Africa Food Security Fund (AFS)
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.