Addis Ababa-based Ascent Capital Africa intends to secure $120 million for its second fund that will invest in mid-sized companies across East Africa, where domestic demand is increasing.
Ascent’s new vehicle, Ascent Rift Valley Fund II, will be based in Mauritius and focus on securing as much as $90 million in the first round, which is expected to close in the third quarter of 2019.
Ascent intends to solicit Kenyan pension funds and businesses that injected in its first $80 million fund. The European Investment Bank, a lending unit of the European Union, is preparing to commit $25 million in the fund.
The fund’s final target is forecasted to be secured 12 months after the first close.