Duet Group, an alternative asset firm with $2.5 billion under management, has said that it has integrated the TLG Capital team into Duet Africa Private Equity. TLG Capital has an office in India and last year invested $5 million in Kolkata-based Re-feel Cartridge Engineering Pvt Ltd, a printer cartridge refill and laptop repair services company. It has also invested in Cipla’s African joint venture with Quality Chemical Industries Ltd (QCIL).
Zain Latif, Principal of TLG Capital, will become a managing director at Duet Africa PE. The former Goldman Sachs banker founded TLG in 2009, an investment firm focused on the frontier markets in Sub-Saharan Africa. The PE firm was also looking to invest up to $15 million in growth capital in Indian firms keen on tapping the market opportunities in the African continent.
“The move has been envisioned to utilise key synergies that exist between the firms – leveraging all-important regional experience and local presence with an increased scope for deploying higher levels of capital into commercially-viable opportunities across the continent,” a Press release stated.
This move comes after Duet hired Saad Aouad earlier this year from Kingdom Zephyr Africa Management (which has $615 under management) to spearhead its activities in Africa.
Duet Group also has a presence in India through hospitality ventures, in addition to private equity investing. Earlier this year, IHG signed a JV partnership with Duet India Hotels Group (DIHL), the hotel investment arm of Duet Group, to develop 19 new Holiday Inn Express hotels across the country. Duet Group also operates the South Asia Real Estate (SARE) fund, a residential real estate fund targeting mid-market segment. Earlier this year, Duet appointed Saurabh Sonthalia, former India capital markets head for Bank of America Merrill Lynch, to lead its business in the country.
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