Milliam Murigi @millymur
Fanisi Capital has entered into an agreement to invest up to Sh400 million in Kitengela International School in a deal that will see Fanisi Capital initially invest Sh205 million, pending approval by the Competition Authority of Kenya.
The investment is the first from the Fanisi Capital Fund II LLC, a growth focused private equity fund with a target to raise Sh5 billion as the firm plans to continue making investments in high growth consumer sectors including healthcare, education, consumer goods and agribusiness.
Fanisi Capital’s co-managing partner and chief executive Ayisi Makatiani said the school fits into the firm’s investment portfolio with its ambitious growth strategy to triple student population from the current 1,000 and open two more schools over the next five years.
“We are on a journey to build centres of academic excellence and expand their footprint,” said Makatiani during the organisation’s investor briefing.
“We are in the final stages of fund-raising for Fanisi Capital Fund II, which has attracted interest from both local and international investors. More than 40 per cent of the investors in this fund are locals with twelve local pension schemes coming on board,” he said.
In addition to World Bank’s International Finance Corporation and Norway’s Norfund, local investors include the National Social Security Fund and the pension schemes from Kenya Power, Barclays Bank, Zamara Fanaka Fund, Co-operative Bank, Laptrust and Central Bank of Kenya.
This is the second group of schools Fanisi is investing in, having invested in Hillcrest International Schools in 2011.
“Education is a core sector for Fanisi. We are looking to build a network of schools across the region. For Fanisi it is an objective for us to continue to positively impact businesses across the region and we are delighted to make this first investment under our Fund II,” said Fanisi Capital co-managing partner Tony Wainaina.