money

Ascent Capital Africa announces USD100 fund to be invested in East Africa

By Alice Lubwama

Ascent capital Africa a private equity fund has announced a 100 million dollar fund to be invested in mid sized companies across east Africa region.

Addressing journalists in Kampala today the country director Ascent capital management Africa Richard Mugera said that out of this money at least 30 million dollars will be invested in companies in Uganda.

He adds that they are targeting SMES in manufacturing, education, health and Agro processing sectors wholesale and retail trade with proper book accounts to take up this opportunity.

He said that since 2014 they have invested in six companies in East Africa and increased employment by 12% in the region.

Mugera further says that 80% of the companies they have invested in are successful.

He said that they raised the funds from prominent investors such as Belgian Investment Company for developing countries, CDC group in the U.K, Dutch entrepreneurial development bank, the international finance corporation and the Norwegian investment fund.

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