Private equity firm Ascent has raised more than $100 million to invest in growth capital in high potential small and medium enterprises (SMEs) in East Africa.
The investor will target minority and majority acquisitions for amounts between $4 million and $15 million and in sectors such as financial services, manufacturing, commerce, education, health and agribusiness. Ascent will primarily engage in Ethiopia, Kenya, Rwanda, Uganda and Tanzania.
“We are proud to have raised this additional capital to invest in promising African companies. We are now well positioned to become the premier fund manager for SMEs in East Africa, equipping ambitious entrepreneurs with capital and knowledge and guidance from our local teams, ” said David Owino (photo), founding partner of Ascent.
Here Is What You Need To Know
- The fund manager, who made its first investment in financial services at the start of the year, aims to transform companies targeted by its equity investments into leading companies in the sub-region.
- It raised this important financing through its second investment fund domiciled in Mauritius — Ascent Rift Valley Fund II (ARVF II) — thus achieving its first closing. The investment vehicle expects to reach $120 million when it is scheduled to close in December 2021.
- Ascent’s second fund follows on from the previous one, which made its first closing at $80 million in 2014 and made 9 investments in East Africa, mainly in Ethiopia, Uganda and Kenya.
- As part of this recent fundraising, the private equity company obtained commitments from several development banks (CDC Group, FMO, Norfund, BIO) and international institutions (SFI, Proparco).
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer