Kenya-based private equity firm, Ascent Capital, has raised more than $100 million in a subsequent fund, it said on Tuesday, to put resources into small and medium businesses in East Africa.
Ascent, which was among a few new private equity firms set up in the last decade to exploit the growing popularity of the asset class in East Africa, raised $80 million in its first round in 2015.
The second fund will target growing firms in the financial services, manufacturing, trade, education and health sectors across the region, Ascent said in a statement.
The first deal was concluded in January this year, it said.
Investors in the second fund include Britain’s CDC, Dutch development lender FMO and the International Finance Corporation, Ascent said.
