Money Markets
Fanisi Capital managing partner and chief executive Ayisi Makatiani. PHOTO | FILE
By CHARLES MWANIKI, cmwaniki@ke.nationmedia.com
In Summary
The International Finance Corporation (IFC) plans to
inject Sh750 million into PE firm Fanisi Capital’s new fund, which is
targeting between Sh7.5 billion and Sh10 billion for SME investment.
IFC, the World Bank’s private sector lending arm, is making
its second financing commitment to Fanisi having invested a similar
amount in the PE fund’s initial capital raise in 2010. It expects to
complete the investment at the beginning of November.
Fanisi is hoping to close its second fund — dubbed Fanisi Capital Fund II LLC — by end of the year.
The first fund raised $43.5 million (Sh4.3 billion)
in 2010, which the PE firm put in investments in healthcare, education,
consumer goods and agribusiness.
“The project proposes an IFC equity investment of
up to $7.5 million, not to exceed 20 per cent of total committed
capital, in Fanisi Capital Fund II LLC, a 10 year closed-end SME
ventures fund targeting growth oriented SMEs in East Africa… in the four
sectors of agribusiness, retail consumer, healthcare and education,”
said IFC in disclosure documents on the proposed capital injection.
Fanisi is currently 75 per cent owned by its
founding investment team that is led by managing partner and CEO Ayisi
Makatiani, with the remaining 25 per cent held by Norwegian fund
Norfund.
Fanisi typically invests between $50,000 (Sh5
million) and $15 million (Sh1.5 billion) in companies for periods of
between three and six years.
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