
Actis sold its stake in July 2013, just two years after its initial investment.

8 Portfolio at work Vesta

9 Portfolio at work

Vesta, Guangzhou

Portfolio at work
Edita Food Industries
Twenty years ago, a typical snack for a busy Egyptian might have been
Ful Medames broad beans mashed with olive oil and cumin, served
with a chunk of bread from a street cart. Today, Egyptians on-the-go
are more likely to grab a pre-packaged croissant or a packet of biscuits
from a corner shop.

Date of investment
2013

Egyptian tastes are changing. As consumers adapt to urban lifestyles,

and more women join the work place, convenience foods, especially
packaged snacks with higher hygiene standards and recognised brands,
are becoming more popular. The success of Edita Food Industries (Edita),
Egypts leading snack food business, reflects this social transformation.
Its Molto, TODO, HoHos and Twinkies brands are some of the bestknown in the country, with sales of around 2.5 billion croissants, cakes
and treats a year. The company has a 70% market share in cakes and
croissants; and its snacks, which cost as little as 10 US cents, are sold
across the country, mostly through small, independent kiosks.

Deal type
Replacement

Location
Egypt
Sector
Consumer

Investment amount
US$102m

In June 2013, Actis invested US$102m in Edita. The Berzi family, who
founded the company in 1996, was keen to bring a new investor on
board to back its expansion plans.
Before Actis invested in Edita, sales were split 50/50 across owned
brands and brands licensed from the USA. Actis helped Edita acquire
the iconic US Hostess brands, Twinkies and HoHos in Egypt. With
full ownership, Edita can create more distinctive brand personalities
at different price points, in particular developing premium products
with higher margins.
Actis has prior experience in snack foods in Egypt, having backed a
smaller Egyptian sesame-based snack company called El Rashidi El Mizan,
which proved the value of this high growth sector. It convinced Actis
that this was a resilient market able to withstand political upheaval.
Edita had already proved its resilience and agility in the wake of the Arab
Spring, working around daily disruptions, curfews and road blocks to
distribute its products. Cash generation remains high since the kiosks pay
for products on delivery; and demand for snacks in Egypt remains buoyant.
Edita has also benefited from Actiss six decades of experience of
professionalising family owned businesses. Edita has taken the first steps
to modernise its governance structure and update its corporate culture.
The management team agreed to expand the factory, rapidly increasing
the capacity of the business to meet growing demand. Actis and Editas
shared goal of achieving an IPO in three to five years time looks more
achievable than ever.

10 Portfolio at work Edita Food Industries

11 Portfolio at work

Cairo, Egypt

Actis at a glance
US$

5.4

bn

Total invested since 2004 1

US$

6.5

bn

114,444

Total funds under management 2

Number of employees in Actis
portfolio companies 1

212

68
Number of portfolio
companies 1

Number of Limited Partners

invested in Actis funds 1

224
160

US$

84

Amount of money Actis staff have invested

in Actis funds over the last nine years 1
12 Actis at a glance

Ahmedabad, India

13 Actis at a glance

Actis staff employed in

ten offices 1

1. Figures as of 30 April 2014

2. Figures as of 31 March 2014

Portfolio at work
Aela Energa
Amidst the farmlands of central Chile, the new windmills of Negrete
Cuel are turning.
Since the Chilean government committed to generating 20% of
the nations energy from renewable sources by 2025 the alternative
energy industry has matured dramatically, improving the efficiency
of sustainable technologies and reducing costs. Consequently, for the
first time, wind and solar power has become a competitive industry,
in which Actis is actively involved.

Date of investment
2013
Location
Chile
Sector
Energy
Deal type
Buy-and-build
Amount committed
US$290m

