Charles Russell Speechlys Africa Team advises Ascent Rift Valley Fund II
The Charles Russell Speechlys Africa Team has advised Ascent Capital Africa on the establishment and fund raising for its second fund, Ascent Rift Valley Fund II (ARVF II), which has had its first rolling close at more than USD 100 million, significantly exceeding its initial target of USD 80 million. The final close of ARVF II, with a target of USD 120 million, is expected in December 2021.
ARVF II will invest equity in leading small and medium-sized enterprises (SMEs) in Eastern Africa, looking to take large minority or majority stakes. The fund will provide funding to scalable SME businesses, helping to drive wider business and industrial development, particularly targeting the financial services, manufacturing, wholesale and retail trade and services, education, healthcare, and agro-processing sectors. ARVF II seeks to invest in growing companies with the courage and ambition to become best-in-class, thereby creating a league of "regional enterprise champions" in East Africa.
Investors in the Fund include leading Africa investors such as BIO (Belgian Investment Company for Developing Countries, CDC Group (the UK's development finance institution), FMO (Dutch entrepreneurial development bank), IFC (the International Finance Corporation), Norfund (the Norwegian investment fund for developing countries), Proparco (through AFD Group’s FISEA fund), SDG Frontier Fund, impact investors and major Kenyan pension funds.
Commenting on the close, Lucas Kranck, Founding Partner at Ascent Capital Africa, said: “Many thanks to Victoria, Keir and the wider team at Charles Russell Speechlys for the great support throughout this process”; and David Owino, fellow Founding Partner at Ascent Capital Africa added: “We enjoyed working with Charles Russell Speechlys and appreciated all the valuable advice, in particular the crucial input in the latter stages to enable us to achieve the close. We look forward to working further with the firm’s Africa Team in the future.”
Corporate partner, Victoria Younghusband said: “We are very pleased to have assisted Ascent Capital Africa on this process for its second fund, which showcases our team’s work in fund formation, and also complements our transaction advisory experience and expertise, (for funds and corporates), across Africa. Personally, I am delighted for Lucas and David and the rest of the team on the successful conclusion to this stage of ARVF II’s life and wish them all the best in the next stages too.”
Adrian Mayer, head of the firm’s Africa Team added: “I have known Lucas for a long time and am so pleased for him and the rest of the Ascent team on this successful fund raise, which was undertaken in unique and challenging circumstances. The first close of this fund comes at good time for our firm too, as we are deepening and refocussing our commitment to the Financial Services & Funds sector, which will supplement our existing expertise and experience with Africa focussed businesses across the firm. We look forward to working further with Ascent in the months ahead.”
The Charles Russell Speechlys Corporate and Financial Services & Funds team was led by Partner Victoria Younghusband, and included Partners Adrian Mayer and Keir Gordon, Associate Edidem Basiekanem and Trainees Zoe Bowler and Giulia Brunello.
For further information regarding the Fund, please see Ascent's press release here.
Our thinking
Guy Bud
Hugh Gunson and Guy Bud write for the Tax Journal on the Court of Appeal’s recent judgment in Hoey
Hoey: you’d better PAYE up
David Berry
David Berry provides comment for CITMA Review on sustainability in the legal sector
“Trying to cut corners or failing to take these efforts seriously would be a huge mistake.”
Rebecca Burford
Charles Russell Speechlys acts for Maitland Medical Services Ltd on its acquisition of Soma Health Limited
We have advised Maitland Medical Services Ltd on its acquisition of Soma Health Limited.
Catrin Harrison
Dominic Lawrance and Catrin Harrison write for Tax Journal on the statutory residence test
The statutory residence test: an exceptionally useful case on ‘exceptional circumstances’
Rebecca Burford
7 top tips for Food and Beverage brands preparing for Private Equity investment
Planning and preparing for investment into your F&B business in advance of entertaining discussions will stand you in good stead.
Mark Howard
Charles Russell Speechlys advises Zenzero on the acquisition of OnTech
Zenzero is one of the fastest growing service providers in the UK, supporting over 10,000 users across a variety of industries.
Julia Cox
Mind your business: Safeguarding your business against loss of mental capacity
Practical considerations to safeguard your business against loss of mental capacity.
Stephen Burns
PART 36— A move towards greater flexibility?
Discussing the possibility of the Part 36 regime opening up with recent developments.
Sarah Anticoni
FT Wealth quotes Sarah Anticoni on forum shopping
"Being the first to file for divorce is not a foolproof way of securing an English hearing"
Louise Ward
What can UK investors interested in Life Sciences learn from their more experienced, including US, counterparts?
The recent tie-up between Canary Wharf and Kadans demonstrates the enthusiasm to access the lucrative UK life sciences market.
Hanh Nguyen
The hurdles in establishing retrospective validation of post-petition dispositions
A discussion on the key takeaways from ICC Judge Barbers recent case ruling.
Helen Coward
Helen Coward writes for Tax Journal on the main purpose test for SDLT group relief
Mainly ignored? The main purpose test for SDLT group relief
Patricia Nathan-Amissah
The Ayes have it - Collateral Warranties can be a ‘Construction Contract’
The Court of Appeal handed down its judgment in the case of Abbey Healthcare (Mill Hill) Limited v Simply Construct (UK) LLP
Andrew Collins
Charles Russell Speechlys advises Caretech Holdings PLC on its proposed £870.3 million take private
Charles Russell Speechlys is advising the independent board of Caretech Holdings PLC, in its take private sale to Amalfi Bidco Limited.
Rebecca Davies
Islamic Finance News reports on the appointment of Rebecca Davies to Legal Director in our Middle East team
Islamic Finance News reports on the appointment of Rebecca Davies to Legal Director in our Middle East team
Jonathan Morley
Charles Russell Speechlys advising Battery Ventures on the sale of SPT Labtech for £650 million.
Battery Ventures has raised over $9 billion to invest in software and services, enterprise infrastructure, and much more around the world.
Sarah Farrelly
Windrush Day 2022 – supporting access to justice
Charles Russell Speechlys is proud to continue supporting survivors of the Windrush scandal in their fight for justice.
Laura Bushaway
The Leasehold Reform (Ground Rent) Act 2022: Landlords and developers beware serious sanctions for non-compliance
The Leasehold Reform (Ground Rent) Act 2022 received Royal Assent on 8 February 2022 and will come into force on 30 June 2022.
Emma Preece
EG quotes Emma Preece on the Picturehouse and BNY Mellon rent arrears cases
“The case is being closely watched by landlords and tenants alike as the impact of the pandemic lives on in the commercial property sector”
David Coates
Charles Russell Speechlys has advised long-standing client Stonegate on a series A investment into Peckwater Brands
Stonegate is one of the largest pub companies in the UK with a rich portfolio that covers over 4,500 sites.