Kibo Capital Partners has announced a partial exit from Madison Finance or MFinance, one of Zambia’s largest microfinance institutions through the redemption of its preference shares. The East and Southern Africa-focused private equity fund manager first invested in MFinance in 2013, taking an initial 25% stake through Kibo Fund I, and further bolstering its holding through follow-on preference share investments to help the business grow its existing loan book to small and medium-sized enterprises. The fund retains a stake in the company through its investment in the micro finance institution’s ordinary shares.
Domiciled in Mauritius, Kibo Capital Partners is a venture between Ciel Finance, the financial services arm of the Ciel Group and the firm’s management team. The private equity firm has two funds under management currently with assets totaling US$100 million.