NAIROBI (Reuters) – Kenyan private equity house Fanisi Capital is looking to raise $75-100 million for its second fund to invest in firms in East Africa, it said on Wednesday.

Fanisi, which has already invested its first fund worth $50 million in healthcare, food processing and education, said up to $40 million of the new fund will be raised locally.

“Several leading pension funds have already committed to putting money into the fund,” Ayisi Makatiani, Fanisi’s managing partner and CEO, said in a statement.

Private equity is gaining popularity in the region as funds and wealthy individuals seek higher returns that may not be available in the stock and debt markets.

(Reporting by Duncan Miriri; editing by Elias Biryabarema)