The Ascent Rift Valley Fund (ARVF) has reached its final close at $80m, significantly exceeding its original $60m target.

Ascent, which launched in July 2014 with $50m at its first close, is the first private equity fund to tap into the local pension industry where it was able to raise $5m from Kenya Power Pension Fund and Nation Media Group Pension Fund.

David Owino, Ascent Capital Advisory Services’ Partner, confirmed that the fund’s investor base includes European development finance institutions such as CDC (UK), FMO (the Netherlands), Norfund (Norway), and OeEB (Austria).

Additionally, ARVF’s investors include LGT Group (Liechtenstein) and European family offices.

“The family offices represent successful European entrepreneurs, who in addition to injecting capital, are willing to share their know-how and expertise with the portfolio companies,” he said.

He added that together with the fund partners’ investment of 6%, total commitments are now $80m.

The funds will be invested exclusively as growth capital in private enterprises in Uganda, Ethiopia and Kenya.

ARVF invests in successful, high potential entrepreneurs that have shown proof of concept, taken significant risks, pushed through the tough times and pressed on to success.

ARVF mission is, by working closely with the entrepreneurs, to develop and grow these enterprises to achieve significant long-term growth and profitability.

Ascent has already made two investments in the region: Medpharm Holdings Africa, a leading medical diagnostic laboratory with operations in Ethiopia and expansion ambitions in the greater East Africa region and Chims Africa, Uganda’s leading mobile money agent with over 130 outlets all over the country and with a customer base of 7 million and growing.

“We are at an advanced stage of closing two more deals and we are looking to announce these by the close of the year,” said Owino.