9 February 2018

January got the funding party started. U.S.-based private equity firm TPG Growth acquired a majority stake (of an undisclosed value) in entertainment company Trace. It is a global multimedia giant for African music and film content with 200 million viewers and listeners in 160 countries, 30 mobile services, 21 pay TV channels and 7 FM radio stations.

TPG Growth will “partner with Trace’s co-founder and management to build a global leader for Afro-urban music and entertainment,” said a company release.

There’ll likely be more Africa investments for TPG Growth in 2018. Last October the firm raised $2 billion for The Rise Fund, founded by TPG managing partner Bill McGlashan with Bono’s support.