The Ascent Rift Valley Fund (ARFV), a privately-owned equity firm that opened its office in July 2014, Addis Ababa, Ethiopia, disclosed it had raised USD 80 million at its final close.

ARFV had started equity business in Addis Ababa in July 2014 and raised USD 50 million at its first close.
ARFV is the first private equity fund to engage in the local eastern African pension industry.

Guy Brennan, Ascent Capital Advisory Services’ Partner, said the fund comes from European development finance institutions and family offices.

The funds will be used as growth capital in private businesses in Ethiopia, Kenya and Uganda, states the statement released by ARVF.

Michael Meba-Selassie, Ascent Ethiopia Country Director and Principal said of the USD 80 million, meaningful amount of it will be invested in successful Ethiopian entrepreneurs.

Source: The Reporter