For decades, Chiles solution to its lack of fossil fuels was to use
hydropower but the countrys unusual land configuration 4,300km
long but just 350km wide makes it challenging to transmit
hydropower energy efficiently across the countryside. Periodic
droughts also hamper production which depends on a long-term,
high-volume water supply.
Fortunately, Chile is rich in natural resources. The Atacama Desert
in the north has the best solar radiance in the world, there is plenty
of wind, and land is abundant.
Today, Chile has 200MW worth of solar and wind power in operation,
and an additional 500MW in construction, but it is still a long way
from the governments 4GW target.
This shortfall is the reason that Negrete Cuels turbines matter. While
Negretes total electricity production is modest at 33MW, it is just the
first of a 600MW energy portfolio to be developed by Aela Energa
a platform Actis created with Mainstream Renewable Power, investing
US$290m for a 60% stake in 2013.
With Negrete fully commissioned, Aela Energa is now planning
to start construction on the neighbouring wind plants of Alena and
San Manuel (70MW). The management team also plans to develop
the 100MW Pedernales solar project on the barren plateau of the
Atacama Desert in the heartland of Chiles mining sector. A further
three wind projects (435MW) will follow by 2016.
The high quality of Aela Energas projects, and its fully funded
long-term business plan represent a tremendous boost for Chiles
alternative energy efforts, and the country. When the wind blows
and the sun shines, Chiles power generation costs fall. A sunny
result all round.

14 Portfolio at work Aela Energa

15 Portfolio at work

Aela Energa, Chile

Portfolio at work
Jabi Lake Mall
Abuja, Nigerias capital, is a city on the rise. While bustling Lagos may
be the best-known metropolis in the country, Abuja is catching up
fast. With one of the most rapidly growing urban populations in
Nigeria it contains a mix of government professionals, business people,
diplomats and expats people with money to spend and increasingly
sophisticated shopping tastes to match.
The shores of Jabi Lake a scenic spot west of Abujas business
district make a good spot for a new real estate project Jabi Lake
Mall, in progress since 2006. In 2011, Actis and its partner, Duval
Properties stepped in to invest US$120m to move this 25,000 square
metres project forward to completion. Built to the highest standards
and at least 25% more energy efficient than other buildings in the
area, Jabi Lake Mall is expected to become Nigerias premier destination
for shopping and leisure when it opens in September 2015.

Date of investment
2011
Location
Nigeria
Sector
Real Estate
Deal type
Expansion
Investment amount
US$33m

Continuing the approach that has made its other malls in Lagos
and Accra so successful, Actis has brought together its West African
and international advisers to create a top destination with a distinctly
local feel.
With a five-screen cinema, a childrens play area, waterfront dining
and water sports on the lake, Jabi Lake Mall will provide a leisure
experience for couples, families and friends to relax and have fun.
Actis expects Jabi Lake Mall to create over 2,000 jobs whilst attracting
more than 300,000 shoppers every month. It will significantly boost
businesses in the local supply chain and offer more affordable goods
currently unavailable in Nigeria.
Jabi Lake Mall also promises be a good place for international retailers
to launch their products to the African market. Recognising this
opportunity, Shoprite, the South African supermarket chain, and
popular appliances store Game, secured their positions as anchor
tenants before construction began in November 2013.
Whereas stylish Abujians might once have travelled to Lagos for their
weekend shopping and relaxation, they will soon be able to find
urban buzz and glamour closer to home. Thanks to Jabi Lake Mall
the planes flying from Abuja to Lagos on a Friday night may soon
be a little emptier.

16 Portfolio at work Jabi Lake Mall

17 Portfolio at work

Jabi Lake Mall, Abuja

Ahmedabad, India

Portfolio at work
Symbiotec
Increasing numbers of chronic and debilitating conditions are now
routinely treated with steroid and hormone medications. Yet, for
the drugs to be effective they depend on active pharmaceutical
ingredients (APIs), the components responsible for the therapeutic
effect. Without them, a pill is nothing more than a placebo.

Date of investment
2013

As you would expect, API manufacturing is a sophisticated and

complex process, traditionally the preserve of large pharmaceutical
companies. However, as API patents began to expire in the 1990s,
big pharma companies started to focus their attention on more
profitable manufacturing for branded and patented products.

Deal type
Replacement

Location
India
Sector
Healthcare

Investment amount
US$48m

This development created a gap in the market for alternative specialist

API manufacturers, especially in cost effective China and India, to step in.
In 1995, spotting the opportunity for new challengers, the Indian
entrepreneur Anil Satwani set up a small API production lab to meet
the needs of domestic and multinational pharma companies.
Today, Symbiotec Pharmalab Ltd (Symbiotec) is Indias largest player
in this highly specialised field, and among the top three in Asia. It is
also USDA approved.
In 2013, Actis invested US$48m in Symbiotec. Building on its prior
investments in the pharmaceutical industry with Paras, an over-thecounter drugs and personal care products company, and the emerging
markets pharma business, Glenmark, Actis was able to bring not just
capital but healthcare knowledge.
From identifying technical experts to introducing well connected
advisers able to approach major target clients, Actis has forged
a true partnership with the management team.
Founder Anil Satwani remains actively involved in Symbiotec and in
charge of day-to-day operations. His track record and vision combined
with the dynamism of his leadership team were key factors in Actiss
decision to invest.
Looking ahead, Actis plans to build Symbiotecs management
capabilities and push forward the transformation of the company,
keeping Symbiotec in excellent health.

