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2020 Food Impact Report - African Agriculture Fund (Food Fund 1)

This is the third African Agriculture Fund’s (AAF, also referred to as Food Fund 1) development impact report and covers the period from its first investment in 2011 to June 2020.

The AAF is a US$ 239 million pan-African private equity fund, managed by Phatisa, established in response

to the under- capitalised agriculture sector and food value chain. The report focuses on the eight direct investments made by the AAF, namely Continental Beverage Company (CBC), Feronia, Farming and Engineering Services (FES), Goldenlay, Goldtree, General Plastics Limited (GPL), Kanu Equipment (Kanu) and Meridian. The Fund exited GPL in October 2018 and Meridian in April 2019.

This report does not analyse the activities of the AAF SME Fund, a subsidiary fund invested in by the AAF and managed by Databank Agrifund Manager Limited. However, the overall fund-wide impact data includes the performance of the AAF SME Fund. The small and medium enterprise (SME) fund has made eight investments into SMEs in Africa: Avison (semi-organic integrated fertiliser in South Africa), Guanomad (organic guano fertiliser in Madagascar), Interfresh (integrated citrus processor in Zimbabwe), Matonjeni (cordials and fruit-based beverages in Zambia), Moablaou (table eggs producer in Burkina Faso), Norish (fortified food in Ethiopia), Top Crust (bakery in Nigeria) and West End Farms (piggery and grain production in Cameroon). West End Farms was exited in 2019.

This report is accompanied by two case studies – FES and Goldtree – which demonstrate how sustainable impact can change lives, develop countries and continue the work that has been undertaken by national and international development finance institutions (DFI), development banks, private equity peers and other private investors to improve Africa’s future prosperity and sustainable development, addressing poverty and other pressing challenges on the continent.

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