St Bakhita School pupils at a cleanup exercise at South B shopping centre on October 6, 2018. [David Gichuru]St Bakhita School pupils at a cleanup exercise at South B shopping centre on October 6, 2018. [David Gichuru]

Private equity fund Fanisi Capital has acquired a minority stake in St Bakhita Schools for $2.5 million (Sh268 million).

In a statement yesterday, Fanisi Capital Managing Partner Ayisi Makatiani said the schools fit within the firm’s investment strategy.

St Bakhita has over 1,300 students. According to the statement, the institution aims to open two more schools over the next five 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; we are excited about this prospect,” said Mr Makatiani.

St Bakhita opened its doors as a Kindergarten with 35 students in 2003. Today, the school has three campuses in South B, Sabaki and Eagle plains residential estate.

The investment in St Bakhita Schools is Fanisi’s third venture within the education sector.

In 2011, the private equity fund began its foray into the education sector by acquiring a stake in Hillcrest International Schools through the Fanisi Fund I. It exited Hillcrest last year.

In 2018, Fanisi invested in Kitengela International Schools. St Bhakita founder Felista Mutinda urged the private sector to emulate Fanisi Capital’s example and invest more in the education sector.  “This investment by Fanisi will give us a strong financial footing," she said.

Strong dollar boosts banks' profits
Kakuzi posts 341m profits on export sales
Kenya Pipeline in quest to raise storage fees for oil marketers
Foreign investors sold off Sh12b at NSE before polls