Ascent’s second fund buys majority stake in Kenyan hospital

Image Credit::Ascent Africa

Adding a second asset to its second fund’s portfolio, Ascent Capital is acquiring a majority stake in Valley Hospital, a 72-bed hospital facility in Nakuru in Kenya’s Rift Valley. The deal comes hot on the heels of another healthcare investment made for the $100 million fund last month when Ascent announced that it was acquiring an 80% stake in Diani Beach Hospital, operators of a medical facility in Diani Beach on Kenya’s southern coast and three satellite clinics in nearby Kwale, Likoni, and Ukunda.

A representative declined to disclose how much Ascent Rift Valley Fund II (ARVF II) is investing in Valley Hospital but did confirm that the fund’s investments typically run between $4 million and $15 million. David Owino, Ascent’s Partner who led the deal, is joining Valley Hospital’s board, working with the hospital’s management team to push growth and invest in its inpatient, outpatient, and ancillary service capabilities such as pharmacy, medical labs, and operating theaters. The goal is to become an internationally accredited hospital.

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