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Alwaleed behind Africa fund

Saudi billionaire Prince Alwaleed bin Talal is behind a private equity fund looking to invest around $500m in Africa, reported Reuters. The Pan-African Investment Partners II Fund is managed by the Kingdom Zephyr Africa Management Company, a joint venture between Alwaleed's Kingdom Holding Company and the US based private equity firm Zephyr Management. Alwaleed has pledged $250m to the fund and the same amount again is sought from institutional investors.