LONDON, Apr 16, 2014 (BUSINESS WIRE) -- Global alternative asset manager The Carlyle Group  CG  +0.83%today announced the final close of Carlyle Sub-Saharan Africa Fund (CSSAF), reaching $698 million, almost $200 million above its initial target of $500 million.

Marlon Chigwende, Managing Director and co-head of the Sub-Saharan Africa advisory team, said,   " The success of the fundraising reflects investors' appetite for the strong economic growth that the region has experienced over the last decade, as well as the prospects for future economic development across the continent. Carlyle is one of the first global alternative asset managers to launch a dedicated Sub-Saharan African fund and we are grateful for the support of our fund investors, who share our belief that Sub-Saharan Africa offers many investment opportunities."

The fund has strong support from African investors and also attracted a significant amount of international capital from investors around the world, including investors who are investing in Africa for the first time.

With a focus on investment opportunities linked to the growth of the emerging middle class across Sub-Saharan Africa, key sectors for the fund are expected to include consumer, logistics, financial services and telecommunications.

To date the fund has made two investments: Export Trading Group, an African based supply chain manager headquartered in Tanzania and J& J Africa, a logistics business headquartered in Mozambique.

Mr. Chigwende added, " Carlyle has a strong track record of partnering with private, family owned and entrepreneurial firms and helping them to expand and compete on a global stage. Our team of locally-based investment professionals continues to see promising investment opportunities where we can help create value."

David Rubenstein, co-founder and co-CEO of The Carlyle Group stated, " Carlyle has been an early mover in emerging markets, including China, India, Brazil and the MENA region, and we are optimistic about prospects for investing in Sub-Saharan Africa. The region has been the fastest growing developing market in the world outside of China, and we have a strong, experienced, local team in the region. We are very pleased with investor interest in this strategy."

The advisory team for CSSAF has offices in Johannesburg, South Africa and Lagos, Nigeria and they will continue to benefit from the support of the firm&rsquo s global network of 34 offices.

About The Carlyle Group

The Carlyle Group  CG  +0.83%  is a global alternative asset manager with approximately $189 billion of assets under management across 118 funds and 106 fund of funds vehicles as of December 31, 2013. Carlyle' s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments &ndash Corporate Private Equity, Real Assets, Global Market Strategies and Solutions &ndash in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,500 people in 34 offices across six continents.

IT IS a good time to be a fisherman. The global fish-price index of the UN&rsquo s Food and Agricultural Organisation (FAO) hit a record high in May. Changing consumer diets, particularly in China, explain much of the sustained upward movement. High oil prices, which increase the cost of fishing and transportation, also add to the price of putting fish on the table.

Not all fish are created equal, however. There are two types of fish production: " capture" (or wild) and " aquaculture" (or farmed). And they seem to be on different trajectories. Fish such as tuna, the majority of which is caught wild, saw much bigger price increases than salmon, which are easier to farm. Overall, the FAO' s price index for wild fish nearly doubled between 1990 and 2012, whereas the one for farmed fish rose by only a fifth. What explains this big difference ?

Patrice Guillotreau of the University of Nantes tells the story of a fleet in France that decided to trawl, rather than line-catch, its tuna. It brought more back to shore, but the fish were damaged. It could not be sold as high-value fillets and was only good for canning. The old ways of catching fish are still best if you want the highest profits, says Mr Guillotreau.

In contrast, the farmed-fish industry continues to make productivity improvements. Fish farms have found crafty ways to use lower quantities of fishmeal as feed. In the early days of aquaculture, it could take up to ten pounds of wild fish to produce one pound of salmon. Now the number is down to five. That may still be an inefficient use of protein, but the ratio is set to improve further. Fish farms have also become more energy-efficient, meaning that they are less affected by higher energy prices. And they have learned how to handle diseases better, reducing the quantity of fish that ends up being unsellable.

As a result of all these improvements, the global production of farmed fish, measured in tonnes, now exceeds the production of beef (see chart). Output is likely to continue growing: the FAO estimates that by 2020 it will reach six times its 1990 level.

This growth will further shake up the markets for fish. The farmed kind is expected to dominate the market for medium-value produce. Suppliers of wild fish, for their part, must slither into niche markets. At the low-value end wild sardine is a crucial input for farmed fish and is in abundant supply. More than a third of the total marine catch in 2010 was used for the production of fishmeal and fish oil.

But more money may be made serving the captains of industry rather than industry itself. Sapmer, a French fishing company, recently discontinued its canned-tuna production, instead concentrating on catching tuna for sushi and sashimi for the top end of the market.

Frank Asche of the University of Stavanger, who helped to devise the FAO fish-price index, sees parallels with the divergence between farmed meat and wild game. As the supply of wild fish declines relative to farmed fish, it will become a luxury commodity, he explains. " In 20 years' time people will think of wild fish like we now think of venison."