US investors are increasingly betting on Africa’s growing middle class, especially in Morocco:
TPG has become the latest U.S. private-equity firm to invest in Africa, making its first investment in a chain of private schools in Morocco, to tap into a middle class which is spending more on education.
TPG, led by billionaire David Bonderman, and its partner in Africa, Satya Capital Ltd., under Chairman Mo Ibrahim, will pay 250 million Moroccan dirhams ($25 million) for a minority stake in Ecoles Yassamine, people familiar with the transaction said.
Ecoles Yassamine educates 6,000 students in six schools, and plans to build and buy more Moroccan schools before expanding to other countries in Africa. The continent has the highest proportion of young people in the world. Of the 1.16 billion people in Africa, half are children, according to the United Nations…[FULL STORY]