20 Portfolio at work Symbiotec

21 Portfolio at work

Symbiotec, Madhya, Pradesh

Portfolio at work
Paycorp
Bank account penetration is growing in sub-Saharan Africa but
many regions still lack access to even the most basic payment
infrastructure. In South Africa, where the government pays
benefits electronically, that can mean having to walk many miles
to the nearest ATM and once there, standing in a long queue.

Date of investment
2013

Paycorp, Africas largest independent ATM provider is looking to

change this. Founded in 1999, Paycorp owns and manages the
entire value chain of ATMs, from securing sites to cash-in-transit
and transaction processing. The company has more than 5,000
cash points across South Africa, Nambia and Zambia.

Deal type
Buy-out

Location
Africa
Sector
Financial services

Investment amount
US$61m

Paycorps cash machines are predominantly installed in peri-urban

rural areas and townships, areas historically underserved by the banks
due to the low volume of transactions and the logistics and security
challenges. The ATMs are bank-branded and can be located in secure
booths, shops or holes-in-the-wall. In many areas, Paycorp ATMs
are the only formal banking infrastructure available.
Collectively, Paycorp ATMs dispense R38 billion annually (US$3.6 billion).
Its banking clients include Absa, Standard Bank, Nedbank and
Bank Windhoek. Paycorp also offers other payment services, including
prepaid cards, merchant aquiring and bill payment services for retailers.
In August 2013, Actis bought Paycorp, in partnership with its
management team, from Transaction Capital. Actis, which took
a 77% share, backed Paycorp founder Steven Kark, who remains
in charge of driving business strategy and revenue growth.
In addition to consolidating its market leadership of the business
in South Africa, Paycorps management team is keen to expand the
product across Southern and Eastern Africa through a combination
of organic expansion and acquisition. The Paycorp transaction was
Actiss fifth investment in the high-growth payments industry in
three years. Given the success of this portion of the financial services
portfolio to date, and the irresistible momentum of the trend for
banking provision, it is unlikely to be the last.

22 Portfolio at work Paycorp

23 Portfolio at work

Paycorp ATM cash points, South Africa

Beijing, China

Actis data
Regions and sectors
Regions

Principal sectors

Consumer

Energy
London

Education
Food and beverage
Home and personal care
Restaurants
Retail

Power generation (renewables and non-renewables)

Distribution

Beijing

Cairo

Mumbai

Singapore

Lagos
Nairobi

Financial
Services

Banks
Consumer credit
Financial services distribution
Payments and financial services infrastructure

So Paulo
Johannesburg

Healthcare

Industrials

Real Estate

26 Actis data Regions and sectors

27 Actis data Regions and sectors

Pharmaceuticals
Medical devices and diagnostics
Healthcare delivery and diagnostic services

Auto and transportation aftermarket

Building and construction products and services
Industrial services
Mechanical and Electrical Engineered Products
Speciality chemicals
Testing, inspection and certification

Industrial
Office
Residential
Retail

Actis data
Investments
Investments by sector

Actis data
Investors

31

18

17

Consumer

Financial
Services

Industrials

Healthcare

Real Estate

13

58

Investors by region

Energy

US, Canada &

Latin America

16

16

10

UK & Europe

Asia & Australia

Africa &
Middle East

Other

Value of investments
by region

Investor by type
(percentage %)

South
East Asia

Africa

41

China

13

24
South Asia

10

Latin America

Global EM

Pu

bl
ic

Pe

Average deal size US$

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ve n
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at s
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Pr am
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y
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Fo ffi
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13

Actis 1
1998*

25

65

Actis 2
2002*

AEM3
2007*

70

Actis 4
2014*

All data as at 30 April 2014

Investments: includes all current
investments in Actis 4, Actis Emerging
Markets 3, Actis Fund 2s, Actis Africa
Agribusiness Fund, Actis Infrastructure
2, Actis India Real Estate Fund and
Actis Africa Real Estate Fund.

