Coors, other families create fund to invest in Africa

A group of more than ten families led by brewery heir John K. Coors have set up a new private equity fund that will invest $300 million in Africa,

the

Wall Street Journal

reported.

The group plans to invest over the next four years and to recruit other wealthy families, the article said. Coors told the

Journal

the fund is in discussion with two South African companies and another from outside Africa that wants to build operations in Africa.

Coors is a great-grandson of the founder of Colorado’s Coors brewery, now part of Molson Coors Brewing Co. He is also president and chairman of another family business, semiconductor manufacturer CoorsTek Inc., the

Journal

report noted.

Coors told the

Journal

that his group will make smaller investments than larger private equity funds. He also said the group’s investments will last for a decade or longer.

Coors’ group is called One Thousand & One Voices. He told the

Journal

the name reflects a collaboration among wealthy families, African businesspeople and their employees.

The group’s CEO is Hendrik Jordaan, a native South African and a former attorney at Morrison & Foerster LLP, the article said. (Source:

Wall Street Journal,

May 6, 2013.)