Kibo Capital Partners has held a $58 million second close for its second fund, Kibo Fund II, adding Nile Holding Company for Development and Investment, an Egyptian investment company to its diverse roster of investors. The private equity fund will make growth equity investments in SME and Mid-market companies across a number of sectors including financial services, healthcare, education and light manufacturing in East and Southern Africa as well as the Indian Ocean islands.
Kibo Fund II held its first close at $50 million in July 2014, according to a company press release, in which it also stated that it expected to raise $80 million by the final close. Of the $50 million, some 30% was raised from a mix of pension funds, family offices and other institutional investors, while the balance of the capital was provided by the International Finance Corporation, the African Development Bank, DEG, CIEL and Anglo Mauritius.
Kibo Capital Partners, a venture between Ciel Finance, the financial services arm of the CIEL Group, and Kibo’s management team has offices in Mauritius and Kenya.