Ascension holds first close for maiden private equity fund

Image Credit: Picha

Pretoria-based Ascension Capital has held the first close for the firm’s maiden private equity fund, garnering commitments totaling R350 million (or approximately $24.5 million at current rates) from 5 pension fund investors. Ascension Private Equity Fund I (or APEF) ultimately aims to raise a total of R1.5 billion (or about $105 million at today’s rates) by the time it holds its final close, which Ascension expects to take place by the middle of 2023. The 10-year fund is aiming to return an IRR of 25% over the life of the fund.

Once it starts investing, APEF, which is sector-agnostic, will back mid-market companies in South Africa which have the potential to expand into other high growth markets or have exposure to those markets. Additionally, the fund’s investment decisions will be guided by trends in global politics, culture, ESG principles, and demographics, and the firms they back will need to show they can withstand or capitalize on these trends and successfully weather volatile macroeconomic landscapes.

To read this article, you must be a paid subscription member. (Current members login here)

\"\"

Reserve your digital subscription today

Join now for $35 per month

Join now for $395 per year

for access to:

  • Weekly newsletter with original and curated news, analysis and perspective
  • Africa’s private capital deals, fund raises and the investment firms and executives involved
  • Portfolio company news that impacts value and stakeholder participation
  • Job moves and partnerships between leading market participants
  • Exclusive access to Africa Capital Digest’s full content archive

If you’d like more information on exceptional value group subscriptions for your colleagues and teams, please contact Teresa Hall at thall[at]africacapitaldigest.com today.