Kibo Capital Partners, a provider of growth capital in East Africa, Southern Africa and the Indian Ocean islands, has announced the second close of its Kibo Fund II.

The total fund size increased to about $58m with investors including Nile Holding Company for Development and Investment, an Egyptian investment company.

Kibo Fund II received $50m at the first closing from some of the leading global development finance institutions, such as the International Finance Corporation (IFC from the World Bank Group), the African Development Bank, DEG (a member of KfW Bankengruppe – KfW banking group of Germany), CIEL and Anglo Mauritius.

The Fund is expecting to raise $80m in total commitments by final close.

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

Kibo Fund II is a successor fund to the Kibo Fund I, a 2008 vintage fund of €29m which has made six investments and exited two of those.

The fund is managed by Kibo Capital Partners, a private equity firm with offices in Mauritius and Kenya.