Ascent Capital Closes Ascent Rift Valley Fund with KES4.3 Billion in Commitments (Sub-Saharan Africa)

Source: Capital FM Kenya | Author(s): Kennedy Kangethe

Private equity firm Ascent Capital has closed its Ascent Rift Valley Fund with KES4.3 billion (approximately US$48 million) in capital commitments. The growth fund is focused on companies in Eastern Africa and will invest in eight to 12 countries with ticket sizes between KES87 million (approximately US$1 million) and KES791 million (approximately US$9 million). Investors in the fund included international investors and local pension funds. This is reported to be the first dedicated private equity commitment by local Kenyan pension funds. Click here to read more about African pension funds and private equity in a report by the Commonwealth, MFW4A and EMPEA.