Private equity firmm AfricInvest has raised $411 million in a new fund for investments in mid-sized companies in African countries including Kenya.
Investors who took part in the funding include BII UK (formerly CDC UK), German investment fund DEG, the European Investment Bank (EIB), Dutch development bank FMO, IFC, and French development institution Proparco.
The fund, dubbed AfricInvest IV, is the largest the firm has raised, eclipsing the $300 million it raised from the previous flagship fund, AfricInvest III, which closed in 2016.
It ordinarily caps investment per region in Africa at 35% of a fund, meaning East African investments could access up to $144 million from the new fund.
Since its inception in 1994, AfricInvest has raised more than $2 billion in funds, which it has deployed into over 190 companies in more than 35 African countries.
In Kenya, its investee firms have included UAP Insurance Group, Family Bank Kenya, I&M Bank Rwanda, Prime Bank, Britam Holdings Group, Silafrica Plastics & Packaging International, Abacus Pharmaceuticals and Brookhouse Schools.
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