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Uganda state pension to launch private equity fund

20 Mar 2013

Uganda flagUganda’s only state pension fund is reportedly planning to launch a private equity vehicle to diversify its investments from public markets.

The $1bn National Social Security Fund is also eyeing Kenyan debt and equities according to Reuters, which quoted managing director Richard Byarugaba.

He told reporters, “The main problem NSSF faces is that Uganda doesn’t have a deep equity market so our investment options are limited, yet we have a lot of cash – about 130bn shillings ($60m) in fresh cash to invest every month,” he told reporters.

“So we’re working on an idea of setting up a private equity fund that will be looking at investing in small and medium enterprises and we’re also planning to increase our investments on the Nairobi Stock Exchange.”

He added that Kenya offered more options in terms of debt and equities because its companies were more established.

Earlier this year global growth investor The Abraaj Group made the first pharmaceutical investment through its Africa Health Fund by picking up a stake in Uganda’s largest pharmacy retail chain.

Vine Pharmaceuticals said it planned to increase its reach and share in a Ugandan market which is growing at a compound annual rate of 13 per cent, and expected to increase to $545m by 2014.

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