(Ecofin Agency) - Venture fund Fanisi Capital acquired a minority share in the capital of the Kenyan school St Bakhita Schools for about KSh265 million ($2.4 million).

The transaction marks the private equity firm's third investment in the education sector in Kenya. Jointly owned by Norwegian fund Norfund and Amani Capital, it expects strong growth in the education sector in East Africa over the next few years.

“Education is a core sector for Fanisi because it’s the bedrock of growth of any economy. Together with Felista Mutinda, the school’s founder, we are looking at building a network of schools across the region and we are excited about this prospect,” said Ayisi Makatiani (pictured), founder and director of Fanisi Capital.

In a briefing note dated May 5, 2020, Polycarp Koome, Chairman of the Board of Directors of St Bakhita Schools, said that the proceeds of this investment will be used to finance the growth of the institution.

Founded in 2003, St Bakhita Schools has over 1,300 students on three campuses. It plans to open two more schools over the next five years.

Chamberline Moko