Private equity firm Ascent raises KES 4.3B in funding
23 July 2014, 17:30
Nairobi - Ascent, a private Kenyan equity firm, has raised $50 million (KES 4.39 billion) for investment in about a dozen fast-growing companies across the east Africa region, it said on Wednesday.
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.
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