Mauritius private equity fund to venture into Kenya
Mauritius private equity group Ciel Capital plans to venture into Kenya, east Africa's biggest economy, in the first half and is in talks with key players in various sectors, a senior partner said.
We are working on a number of transactions in financial, tourism, healthcare and consumer services, Thierry Hugnin, a partner at Ciel Capital, told Reuters.
The private equity firm is a subsidiary of Ciel Group, one of Mauritius's biggest conglomerates with diversified interests including Ciel Textile and Ciel Investment.
Ciel Capital has a 20 percent stake in Tanzanian bank CF Union Bank Ltd and is also looking to tap the Ugandan market. Hugnin declined to say which sectors appealed in Uganda, the region's third largest economy.
Hugnin said Kenya's healthcare industry offered private equity funds a good opportunity driven by the performance of the economy, which is expected to grow at 6 percent this year.
Prospects in healthcare are bright due to the growing purchasing power of Kenyans and increased demand for private healthcare, Hugnin said by telephone from the Indian Ocean island.
The Kibo Fund, launched in 2008, is sponsored by Ciel Investment. It is a close-ended private equity fund with committed capital of close to 30 million euros, according to the group's website.
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