The global job marketplace needs constantly evolve, yet tertiary education isn’t revolving as fast. However, across Africa, private investors have emerged to fill this void. One of Africa’s more prominent investors in this space is Kenyan Peter Kagunye, the CEO of Africa Education Holdings (AEH) with four universities under its belt.
His journey from a young accounting graduate in Boston to the helm of one of Africa’s most promising educational enterprises is a testament to his resilience, expertise, and unrelenting drive to make a difference.
Peter Kagunye’s story begins with a strong academic foundation. He pursued his undergraduate studies at the University of Massachusetts Boston (UMass), earning a Bachelor of Science in Accounting and Finance from 1995 to 1998.
It was here, in the lecture halls of UMass, that Kagunye honed his analytical skills and passion for financial management, laying the groundwork for his future career.
He sought to deepen his understanding of business strategy and entrepreneurship by enrolling at Babson College, one of the world’s leading institutions for entrepreneurial studies.
At Babson, he earned a Master of Business Administration (MBA) with a focus on Entrepreneurial and Small Business Operations. This experience sharpened his business acumen and instilled in him the entrepreneurial mindset that would later define his leadership style.
In addition to his academic achievements, Kagunye earned the prestigious Certified Public Accountant (CPA) certification, further cementing his expertise in accounting and finance. Armed with these qualifications, he was ready to embark on an illustrious career.
Kagunye’s professional journey began at PricewaterhouseCoopers (PwC) in Boston, where he worked as a Senior Auditor from August 1998 to November 2000. At PwC, he gained invaluable experience in auditing, financial reporting, and risk management while working with some of the firm’s most high-profile clients.
In November 2000, Kagunye joined Bain Capital, one of the world’s most respected private equity firms, as a Finance Manager. Over the next five years, he played a pivotal role in managing financial operations for Bain’s diverse portfolio of investments.
This role exposed him to high-stakes decision-making and gave him firsthand experience in scaling businesses—a skill that would prove indispensable in his future endeavours. Kagunye’s next major career move came in November 2005 when he joined Capital Resource Partners (CRP) as Chief Financial Officer (CFO) and Partner.
Kagunye was instrumental in shaping CRP’s financial strategy and operations for nine years. As CFO, he oversaw multi-million-dollar investments across various industries, ensuring profitability while managing risk.
His tenure at CRP also marked a turning point in his career; it was here that Kagunye began to think beyond finance and investment management. He started exploring how his skills could be applied to sectors that directly impacted people’s lives, particularly education.
In January 2015, Peter Kagunye joined Maarifa Education (now known as Africa Education Holdings or AEH) as its Director of Finance, marking his entry into the education sector. Africa Education Holdings was founded with a bold mission: to transform and inspire students to reach their full potential in employment, entrepreneurship, and ethical leadership by acquiring, transforming, and integrating universities into the AEH network.
Kagunye worked behind the scenes as Director of Finance for three years, streamlining Maarifa’s financial operations and ensuring its sustainability. In November 2018, he was promoted to CEO, taking on the responsibility of leading AEH into its next growth phase.
On its website, Africa Education Holdings (AEH), its core purpose is to provide high-quality, accessible and market-relevant higher education through investment in private universities.
“AEH is passionate about serving its university partners, the students and alumni of those universities, their faculty and staff. We also aim to serve the communities and countries where the universities operate. We believe that through these partnerships, we can help transform Africa into an economic and intellectual powerhouse. This feat is based on the strength and knowledge of her people, her sheer size and scale and her vastly untapped resources, which all Africans deserve to share,” the company adds.
dfcu Bank Partners with Jubilee Health to Launch BlueCare Health Insurance SolutionUnder Kagunye’s leadership, AEH has put together a team of seasoned professionals, including Prof. Olubayi Olubayi, the Chief Academic Officer, who shares his vision for educational transformation.
He is a scientist, educator, and former Vice Chancellor of the International University of East Africa. He has a PhD from Rutgers and expertise in microbiology and social entrepreneurship.
Reginald Rainey, the Director of Operations, brings 25 years of experience from Strayer University, where he drove record enrollment and managed multi-million-dollar operations.
Oscar Correia, the Director of Technology and academic Operations, has over 20 years of IT leadership experience in education and telecommunications, including roles at Airtel Africa and Mahindra Comviva. Anthony Bonnett, the Director of Real Estate and Facilities Management, is a seasoned property investment executive with decades of experience in Africa and the UK.
Finance managers Trizah Mungai and Sidney Dede bring strong financial analysis and management expertise, ensuring fiscal excellence. Together, they embody the innovation and expertise driving Maarifa’s mission.
Since becoming CEO in 2018, Kagunye has spearheaded several initiatives that have significantly expanded Maarifa’s reach and impact. He has partnered with universities across multiple African countries to improve their academic offerings.
Under his leadership, AEH has grown its footprint and become synonymous with innovation and excellence in African higher education.
Currently, AEH has four universities in its portfolio, including Cavendish University Uganda (CUU), established in 2008 and accredited by the Uganda National Council for Higher Education. CUU offers a wide range of market-relevant programs through its four faculties: Science and Technology, Business and Management, Socio-Economic Sciences, and Law, as well as a School of Postgraduate Studies.
The university emphasises a student-centric approach to education, utilising innovative teaching methods and technology to prepare graduates for employment and entrepreneurship.
Additionally, Cavendish University Zambia, registered in 2014, provides quality education across four faculties while focusing on developing responsible citizens.
IAM-Dakar and IAM-Bamako, established in 1996 and 2005, respectively, aim to cultivate global leaders rooted in African values. They offer accredited programs emphasising academic excellence and innovation within diverse student communities.
AEH has attracted funding from prominent investors like FinnFund, a Finnish Development Finance Institution (DFI) dedicated to fostering sustainable development in emerging markets. FinnFund provides risk capital, long-term investment loans, mezzanine financing, and expertise to businesses operating in developing countries.
With a portfolio of approximately EUR 557 million, FinnFund primarily invests in sectors such as clean energy, sustainable forestry, financial institutions, and agriculture.
AEH represented FinnFund’s first investment in Africa’s education sector, reflecting its commitment to improving access to quality tertiary education and driving impactful development across Sub-Saharan Africa.
