Kibo Capital Partners, a manager of regional private equity funds, has invested an undisclosed amount in General Cargo Group, a provider of logistics services in Kenya.

Financial details of the transaction were not disclosed.

The investment was structured via the Kibo Fund II.

The fund manager has partnered with Velogic, a Mauritius based regional logistics company, in this transaction.

Josep Oriol, Principal of Kibo, said: “We are very excited about our partnership with Velogic and General Cargo. We believe General Cargo will remain a leader, and expand in a sector that is driving growth in East Africa.”

“Velogic’s input, bringing its operational best practices and systems to this partnership shall help us accelerate growth and improve the quality of services,” he added.

Kibo Fund II reached the second close at arond $58m in January 2016.

The Fund II targets growth-oriented SMEs- and middle market companies seeking equity investments of $4-10m across a number of industries, including financial services, healthcare, education, FMCG and light manufacturing.

The Fund is expecting to raise $80m by its final close.

The cornerstone investors in the Fund are the IFC, the AFDB and DEG.

The other investors include the Ciel Group and the Swan Group, both investors in The Kibo Fund LLC, and a number of other investors including European pension funds and family offices.

Kibo Capital Partners is a private equity management company, domiciled in Mauritius and licensed by the FSC as CIS Manager.

Kibo Capital Partners is a venture between Ciel Finance, the financial services arm of the Ciel Group and the firm’s management team.

Kibo Capital Partners has currently two funds under management with assets totaling $100m.

The funds target growth companies in Eastern and Southern Africa and the islands of the Indian Ocean.