Ascent Capital Africa Raises KES8 Billion for Ascent Rift Valley Fund (Sub-Saharan Africa)

Source: Business Daily  |  Author(s): John Gachiri

East Africa-focused private equity firm Ascent Capital Africa has reached a final close for Ascent Rift Valley Fund with more than KES8 billion (approximately US$76 million) in capital commitments, exceeding the initial target of KES6 billion (approximately US$57 million). The fund invests in Kenya, Uganda and Ethiopia. Local pension funds Kenya Power Pension Fund and Nation Media Group Pension Fund committed KES500 million (approximately US$5 million) each to the fund. Other investors in the fund included development finance institutions CDC Group, FMO, Norfund and OeEB.