Kenyan investment company Centum Investments Group (CIG) intends to secure between 40 billion and 50 billion Kenyan shillings ($390 million to $487 million) for a fresh private equity fund.
Centum Investments Group will raise between $292 million and $341 million from high-net-worth individuals and institutions such as pension schemes, with the additional $97 million to $146 million from its internal revenue sources.
The new fund will largely invest in mature cash-generative businesses and marketable securities such as government securities and equities.
Centum Investments Group will use proceeds to pay off the debts which fall due, freeing up an average of $16 million in annual debt service bill to enhance shareholder dividend payments.