PORT LOUIS, MAURITIUS, September 8, 2022—Private-equity fund manager Ascent today announced the final close of its Ascent Rift Valley Fund II (ARVF II) at more than USD 128 million, exceeding its initial target of USD 120 million. The first close of ARVF II was in December 2020.

ARVF II is a ten-year private equity fund managed by Ascent Capital Management Africa II Ltd and is domiciled in Mauritius. ARVF II, assisted by the manager and its advisory offices in Ethiopia, Uganda and Kenya will invest in designated countries in East Africa including Kenya, Ethiopia, Uganda, Rwanda and Tanzania.

ARVF II will invest equity in leading small and medium-sized enterprises (SMEs) in East Africa, looking to take large
minority or majority stakes. The targeted sectors include manufacturing, wholesale and retail trade services, financial services, education, healthcare, and agro-processing.

ARVF II will invest equity in leading small and medium-sized enterprises (SMEs) in East Africa, looking to take large
minority or majority stakes. The targeted sectors include manufacturing, wholesale and retail trade services,
financial services, education, healthcare, and agro-processing.

ARVF II has already made three investments to date in the financial and healthcare services sectors. The two recently published investments are Valley Hospital in Nakuru, Kenya and Diani Beach Hospital on the South Coast of Kenya.

ARVF II’s predecessor fund Ascent Rift Valley Fund I, with commitments of USD 80 million, closed in 2016 and made
nine investments in Ethiopia, Uganda and Kenya across a variety of sectors including healthcare, distribution,
financial services and manufacturing.

Investors in ARVF II include leading Africa investors such as BIO (Belgian Investment Company for Developing
Countries, BII Group (the UK’s development finance institution), FMO (Dutch entrepreneurial development bank),
IFC (International Finance Corporation), Norfund (the Norwegian Investment Fund for developing countries), FISEA
(advised by Proparco, France’s development finance institution), SDG Frontier Fund, impact investors and major
Kenyan pension funds. In December 2021 the investors were joined by AfricaGrow and in the fund’s final close by a
Kenyan institutional investor while some prior close investors increased their original commitments.

“We are pleased that the investors, despite the many macro-economic and political challenges facing East Africa and the world at large, have faith in investing in private equity in East Africa,” said David Owino, Founding Partner of
Ascent.

“I am very excited that the investors have given us a strong mandate to continue investing in fast growing SMEs in
East Africa,” added Ascent’s Founding Partner Lucas Kranck.

Ascent Capital Management Africa II Ltd
c/o Trident Trust Company (Mauritius) Limited
5th Floor, Nexsky Building,
Ebène, Cybercity, 72201, Mauritius
www.ascent-africa.com