Money Markets
By John Gachiri
In Summary
- Amethis said it raised the money from US, European financial institutions and family-owned businesses with a keen interest in investing in local firms.
A French private equity firm and one of the largest
shareholders in Chase Bank has raised $350 million (Sh30 billion) for
investing in fast-growing firms in Africa.
Amethis said it raised the money from US, European financial
institutions and family-owned businesses with a keen interest in
investing in local firms.
“The success of this fundraising, demonstrates the
appetite of private European and US entrepreneurs and family offices to
invest in Africa, the next world frontier for growth,” said Amethis
managing partner Luc Rigouzzo in a statement.
Growth in Kenyan and regional small and
medium-sized enterprises has attracted funds from private equity and
related firms, eyeing rich harvests as companies mature.
Last month, private equity firm Kibo Capital Partners raised Sh4.38 billion for its second SME fund.
Kibo bought a fifth of I&M Bank (Tanzania) shares in January 2010 through the Kibo I fund.
Amethis invests long term through debt or by buying
out minority shareholders. The private equity firm prefers to invest in
mid-size companies that are expanding and are serving markets that are
poised for takeoff.
“The Chase Bank transaction fits perfectly with
Amethis strategy to support mid-size fast growing local companies,
targeting institutionalisation and regional expansion,” said the private
equity firm in March last year when it invested in Chase Bank.
The purchase of a stake in Chase Bank worth $10.5 million (Sh920 million) was also the private equity fund’s first investment.
The firm began in December 2012 and is owned by institutional and family-owned business.
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