Ascent holds first close of Ascent Rift Valley Fund II
African private equity fund manager Ascent has held the first rolling close of its Ascent Rift Valley Fund II (ARVF II) at more than $100 million, significantly exceeding its initial target of $80 million. The final close of ARVF II, with a target of $120 million, is expected in December 2021.
ARVF II will invest equity in SMEs in Eastern Africa, looking to take large minority or majority stakes. The fund will provide funding to scalable SME businesses, helping to drive wider business and industrial development, particularly targeting the financial services, manufacturing, wholesale and retail trade and services, education, healthcare, and agro-processing sectors.
Investors in ARVF II include Africa investors such as BIO (Belgian Investment Company for Developing Countries); CDC Group, the UK's development finance institution; Dutch development bank FMO; the International Finance Corporation; Norfund; France's Proparco; SDG Frontier Fund; impact investors, and major Kenyan pension funds.
