History

MUSA was founded in 1995 and, in 1996, established a fund (Fund I) principally sponsored by HRH Prince Al-Waleed of Kingdom Holdings in Saudi Arabia. The fund targeted high growth, undervalued African assets across a sector base including telecoms, financial services, agri-processing, and property. The portfolio was characterised by a realized IRR of 23.9% gross and 20.2% net. Average annual dividends across the portfolio exceeded 14% and dividend yield on some assets was in excess of 20%.

Musa then partnered with Alliance Capital Management of the US (a subsidiary of France’s AXA) to launch a series of funds targeting the African marketplace. In August 2001, Musa and Alliance Capital won the bid for the management of the Overseas Private Investment Corporation’s (‘OPIC’) US$ 375 million Africa infrastructure fund.

In 2005, Musa located its African office in Johannesburg, South Africa, expanding its business model to include corporate finance and mergers and acquisitions.

In 2008, Musa established the Musa Kubu Fund (Fund II), which includes South Africa-based high-net worth individuals, along with a local institution representing a community of 30 000 previously disadvantaged people living in the North West Province. Fund II is nearly fully invested and beginning to have early liquidations. The firm is planning to launch fund raising for Fund III by first quarter of 2012.

Other highlights

1995       Won US based company, Bell Atlantic (now Verison) mandate to advise on entry into the African telecommunications marketplace,    focused  on South Africa and Nigeria

1995      Secured US based Scientific Atlanta advisory engagement to advise on entry into broadcasting equipment market, analysis focused  on        South  Africa

1997      Placed over US$40 million in seven transactions in its private equity fund and proprietary investing spanning all of Sub-Saharan  Africa on  behalf of a diverse investor base

2006      MUSA invested in the Asoupko and Umutu oil and gas field ('A&U') in Nigeria, through participation in a third round financing offered  by  the field’s principal operator, Platform Petroleum (Nigeria)      Limited

2010      Musa completes its ninth Fund investment complemented by over R400 million of third party debt and equity funding

2011      Musa concludes the first transaction under the South African B.I.P.P.A with Zimbabwe, raising US$ 30 million from the Industrial  Development Corporation of South Africa for Zimbabwe’s leading agricultural and industrial development bank, Agribank

2012      Musa concludes the second transaction under the South African B.I.P.P.A with Zimbabwe, with Industrial Development Corporation of  South Africa increasing its funding in Agribank, Zimbabwe’s leading agricultural and industrial development, by another US$ 30 million

2012      Musa signs on several African governments as advisory clients including Government of South Sudan, Government of Bayelsa