The firm will invest in eight to 12 countries across the region with a spend size of between Sh87 million and Sh791 million.
Speaking during the launch of the fund, Ascent Capital Partner David Owino said the fund was mostly raised from pension funds with Kenyan firms’ contribution about 10 percent which translates to Sh439 million in total commitments.
“Commercial investors including local institutions and private international investors have committed 70 percent of the funds,” he said.
Owino said the fund has also attracted significant capital from international investors, coming on the back of the successful Eurobond milestone, a sign that the country’s financial sector has come of age.
“We are honoured to be the first private equity fund to have won the trust of the local pension funds. In addition to the local institutional investors, the fund has also attracted significant capital from international investors,” he stated.
Owino noted that this is the first time in the region that local pension funds have committed to invest in a private equity fund pointing out that as an alternative asset class private equity presents the pension funds with exciting investment options in untapped markets and sectors.
The company has presence in Kenya, Uganda and Ethiopia.