A Kenyan private equity firm Ascent Capital, has raised the amount of $50 million for a new growth capital vehicle targeting East Africa.
Private equity is still a relatively new development on Africa’s financial landscape but it has been growing in recent years as investors chase higher returns from economies enjoying robust growth.
Ascent said the fund, known as Ascent Rift Valley Fund, is backed by private and institutional investors from Kenya and abroad, including Kenyan pension funds.
“This is the first time in the region that local pension funds have committed to invest in a private equity fund,” David Owino, a partner at Ascent, said in the statement seen by Reuters on Wednesday.
The firm has offices in Kenya, Uganda and Ethiopia.
Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Kenya, Kenyan Private Equity Firm, Ascent, Ascent Capital, East Africa, East Africa Fund, Africa, Ascent Rift Valley Fund, Kenyan Pension Funds, David Owino.