Sterling Capital will acquire 20% of private equity firm, Afvest. Afvest invests in scalable early-stage businesses with potential to generate high returns and funding requirements of less than Sh50 million (Kenyan shillings). Afvest will expand the reach of its fund with the support of the Kenyan investment banking access.
Sterling Capital was founded in 1994 by Stanely Ngaine (currently the chairman) and operates in equities, fixed income trading and advisory services. The investment bank was ranked the second-largest bond trader in the country raising its market share to 15% in 2016. The deal amount for the 20% stake was undisclosed.