(Ecofin Agency) - Ivorian banker Tidjane Thiam (pictured) is reportedly launching a special investment vehicle worth $250 million. According to comments relayed by Bloomberg Television, the facility will specialize in the acquisition of financial companies in developed and developing markets.
The information is however yet to be confirmed by the former CEO of Credit Suisse. JP Morgan, presented as the main arranger of this project, has also not made any comment yet.
Let’s however note that Tidjane Thiam is familiar with the international investment world. Before he joined Credit Suisse, he managed Prudential, a big British insurer whose investment portfolio covers many developing and developed countries.
The type of firms set up by the financier does not a priori target specific investments. Investors only inject funds in the project based on the confidence they have in the project leader and his or her ability to generate the expected returns. Many sovereign funds have been approached for this purpose.
Tidjane Thiam will thus have another opportunity to evaluate the confidence the international investment world has in him. If the project is successfully completed, he will operate in the US financial market, which is reputed to be difficult and very competitive. As a result, the development of special acquisition vehicles has become commonplace for former senior financial executives.
Between 2015 and 2020, about 200 such vehicles were launched in the US according to a specialized platform. Nine of them closed without making any investments, 82 have made investments and 109 are in the negotiation phase. The strategy to be implemented by Mr. Thiam to make a difference is to be monitored.