Fanisi Capital, the Kenyan private equity fund manager, has held the first close for its second fund, garnering $30 million from a group of institutional investors, which, notably, numbers eight East African pension funds among its members. Between them, the domestic investors accounted for 45% of the capital committed to the close.
Fanisi Capital Fund II is a 10 year closed-end venture fund which is ultimately looking to raise a total of $75 million. The fund’s strategy will be similar to Fanisi’s maiden fund, the $50 millions Fanisi Capital Fund I, which is now fully invested in four high-growth sectors-agribusiness, education, healthcare as well as retail and wholesale-in Kenya, Rwanda, Tanzania and Uganda. The first fund’s portfolio is made up of a number of companies in these sectors including Haltons Pharmacy, Hillcrest International Schools and Ngare Narok Meat Industries.
“We have seen growth in the markets we have moved into so far and we are looking to capitalise on what we have gained…and build even stronger businesses,” said Tony Wainaina, a Partner at Fanisi. “We are in this business to invest in enterprises where we can develop together by growing value chains across the key sectors we have identified.”