Kibo Capital Partners today announced the first close of its second fund, The Kibo Fund II LLC (‘Kibo II’), totalling US$50 million. Kibo II targets growth capital investments in East Africa, Southern Africa and the Indian Ocean islands.
Investors include some of the leading development finance institutions, as well as 30% of the capital coming from pension funds, family offices and other institutional and commercial investors.
Commenting on the first close, Managing Partner Thierry Hugnin said: “We appreciate the continued support by our existing investors in Kibo’s first fund, and are excited to be partnering with several new top-tier institutions in Kibo II, as we continue to grow our investment activities"
The Fund is expecting to raise US$80 million in total commitments by final close. “We continue to believe that we can add value to SME and mid-market businesses in our target region, and are raising additional capital to pursue further opportunities”, said Partner Christoph Evard.
The Kibo Fund II LLC (www.kibo-capital.com) targets growth-oriented SME- and middle market companies seeking equity investments of US$4-8 million across a number of industries, including financial services, healthcare, education, other services and light manufacturing. Kibo II is managed by Kibo Capital Partners, a Mauritius- and Kenya-based fund management firm.