CDC

International Development

Written answers and statements, 4 November 2009

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Photo of David Taylor

David Taylor (North West Leicestershire, Labour)

To ask the Secretary of State for International Development what financial arrangements were in place for the seeding of CDC Group plc's sub-Saharan power assets in the new $750 million infrastructure fund announced by his Department on 6 October 2009; and whether a profit share was earned by the private equity company Actis for this transaction.

Photo of Douglas Alexander

Douglas Alexander (Secretary of State, Department for International Development; Paisley & Renfrewshire South, Labour)

holding answer 3 November 2009

On 6 October 2009, Actis announced a new £750 million infrastructure fund. CDC contributed a number of sub-Saharan African assets to this fund. The transfer value of these assets was established by agreement between CDC and Actis, with independent valuation advice provided by PricewaterhouseCoopers.

The specific information requested is subject to commercial confidentiality provisions in the various legal agreements.

Carried interest or profit share will be payable to the fund manager, pursuant to the contractual obligation between Actis and CDC.

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