SME fund managers Fanisi, Ascent set to merge

Private Equity (PE) firms, Fanisi and Ascent Capital are set for a merger having agreed to consolidate the operations of their respective funds.

The move to scale up and yield higher returns for their pair of investors will see the two SME fund managers systematically co-invest.

“The Ascent team is highly experienced and respected in the market for East African SME investments. As the Transaction progresses, we expect benefits of scale and more robust investment returns to the investors over time,” said the pair of PE Managing Partners, Ayisi Makatiani and Tony Wainaina in a joint statement on Wednesday.

The transaction is expected to be finalized by the close of March this year subject to requisite approvals.

The transaction will not however affect operational investments as the pair manage past transactions separately including Fanisi’s investments in Kitengela and Hillcrest Schools and Ascent investments in Kisumu Concrete Products and Kampala based Africa Queen Distributors.

The pair of PE funds currently has assets under management totaling over Ksh.150 million in value ranging from diverse sectors including manufacturing, healthcare, and education, food processing and fast-moving consumer goods.

Presently. Ascent Capital is in the process of raising a Ksh.12.1 billion ($120 million) successor fund to be invested across Ethiopia, Kenya and Uganda.