OPIC calls for proposals from emerging market GPs
The Overseas Private Investment Corporation (OPIC), a development finance institution (DFI) backed by the US government, has made a call for proposals from GPs operating in emerging markets, including Asia.
The so-called "Global Engagement Call" is targeting private equity fund managers seeking financing for funds focusing on jurisidcations eligible for OPIC support. The DFI is looking to provide $35-150 million in capital to each selected fund, representing up to 33% of the fund corpus.
The financing will be a structured senior loan to the fund, taking the form of a non-amortizing note with bullet repayment and accrued interest. The loan will mature at the same time as the fund's primary term. It is non-recourse to LPs of the fund.
Eligible funds include those providing direct equity, mezzanine debt, structured credit and funds-of-funds. Managers investing in infrastructure and infrastructure-related sectors within sub-Saharan Africa, including energy and energy-related services, will receive additional consideration.
"The Global Engagement Call is one of the tools OPIC uses to support sustainable economic development in less developed countries," said Elizabeth Littlefield, president and CEO of OPIC, in a statement. "The focus on infrastructure and energy is an important component of OPIC's support for President Obama's Power Africa initiative, aimed at doubling access to power on the continent."
OPIC has engaged TorreyCove Capital Partners, an alternative investment advisor, to assist in evaluating proposals received in response to call. The deadline for the submissions is December 2.
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