(MENAFN) Dubai-based Shankar, the chief executive of Standard Chartered, is set to start his own private equity fund of about USD1 billion, an official statement said, Reuters reported.
The new fund's focal point is Africa, the Middle East, South Asia and Southeast Asia, the statement added, noting that it aims at helping emerging market firms to move through other emerging or frontier markets.
"The value-add is going to be investing into a company in Indonesia and bringing them into Africa, and vice versa. I don't intend to do hostile takeovers and buyouts," an official statement said.
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