The Oppenheimer family, the mining dynasty selling out of De Beers for US$5.1 billion ($6.5 billion), will use part of the proceeds to boost funds in its private-equity joint venture with Temasek Holdings Pte, Nicky Oppenheimer said, reported Bloomberg.

Tana Africa Capital, the venture with Temasek unit Sennett Investments, focuses mainly on consumer and agricultural businesses. The family will invest the bulk of the proceeds from the De Beers deal in Africa, Oppenheimer said today by telephone from Johannesburg.

Tana Africa Capital will be “investing significantly in Africa” and will conclude a transaction in the continent’s fast-moving consumer goods industry within eight weeks, James Teeger, managing director of E. Oppenheimer & Son Group, said today by phone from Johannesburg. He declined to identify the deal or the country where it will take place.

Source: The EdgeSingapore