Minimum deal size US$50m

* The year the fund opened

Investors: figures exclude CDC Group

plc. CDC Group plc is the anchor
investor in each of Actiss funds and
represents approximately 31% of
total commitments to those funds.

28 Actis data Investments

29 Actis data Investors

Actis data
Portfolio companies
Sector

Region

Investment company

Description

Location

Deal type

Consumer

China

Bellagio

Casual dining chain

China

Replacement

Mar 2012

Latin America

CNA

English language training services

Brazil

Expansion

Sep 2012

Latin America

CSD

Supermarket/retail chain

Brazil

Expansion

Sep 2010

Africa

Edita Food Industries

Snack food business

Egypt

Expansion

Jun 2013

China

Jiashili Food Group

Biscuit manufacturer

China

Expansion

Apr 2014

South Asia

Nilgiris

Convenience stores

India

Buy-in

Oct 2006

China

Plateno Hotel Group (formerly 7 Days Inn Group)

Budget hotel chain

China

Expansion

Oct 2008

Latin America

Scarlat (formerly Gtex)

Cleaning products

Brazil

Expansion

Oct 2010

South Asia

Super-Max

Manufacturer and marketer of shaving blades and toiletries

India

Replacement

Feb 2011

Africa

Tracker

Stolen vehicle tracking and recovery

South Africa

Replacement

Oct 2011

Latin America

Universidade Cruzeiro do Sul Educacional

Education service provider

Brazil

Expansion

Feb 2012

Africa

Vlisco Group

Fashion fabrics

Sub-Saharan Africa

Buy-in

Sep 2010

Latin America

Atlantic

Power generation developer and owner

Brazil

Buy-and-build

Nov 2013

Latin America

Energuate

Electricity distribution and transmission

Guatemala

Replacement

May 2011

Africa

Globeleq Africa

Power generation developer and owner

Africa

Buy-and-build

Sep 2009

Latin America

Globeleq Mesoamerica

Power generation developer and owner

Latin America

Buy-and-build

Sep 2009

South Asia

GVK Energy Limited

Power generation

India

Expansion

Dec 2010

Africa

Umeme

Electricity distribution

Uganda

Replacement

Nov 2009

Latin America

Aela Energa

Wind and solar power

Chile

Buy-and-build

Jul 2013

South Asia

AGS

ATMs and retail automation solutions

India

Expansion

Africa

Alexander Forbes

Diversified financial services

South Africa

Buy-out

Africa

Compuscan

Independent credit bureau

Africa

Buy-and-build

Jun 2014

Africa

Diamond Bank

Bank

Nigeria

Expansion

Apr 2007

Africa

EMPH

Payments processing

Africa & Middle East

Buy-out

South Asia

IDFC

Infrastructure finance

India

Expansion

Aug 2010

South Asia

Integreon

Professional services outsourcing

India

Expansion

Feb 2010

South Asia

National Stock Exchange of India

Stock exchange

India

Expansion

Apr 2007

Africa

Paycorp

Payments business

South Africa

Acquisition

Aug 2013

Global EM

Upstream

Mobile marketing business

Global EM

Replacement

April 2014

Latin America

XP Investimentos

Retail broker dealer

Brazil

Expansion

South Asia

Anthelio Healthcare

Hospital operations outsourcing

India

Expansion

Oct 2010

South Asia

Asiri Group

Multi-specialty tertiary care hospital chain

Sri Lanka

Expansion

Aug 2012

China

Chemclin

Diagnostics company

China

Replacement

Oct 2013

South Asia

Symbiotec

Steroid-hormone active pharmaceutical ingredients producer

India

Expansion

Oct 2013

South Asia

Veeda

Clinical research organisation

India

Expansion

Feb 2007

China

Nanjing Micro-tech

Medical equipment

China

Expansion

Sep 2012

Energy

Financial
Services

Healthcare

30 Actis data Portfolio companies

31 Actis data Portfolio companies

Investment date

Aug 2012
Jul 2007

Jul 2010

Nov 2010

Actis data
Portfolio companies
Sector

Region

Investment company

Description

Location

Deal type

Industrials

Africa

Actom

Manufacturer and distributor for electrical engineering industry

