South Africa: Ascension Private Equity Fund I reaches first close
Ascension Private Equity Fund I (APEF) achieved its first close on the 21st June 2021, with first close commitments of R350 million (about $24 million). APEF is managed by Ascension Capital Partners Fund Manager.
APEF operates as a sector agnostic fund targeting equity investments in innovative businesses across multiple sectors including healthcare, food security, fast-moving consumer goods, water, sanitation, manufacturing and technology driven businesses. APEF will seek to invest in South African businesses with an emphasis on businesses that may have exposure to or expand significantly into other high-growth markets.
APEF is targeting final closing commitments of R1.5 billion (about $104.7 million). Managing director, Kabelo Moja noted, “We are humbled to have achieved this milestone and believe that in light of the unique macroeconomic climate that we are currently in, we are well positioned to capitalise on unique value enhancing opportunities in order to preserve and create jobs, drive value and transformation and contribute to the South African economic growth narrative. Private equity as an asset class continues to outperform and grow as an alternate asset class that is attractive to many institutional investors looking for portfolio diversification.”
Chief investment officer, Kabelo Senoelo added, “The first close target for Ascension provides us with an opportunity to actively invest and contribute to the South African economy. The fund will look at investing equity cheque sizes of between R50 million (about $3.5 million) and R150 million (about $10.5 million) as we believe that these mid cap businesses, which meet our investment criteria, show a higher probability of growth trajectory in the current environment.”
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