Emerging markets investor CDC Group is decreasing exposure to private equity and upping investments in debt and forestry, looking to allocate a quarter of its portfolio over the next few years to the sectors.

CDC, which invests in private equity funds targeting poor regions, is close to appointing a private equity firm to run an Africa-focused senior debt fund and has appointed a separate manager to run an Africa-focused forestry fund, according to Richard Laing, chief executive of CDC.