Kenyan Emerging Africa Capital aims to set up USD 100mn private equity fund.

By bne IntelliNews December 12, 2011
Kenyan investment advisory Emerging Africa Capital (EmAC) aims to raise a USD 100mn private equity fund to invest in information and communication technology (ICT), fast-moving consumer goods and renewable energy, Business Daily reported. The company is now negotiating the necessary funds with a UK investor, which should contribute USD 70mn, while the rest of the funding is expected to come from a South African investor, and probably a Chinese firm, EmAC CEO Michael Musau was quoted as saying. He declined to disclose further details, but said that the funding agreements should be signed by June 2012 and the fund should be launched by September 2012. The fund is targeted to invest in the wider eastern African region, including South Sudan and the Democratic Republic of Congo, which have recently drawn the attention of many investors.

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