South Africa

Buy-out

Africa

AutoXpress

Tyre wholesaler and retailer

East Africa

Expansion

Jan 2014

South Asia

Endurance

Auto components manufacturer

India

Replacement

Dec 2011

South Asia

Halonix

Bulb and lamp manufacturer

India

Buy-in

Jun 2006

South East Asia

KS Distribution

Oil and gas

South East Asia

Replacement

South Asia

LMKR

Information management services for oil and gas industry

Pakistan

Expansion

Oct 2007

Africa

Mouka

Foam products manufacturer

Nigeria

Replacement

Jun 2007

South East Asia

Teknicast

Aluminium die casting

Malaysia

Buy-out

Aug 2008

South Asia

TEMA

Manufacturer of heat exchangers

India

Expansion

Apr 2005

Africa

Banro

Gold exploration and development

DRC

Expansion

Oct 2005

Africa

Candax

Oil and gas exploration

Tunisia

Expansion

Apr 2005

Africa

Mineral Deposits

Mineral sands and gold mining

Senegal

Expansion

Nov 2004

Africa

Platmin

Mining and resources

South Africa

Expansion

Oct 2003

Africa

Seven Energy

Oil and gas production

Nigeria

Expansion

Feb 2007

Africa

Teranga

Gold mining

Senegal

Expansion

Dec 2004

Africa

Garden City Commercial

Retail and leisure development

Kenya

Real estate development

Dec 2011

Africa

Garden City Residential

Residential development

Kenya

Real estate development

Dec 2011

Africa

Heritage Place

Office development

Nigeria

Real estate development

Sep 2011

Africa

Ikeja City Mall

Retail development

Nigeria

Real estate development

Apr 2008

Africa

BlueLife

Real estate development company

Mauritius

Real estate development

Jan 2009

Africa

Jabi Lake Mall

Retail development

Nigeria

Real estate development

Nov 2011

Africa

Laurus Development Partners Limited

Real estate development company

Mauritius

Start-up

Apr 2010

Africa

Mentor Management

Real estate development and project management

Kenya

Buy-out

Jul 2011

Africa

Nairobi Business Park

Office development

Kenya

Real estate development

Nov 2006

Africa

One Airport Square

Office development

Ghana

Real estate development

Dec 2010

Africa

The Exchange

Mixed use development

Ghana

Real estate development

Jul 2012

South Asia

Vaishnavi

Residential development

India

Real estate development

Jun 2008

Africa

Waterfalls

Retail development

Zambia

Real estate development

Dec 2011

Africa

York Commercial Park

Logistics

Zambia

Real estate development

Sep 2013

Other

Real Estate

32 Actis data Portfolio companies continued

33 Actis data Portfolio companies continued

Investment date

Aug 2008

May 2010

The team

These pages show investment

professionals, from Director
level and above, as well as key
members of the firms global
support services platform.

01

02

03

04

05

06

07

34

35

36

37

38

39

40

08

09

10

11

12

13

14

41

42

43

44

45

46

47

15

16

17

18

19

20

21

48

49

50

51

52

53

54

22

23

24

25

26

27

28

55

56

57
55

58

59

60

61

29

30

31

32

33

62

63

64

65

Hossam Abou Moussa

Director: Financial Services
02 Sanjiv Aggarwal
Partner: Energy
03 Carlos Aguiar

Director: Financial Services /
Industrials
04 Beatriz Amary
Director: Consumer
05 Lou Baran
Director:
Head, Human Resources
06 Nelson Bechara
Director: Value Creation
07 Ron Bell
Director: Head, Operations
08 Eduardo Bozo
Director: Energy
09 Sergio Brando
Director: Energy

01

34 Actis The team

10 
Neil

Brown
Partner: Head,
Investor Development
11 Torbjorn Caesar
Partner: Co-Head, Energy
12 
Mahesh Chhabria
Partner: Industrials /
healthcare
13 Chris Coles
Partner: COO
14 David Cooke
Director: Consumer
15 Louis Deppe
Director: Real Estate
16 Michael Chudi Ejekam
Director: Real Estate
17 Sherif ElKholy
Director: Consumer
18 
Paul Fletcher
Executive Chairman

