Agri-Life Fund II closes $ 146 million

EXEO Capital announced the final closing of its second fund, Agri-Life Fund II, Agri-Life Fund II, at $ 146 million, growing almost 50% over the size of the first fund.

Herman Marais, Managing Partner at EXEO Capital, said: "We are pleased with the extent to which investors in our first fund have followed in the second. The number of commercial investors joining the fund is also encouraging. This has increased the company's assets to more than $ 300 million. "

The Fund had already completed five new transactions, ranging from aquaculture and beverages in South Africa to protein and packaging industries in East Africa. "The new Fund has also been instrumental in creating one of the largest summer flower export groups in the East African region" , he added.

"The footprint of our portfolio companies now covers eight countries – Kenya; Uganda; Rwanda; Tanzania; Ethiopia; Mozambique; Zambia; and in South Africa. We are also interested in West Africa, "said Marais, citing potential investments in Ghana and Côte d'Ivoire.

The EXEO investment team is looking for companies combining growth potential and management know-how. It usually invests between $ 5 and $ 15 million.

The Fund then actively collaborates with the company's founders and executives to realize the full potential of the company.

"It's usually about addressing infrastructure, energy and market-leading challenges in emerging markets in sub-Saharan Africa," said Marais.

The EXEO also monitors attractive investment opportunities alongside its traditional area of ​​activity, that of food and agribusiness.

"Having established a footprint and networks in sub-Saharan countries over the past decade, our investment teams are exposed to opportunities in the areas of logistics, consumer goods, business support services and business services. businesses, private education and health care, "added Marais. .

"Our job as long-term investors is to find well-established companies with resilient, vertically-integrated business models that can expand relatively quickly. Our approach to finding these companies is networking in the field. We are looking for founders and executives who want to partner with us and who are at risk with us, who respect the highest ethical standards, respect the principles of sustainable development and have a strong social license. It's the companies that are more successful in the long run, "he said.

In South Africa, EXEO is associated with the new fund by Kuhle Capital, a black-owned investment group led by Professor Wiseman Nkuhlu. Nkuhlu commented on the new Fund: "We are proud of our association with this Fund and look forward to contributing to the vital development and transformation of the food and agri-food sector in South Africa.

Bowmans provided legal support for the EXEO capital increase, while Fund Counselor Axonia Partners of Paris, France, supported the fund increase after the first closing.