Standard Chartered announced on Tuesday that its private equity arm has purchased a 13% interest in Botswana-listed grocery chain Choppies Enterprises. This is the most recent private equity deal targetting African clients, according to Moneyweb.

The London-listed banking firm did not disclose the value of the acquisition. However, Thomson Reuters data say Choppies' market value is around $456 million. That would make the acquired stake's worth almost $6 million, the report detailed.

Having a fast-growing economy, Africa is seen as an attractive investment target for private equity firms. The increasing consumer spending is also one of the reasons for rising investments in the region. Because the capital markets in Sub-Saharan region are mostly illiquid, or not easily converted to cash, private equity is one of the few vehicles for investment in African firms, the report noted.

Choppies is the biggest retailer in Botswana. The company operates over 100 supermarkets and has outlets in Zimbabwe and South Africa, wrote Moneyweb.