Mark Goldsmith
Director:
Responsible Investment
20 Murray Grant
Partner: Africa
21 David Grylls
Partner: Energy
22 Michael Harrington
Director: Energy
23 Lucy Heintz
Director: Energy
24 Adiba Ighodaro
Partner:
Investor Development
25 Amanda Jean-Baptiste
Director: Real Estate
26 Mikael Karlsson
Partner: Energy
19

Danny Koh
Director: Consumer /
Financial Services
28 Natalie Kolbe
Partner: Consumer
29 Chu Kong
Partner:
Co-Head, Latin America
30 Sachin Korantak
Director:
Head, Industrials
31 Patrick Ledoux
Partner:
Co-Head, Latin America
32 Max Lin
Director: Consumer /
Industrials
33 Tanya Lobel
Director: Actis Acts
27

Vincent Low
Director: Value Creation
35 Nick Luckock
Partner:
Head, Financial Services
36 
Alistair Mackintosh
Partner: Chair of
Investment Committee
37 Viraj Mahadevia
Director: Healthcare
38 Ali Mazanderani

Director: Financial Services
39 
David Morley
Partner: Head, Real Estate
40 Adrian Mucalov
Director: Energy
41 Shomik Mukherjee
Partner: Value Creation
34

35 Actis The team

Marc Nahum
Director: Investor
Development
43 Shami Nissan
Director: Responsible
Investment
44 Arjun Oberoi
Director: Head, Healthcare
45 Funke Okubadejo
Director: Real Estate
46 Peter Olds
Director: Legal
47 John Opubor
Director: Consumer /
Industrials
48 Paul Owers
Partner: General Counsel
49 Homer Paneri
Director: Healthcare
42

Rick Phillips
Partner: Consumer
51 G Rathinam
Partner: South Asia
52 Mark Richards
Partner: Financial Services
53 Asanka Rodrigo
Director: Financial Services /
Industrials
54 Fash Sawyerr
Director: Value Creation
55 Leonardo Scanavino
Director:
Portfolio Management
56 
Peter Schmid
Partner:
Head, Private Equity
57 Prabir Talati
Director: Consumer
50

Mike Till
Partner: Co-Head, Energy
59 JM Trivedi
Partner: Head, South Asia
60 Michael Turner
Director: East Africa
61 John van Wyk
Partner: Head, Africa
62 Andreas von Paleske
Director: Head, Consumer
63 Ramon Walsh
Director: Banking
64 Jason Zhang
Director: Healthcare
65 Dong Zhong
Partner: Head, China
58

Denotes Executive
Committee member

Actis invests exclusively in the emerging markets.

With a growing portfolio of investments in Asia, Africa
and Latin America, we currently have US$6.5bn funds
under management.

Beijing
+86 10 6535 4800
Cairo
+202 2792 9220

Through our work in these markets, Actis brings financial

and social benefits to investors, consumers and communities.
We call this the positive power of capital.
www.act.is

Delhi Operations
+91 11 6615 7200

Actis is a signatory to the United Nations Principles for

Responsible Investment (UNPRI), an investor initiative
developed by the UNEP FI and the UN Global Compact.
www.unpri.org

Lagos
+234 1 448 5700

Johannesburg
+27 11 778 5900

London
+44 20 7234 5000
Mumbai
+91 22 6146 7900

Our work in Africa, Asia and Latin America brings financial and social

Nairobi
+254 20 3743 534

benefits to our investee companies, investors and broader civic society.

We call this ethos the positive power of capital.

So Paulo
+55 11 3844 6300

The Actis group parent, Actis LLP, is a limited liability partnership registered
in England and Wales (registered no. OC305927).Actis GP LLP, is a limited
liability partnership registered in England and Wales (registered no. OC370074).
Both Actis LLP and Actis GP LLP are authorised and regulated by the Financial
Conduct Authority in the UK. A list of the members of Actis LLP and Actis GP LLP
is open to inspection at their registered office: 2 More London Riverside,
London SE1 2JT, England.
Copyright 2014 Actis LLP. All rights reserved. Reproduction without
permission is prohibited. Trademarks and logos are copyrights of their
respective owners.

Cape Town, South Africa

Front cover: Accra, Ghana | Back Cover: Ahmedabad, India

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