Fanisi Capital to invest up to Ksh 400 Million in KISC

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Fanisi Capital has today entered into an agreement to invest up to Ksh 400 million in Kitengela International School (KISC). The agreement will see Fanisi Capital initially invest Kshs 205 million. This investment is the first from the Fanisi Capital Fund II LLC, a growth-focused private equity fund with a target to raise Ksh 5 billion.

The deal is subject to approval by the Competition Authority. Fanisi Capital’s Co-Managing Partner and Chief Executive, Ayisi Makatiani, said the school fits into the firm’s CSR 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 centers of academic excellence and expand their footprint,” said Mr. Makatiani during the organization’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. Over 40 percent of the investors in this fund are local with twelve local pension schemes coming on board,” he said.

In addition to World Bank’s International Finance Corporation (IFC)and Norway’s Norfund, local investors include NSSF, and the pension schemes from Kenya Power, Barclays Bank, Zamara Fanaka Fund, Co-operative Bank, Laptrust and Central Bank of Kenya.

“I have always had a passion for education and ensuring that the next generation receives the best, that is what drove us to start this school. We have seen organic growth in the past nine years to where we are today. This partnership with Fanisi Capital will enable us to leap to the next step, and to expand our reach and capacity without compromising the quality of education we offer,” said Mr. Mwangangi of the Kitengela School.

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 and one in which 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,” Fanisi Capital Co-Managing Partner, Tony Wainaina, said.

Fanisi’s Fund I, which had Ksh 5 billion in assets, is fully invested in companies across the region including the Hillcrest Group of Schools and Ngare Narok Meat Industries in Kenya as well as ProDev/Mimex Group in Rwanda, and Sophar in Rwanda among others.

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Melissa Daniels
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