Ascent Rift Valley Fund II
BIO has invested USD 7 M in equity in Ascent Rift Valley Fund II, an SME Fund targeting fast-growing SMEs in Eastern Africa.
Amount
€ 5,743,220.00
Type of investment
Equity
Development impacts
- Local economic growth
- Private sector consolidation/innovation
- Promotion of ESG best practices
Beneficiary locations
Investment field
Investment Companies & Funds
Activity
Ascent Rift Valley Fund II (ARVF II) is a private-equity fund that will primarily invest in fast-growing SMEs in Eastern Africa, with a focus on Ethiopia, Kenya, Uganda and including the possibility to invest in Tanzania, and Rwanda.
The Fund will benefit from the lessons learnt from the predecessor fund, Ascent Rift Valley Fund I (ARVFI).
Development impacts
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Local economic growth
Provision of long-term capital to SMEs
Preferred sectors include manufacturing, healthcare, education, retail, agro-processing (primary agriculture is excluded), financial services, and other services, which are key enabling sectors for job creation, productivity and local economic growth.
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Private sector consolidation/innovation
Local financial institutions have a limited appetite to provide flexible long-term financing to SMEs. The fund will support long-term projects and more innovative companies that would otherwise not get financed or at prohibitive interest rates;
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Promotion of ESG best practices
The fund manager is trained, organized and dedicated to integrating ESG best practices in its investment approach.
Made possible through this investment
ACME Containers
Kenya
Manufacturer of multi-use injection moulded plastics
Diani Beach hospital
Kenya
Private hospital
Platcorp Holdings Ltd.
Kenya, Tanzania, Uganda
Platcorp provides credit to private individuals and small and medium-sized enterprises, SMEs, in Kenya, Uganda and Tanzania.
Valley Hospital
Kenya
Private hospital
Read impact and news about this project
News
Ascent announces first close of Ascent Rift Valley Fund II
18-05-2021
African private equity fund manager Ascent today announced the first rolling close of its Ascent Rift Valley Fund II (ARVF II) at more than USD 100 million, significantly exceeding its initial target of USD 80 million. The final close of ARVF II, with a target of USD 120 million, is expected in December 2021.
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