Chitalu, also previously worked for accountancy firm KPMG Peat Marwick in the UK and Meridien Financial Services in Zambia.
Today he works as an entrepreneur in Zambia and southern Africa specialising in private equity and local private sector development.
His appointment will bolster CDC, which invests heavily in Africa, as the firm seeks to further diversify its presence in the region. In April, Richard Laing, chief executive of CDC, said traditional private equity, which CDC classed as buyouts, expansion capital, microfinance and infrastructure, made up about 95% of the firm’s portfolio but he said debt and forestry investments would account for a combined 25% in a few years – which would be £625m (€710m) based on its present portfolio.
Yesterday, CDC said it had committed $50m to the first private equity fund to focus solely on sustainable forestry in sub-Saharan Africa. The firm expected private investors to invest subsequently, bringing the fund to its $150m (€122m) target. In April, Laing also said the group was also close to appointing a private equity firm to run an Africa-focused senior debt fund.
CDC has previously come under fire for failing to invest enough in developing economies. In 2008, CDC was told to invest more of its capital in the poorest world economies, increasing the amount of risk to which it is exposed. The move followed political criticism over the perceived shift in CDC’s strategy towards more developed markets following the spin off of its direct investments arm, Actis.
The UK Government’s Department for International Development said the investment policy for CDC meant it would have to invest at least 75% of its capital in funds in countries with a gross national income per person of less than $905.
However, last year, a UK parliamentary committee said CDC had failed to do enough to reduce poverty despite earnings profits and awarding staff “extraordinary” pay packages. The Committee of Public Accounts also criticised the government department responsible for ensuring CDC honoured its brief of lax oversight on pay at the group and said it must more to “steer” CDC towards investment in developing economies.
[Financial News]
I do not trust this chap. He was used by the kafupi to swindle Zambians, this guy survived and still looks professional, I can’t believe it. He was supposed to be in court just like these others kateles.
congratulation…. twanwa again uncle>:d<. Imwe leave my uncle alone:o
Congratulations, where are the 264 companies which Valentine sold, that why he has gone mute in the recent past!
Young entrepreneurs in Zambia, congrats Valentine.
hope ba task force wont go after him after they read about his achievements congrats Mr Valentine:d/:d/:d/:d/:d/:d/:d/:d/
Ma Jealous ba Imbwa ………..congrats HH and VC benefited at least. Use ur brains
Sibu imbwa, anaba masaka uyu. Ali na property, nibwela utambe!
Yaba, Valentine Chitalu again, fyalifulile mwe.
Be my Valentine:x
you Chaps…get ur facts right! He did not own ZPA, he WORKED for them and was simply doing his job. do you do your job at work? i wonder!
A HUGE CONGRATULAIONS TO YOU MR CHITALU ;) \:d/