421 Enko Africa Private Equity Fund, a pan-African private equity fund managed by Enko Capital Managers, has acquired a minority stake in Madison Financial Services (MFS), an insurance-based financial services group in Zambia. Ralph Gilchrist, partner at ECM, said: “This is a landmark first investment for the Enko Africa Private Equity Fund and we are proud to enter into this long-term partnership with MFS. We are looking forward to creating value together and supporting the high growth potential of the company.”