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Africa Food Security Fund (AFSF)

Food security is key to African social and economic stability and the AFSF seeks to be pivotal in attaining this objective.

The Africa Food Security Fund

The AFSF is the second fund managed by Zebu with vintage 2018 and target capitilization of US$ 120 million. The AFSF will follow a similar investment approach as the AAF SME Fund but with a larger investment size. It will make investments in food production and processing at the small to medium enterprise (SME) level throughout the African continent, particularly sub-Saharan Africa.

Investment Criteria

AFSF seeks to make investments in SMEs across the agricultural value chain that have funding needs between $2 million and $8 million. The businesses should:

  • be among the top three players in niche markets/products.
  • have management/founder teams with rich background in the sector.
  • operate in markets/economies with favourable agricultural value chain policies and incentives.
  • be high-growth companies with potential to extend beyond their niche products.
  • be high-growth companies with potential for regional relevance.
  • offer controlling positions in MBO transactions and significant minority in sponsor-led acquisitions.

Technical Assistance Facility (TAF)

AFSF will have a complimentary TAF funded by a select group of limited partners in the Fund.