Kasada Capital Management, the new Sub-Saharan hospitality investment platform, has closes its maiden fund, Kasada Hospitality Fund LP, with equity commitments of over $500 million.
This is in line with a first announcement disclosed in July 2018 by Katara Hospitality and Accor who are respectively contributing $350 million and $150 million. The hospitality market is a promising yet underserviced sectors in Sub-Saharan Africa where growing economies and emerging middle class are creating high-growth markets that are left largely untapped.
Kasada Capital Management intends to bridge the gap between the local hospitality market players and international investors. The team is co-led by Olivier Granet, a former CEO of AccorHotels Middle East & Africa and David Damiba, a former partner at Helios Investment Partners. They will put in place a unique team of professionals combining world class experience from the hospitality industry, private equity and financing sectors underpinned by a strong track record in the African market.
Kasada believes its positive social impact is key to becoming the number-one sustainable hospitality fund dedicated to Africa. Co-investments with local partners will support local job creation and further local business opportunities throughout the hospitality value chain, from investors to constructors and equipment suppliers.
On this initial closing, CEO Olivier Granet said, “There is an incredible opportunity ahead to try out an innovative hospitality investment platform in the region. While in other parts of the world such initiatives are already thriving, they do not exist with critical size and integrated structure in Sub-Saharan Africa. The time is now for bold strategies to be implemented. This is the best structure to address the needs of the region, develop attractive products and reach critical mass quickly to take a leadership position.”