Delta Partners appoints Citi to Provide Private Equity Services for New Emerging Markets TMT Growth Fund
London, Dubai – Citi has been appointed to provide private equity services to Delta Partners, a leading management advisory and investment firm specializing in Telecoms, Media and Technology (TMT) in emerging markets. Citi is providing fund administration services for the Delta Partners Emerging Markets Technology, Media and Telecoms (TMT) Growth Fund II (the “Fund”).
The Fund, targeting aggregate commitments of $350 million, has secured a $100 million first-close by gaining commitments from the IFC (World Bank Group), NTT DOCOMO and a number of wealthiest family offices in Europe and the Middle East. Delta began fundraising last year for their fund which focuses on growth capital and selected buyout investment opportunities in companies operating in the TMT sector in Africa, Central & Eastern Europe, the Middle East, and South-East Asia.
Geoffrey D. Fink, Managing Partner and Head of Investments at Delta Partners Capital Limited, said, “Our appointment of Citi as a third party administrator will help us to provide transparency for our investors while keeping administrative costs low. We look forward to partnering with them as we seize the excellent investment opportunities in the high-growth TMT sector across emerging markets.”
“Delta’s successful first close of its fund shows how savvy private equity fund managers can raise funds despite the challenging fundraising environment,” said Kamran Anwar, EMEA Head of Private Equity Services at Citi. “As capital becomes scarcer in Western markets, private equity firms are increasingly sourcing investors from the Gulf and other growth regions. Citi’s own research estimates that there is US$6 trillion of assets controlled by the world’s wealthiest families, US$5 trillion of which will change generational hands in the coming ten years. The Middle East echoes this trend – it has a long-standing entrepreneurial tradition and managers with compelling investment ideas and track records will continue to succeed.”
With over $200 billion in assets under administration, Citi has been servicing private equity funds and investors for nearly two decades and is a leading global provider of accounting, administration and tax services for private equity, venture capital and institutional investors.
The mandate follows several mandates secured by Citi’s Private Equity Fund Services business in the last year, including its appointment by Abraaj Capital, to provide fund administration services for its £650 million Small and Medium Enterprises (SME) fund, Riyada Enterprise Development. The Bank has also recently published a white paper identifying significant opportunities for private equity fund managers seeking to raise funds from the Middle East.
Sanjiv Sawhney, EMEA Head of Securities and Fund Services at Citi, said, “This important relationship with Delta is testament to our bank’s commitment to helping our private equity, venture capital and institutional investor clients in the Middle East. Working alongside Delta within the region, we aim to contribute to their long-term success in growth capital and buyout opportunities for TMT companies across various high-growth regions.”
Citi OpenInvestor is the investment services solution for today’s diversified investor, combining specialized expertise, comprehensive capabilities and the power of Citi’s global network to help our clients meet their performance objectives across asset classes, strategies and geographies. Citi provides complete investment services for traditional and alternative asset managers, delivering middle office, fund services, custody, and investing and financing solutions that are focused on our clients’ specific challenges and customized to their individual needs.
 Citi Global Family Office Group
Delta Partners Capital Limited is regulated by the Dubai Financial Services Authority
The statements contained in this press release are not an offer to sell or a solicitation of an offer to buy interests in the Fund, whether in the United States, the United Arab Emirates or in any other jurisdiction. Interests in the Fund have not been approved by the United States Securities and Exchange Commission or the Emirates Securities and Commodities Authority and may not be offered or sold in the United States, the United Arab Emirates or any other jurisdiction absent registration or an applicable exemption from registration requirements. The Fund is not available to retail investors.
Notes to Editors:
Citi Private Equity’s Paper on the Middle East’s Limited Partner environment: Today’s Challenge, Tomorrow’s Opportunity can be accessed at the following link: http://www.citibank.com/transactionservices/home/docs/gra23375CTS_MiddleEast
PrivateEquity2012.pdf Delta Partners While Papers on the TMT sector in emerging markets can be accessed at the following link: http://www.deltapartnersgroup.com/our_insights/whitepapers
About Delta Partners
Delta Partners Group is the leading TMT advisory and investment firm in emerging markets. With more than 180 professionals, the firm operates across 50 markets in the Middle East, Africa, Eastern Europe, Emerging Asia, and Latin America. Delta Partners provides three synergistic services: management advisory, corporate finance, and investments from its offices in the UAE, South Africa, Spain, Singapore and Colombia. Delta Partners delivers tangible results to its clients and investors through its exclusive sector focus on telecom, media and technology, and a unique approach that combines a strategic perspective with a hands-on pragmatic approach. For more information please go to www.deltapartnersgroup.com.
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