European private equity fund managers are heading to Latin America and Africa to find new investment opportunities. Many are hoping to attract support from development finance institutions, a key gateway to these regions.

A range of industry players, including US giant Carlyle Group and 8 Miles, the vehicle set up by former pop artist and campaigner Bob Geldof, are raising funds dedicated to Africa, while 3i Group, Hamilton Lane and Advent International are among the firms to have expanded their presence in Latin America in the past 12 months.