The Abraaj Group has closed a $990 million fund that will invest in Sub-Saharan businesses.

The private equity firm plans to invest in middle-market consumer goods, consumer finance, resource and infrastructure services in Nigeria, Ghana, Côte d’Ivoire, South Africa and Kenya. The new fund has already invested in Liberty Star Consumer Holdings, a food and personal care-product manufacturer in South Africa.

The fund, Abraaj Africa Fund III, received investments from pension funds, sovereign wealth funds and development finance institutions. European and North American investors made up 64 percent of the fund. The interest underscores the growing private equity opportunity in Africa, according to the firm.

Dubai-based Abraaj invests in emerging markets in Africa, Asia, Latin America, the Middle East and Turkey. The firm has made 67 investments in Africa, including the Nairobi Women's Hospital, which the firm invested in in November 2013.

Earlier in April, the firm partnered with TPG to invest in Saudi Arabian food chain Kudu. 

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