Mauritius-based PE firm Ascent Capital launches in Ethiopia


german-private-equityMauritius-based PE firm Ascent Capital has launched in Ethiopia and is calling SME’s to knock its doors for investments.

With offices in Ethiopia, Uganda and Kenya the firm expects to invest in SME’s with revenues from $2 million to $5 million for a ten-year lifetime to exist.

“We invest between USD 2-5 million per company. If everything goes well, which we hope it will, then we share the reward but if things do not go well we share the risk as well. And, of course, we target good dynamic Ethiopian entrepreneurs and there are many of them in this country,” Managing Partner Lucas Kranck told Ethiopia’s The Reporter.

Ascent Capital aims to invest in local manufacturing firms especially those in FMCGs, dairy farms, fruit juice makers and slaughter houses as well medical service sector firms such as hospitals and medical laboratories like its earlier investment International Clinical Laboratory (ICL).

Established two years ago, Ascent Capital raised $10m from the Norwegian Fund (Norfund) and $5m from Austrian government fund (OeEB) among others.

In March last year, David Owino joined Ascent Capital as a partner after leaving Centum Investment. Owino with co-partners Guy Brennan and Lucas Kranck last year invested in ICL in Ethiopia. This official launch in the country will help them easily identify firms, do their due dilligence and invest in them. Ascent Capital, which takes majority stakes in firms it invests in will take on PE firm Schulze Global Investments which has been operational in Ethiopia for sometime now.