Phatisa’s agriculture fund invests in Kenya’s General Plastics-Reuters

(Reuters) – Phatisa‘s $246 million African Agriculture Fund has invested in General Plastics, a Kenyan manufacturer of packaging products, the private equity firm said on Wednesday.

Private equity activity is increasing in Africa where investors are keen to tap into expanding free markets, rapid urbanisation and an increasingly wealthier population.

The investment is the eighth for the company, bringing total commitments to more than $123 million, the private equity fund manager that invests throughout sub-Saharan Africa said in a statement without disclosing the value of its investment.

The family-owned General Plastics makes packaging for food, beverage and agro-chemical companies around East Africa.

Another private investment firm, Helios Investment Partners, said earlier in January it would close its third Africa-focused fund at $1.1 billion.