Tech in Africa
Nairobi-based private equity firm Ascent Capital has raised $100 million from the World Bank and other top sovereign funds among them the International Finance Corp (IFC), the CDC Group (UK government), Dutch financier FMO, Proparco, French development finance institution, and several other noteworthy investors. The raise exceeded its initial target of $80 million by the final close.
As a PE firm fixated small and mid-sized firms, Ascent Capital is looking to invest between $5 million (Ksh 537 million) and $19 million (Ksh 2.1 billion) in firms on growth sectors touching on manufacturing, financial services, trade, health, and education across Uganda, Ethiopia, Kenya, Rwanda, and Tanzania.
With the new funding warchest the firm will go for the majority or significant minority stake in the companies invested. CDC’s contribution to the fund was $25 million while Kenya’s pension fund gave $12,000,000. Ascent Capital runs a decentralized approach with offices in Ethiopia, Kenya, and Uganda.
Source articles from private equity wire and Business Daily
