Dubai-based equity firm acquires 51 pc stake in Kenyan IFA Insurance

Family owned and operated Private Equity Fund, AJ Capital & Investment LLC, will on Wednesday, sign a Memorandum of Understanding (MoU) with Insurance for All (IFA) Insurance Limited, a Kenyan micro-insurance firm, following the decision by AJ Capital & Investment to acquire a 51% stake in IFA Insurance.

The signing ceremony will be held in Nairobi. In attendance will be AJ Capital & Investment LLC CEO, Mr. Danny Ochieng, and IFA Insurance Founder & CEO, Prof Paul Odhiambo. Also in attendance will be Makueni Governor Prof Kivutha Kibwana.

The acquisition comes against the backdrop of accelerated investment by local and foreign PE funds in Kenyan businesses in diverse sectors including financial services, manufacturing, healthcare, education, hospitality and ICT.

AJ Capital & Investment LLC is a UAE-based Private Equity (PE) fund specializing in strategic advisory and private investment, management consultancy a, project financing, private equity syndication as well as debt and equity financing. In Kenya, AJ Capital & Investment owns two subsidiaries, viz. Royal Blinds and AJ Design, which specialize in interior design solutions for homes and offices including fabrics, shades, blinds and furniture.

Insurance for All (IFA) is a Kenyan insurance founded in 2014 to provide relevant and affordable health insurance services to low-income earners and informal sector in Kenya.

Its flagship brand ‘Afya Poa’ provides quality and affordable in & outpatient health insurance cover. It has also developed a telemedicine app to link patients with healthcare providers.