Billionaire investor David Bonderman’s TPG is joining with London-based Sudanese entrepreneur Mo Ibrahim to invest in Africa, where the US private equity firm’s biggest rivals are already making acquisitions.

TPG Growth, a backer of US start-ups, including Uber Technologies and Airbnb, will work with Ibrahim's Satya Capital. They will invest jointly, with 70% of funds coming from TPG and the rest from Satya Capital, in an effort to combine TPG's global network with Satya's knowledge of Africa.