Nairobi-based private equity fund manager Ascent Capital announced the first rolling close of its Ascent Rift Valley Fund II (ARVF II) at more than USD 100 Mn. The investment comes from the World Bank and other top sovereign funds, including the International Finance Corporation (IFC), the CDC Group (UK government), Dutch financier FMO, Proparco, a French development finance institution, SDG Frontier Fund, impact investors, and major Kenyan pension funds.
The ARVF II fund invest in leading Eastern African small and medium-sized enterprises (SMEs), with a view to acquiring substantial minority or majority stakes. The fund will also provide support to flexible SME companies, assisting in the growth of larger businesses and industries. It will focus on the financial services, manufacturing, wholesale and retail trade, education, and healthcare sectors.