Nairobi, July 6 -- Local pension funds have participated in Kuramo Capital Management's latest Sh64.5 billion ($500 million) fundraiser, underlining the private equity firm's diversification of sources of capital away from the US market.

Kuramo told Business Daily that Kenyan pension funds invested in the latest fundraising though it declined to say how much was raised from the domestic market.

The latest fund raiser marks the first local/regional mobilisation and includes inflows from Nigeria's pension funds, African Development Bank's Investment in Digital and Creative Enterprises (iDICE) and Lagos-headquartered Bank of Industry.

Kuramo noted that 60 percent of the proceeds generated would be invested within the East African region....