Private equity fund Ascent Rift Valley Fund II LP receives US$10m from IFC

KENYA – The International Finance Corporation (IFC) says it will make a US$10 million equity investment in East African based Private Equity fund Ascent Rift Valley Fund II. Ascent Rift Valley Fund II L.P. is a 10-year closed-end generalist private equity fund targeting small and medium companies in Ethiopia, Kenya, Uganda, Tanzania, and Rwanda. The fund aims to invest in and develop small and medium-sized enterprises in East Africa and contribute to economic growth in the region. Ascent Rift Valley Fund II is seeking to raise US$120 million total committed…

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Fanisi Capital merges with Ascent Capital to raise funds for expansion in East Africa

EAST AFRICA – Fanisi Capital, a fund which makes direct investments and Ascent Capital, a growth capital provider, are set to merge and raise funds for bigger deals in the region. The two say consolidating their operations will help them to scale up and yield higher returns for investors. Merging will result in a fund size of at least US$155 million (KSh15.5 billion), going by their capital raising plans. Fanisi Fund II has US$35 million (KSh3.5 billion) growth capital while Ascent Rift Valley Fund (ARVF) II is expected to raise…

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