Investor profile

The Fundo Soberano de Angola (FSDEA) was born in 2011 as a replacement from the previous Oil Fund. At inception, FSDEA was Sub-Saharan Africa’s second largest SWF after Botswana's Pula Fund, but it was never as successful due to its lack of corporate governance. In 2013, the country’s President appointed his son Jose Filomeno as the Chairman, role he played until the Panama Papers revealed in 2017 that the Fund had paid more than USD 41m to an asset manager close to him. FSDEA is currently at an impasse.