$10M fund to boost agriculture and nutrition across Africa

Phatisa Food Fund 2 (PFF2) has received $10m from the African Development Bank Group to boost agriculture and nutrition across Africa.

Stuart Bradley, Founding Partner, Phatisa, said: “We are proud to have the African Development Bank show their continued confidence in Phatisa by re-upping their commitment to our second fund.” 

“We worked closely with the Bank through the African Agriculture Fund, where they supported portfolio companies with co-investment,” he told Africa Global Funds.

PFF2 is a second generation Fund which builds on the success of its predecessor, the African Agriculture Fund (AAF), sponsored by AfDB along with other DFIs including the French Development Agency (AFD), the International Fund for Agricultural Development (IFAD), and the Spanish Agency for International Cooperation and Development (AECID).

PFF2 is targeting a capitalisation of $300m to invest across Africa with a focus on Sub-Saharan Africa.

“Following the AfDB approval, existing approval from OPIC as well as other LPs that have approved or are at final stages of their process then PFF2 is well set to first close in Q1 2018 up to $150m,” commented Bradley.

The Fund is projected to cover the entire African continent, with a sharper focus on Sub-Saharan Africa, relying on its presence in South Africa, Kenya, and Zambia, Mauritius and London and a new office opening in Côte d’Ivoire.

Presently, the Fund targets average investment amounts of $20m in Cote d’Ivoire, Ghana and Nigeria in West Africa; Kenya, Tanzania and Uganda in East Africa and Mozambique, Malawi, Zambia and Zimbabwe in southern Africa.

PFF2 will focus on food/consumer related investments including integrated food production, processing, services and inputs (seed, fertiliser & chemicals), mechanisation, distribution, logistics and infrastructure, packaging, food services and retail.

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