Carlyle's Africa fund blows past its asset targets

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Africa rises for investors

Here's further proof that serious international investors are warming to Africa: The Carlyle Group announced Wednesday that it had raised $698 million for its dedicated continental fund, nearly $200 million above its initial target.

The firm initially sought $500 million for the Carlyle Sub-Saharan Africa Fund when it launched in March 2012. The firm's Africa operations are based out of Johannesburg, South Africa and Lagos, Nigeria, and its investments focus on buyouts and minority investments in goods, logistics, financial services, agribusiness and energy.

"We are optimistic about prospects for investing in Sub-Saharan Africa," David Rubenstein, co-founder and co-CEO of Carlyle, said in a statement announcing closing the fund to new capital. "The region has been the fastest growing developing market in the world outside of China, and we have a strong, experienced, local team in the region. We are very pleased with investor interest in this strategy."