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Voxtra East Africa Agribusiness Fund
Norway
Last updated 12 May 2020, by Impactyield.
Fund geography
Emerging countries (256) / Africa (127) / Eastern Africa (50)
The Voxtra East Africa Agribusiness Fund will invest growth capital in commercially viable but capital-constrained agribusinesses that reach out to smallholder farmers.
Among the shareholders are institutional investors such as Norfund, Gjensidigestiftelsen, Grieg International and Kavlifondet, as well as private individuals in Scandinavia. Norfund, the government-owned development finance institution, is the anchor investor with a 30% share.
Asset class
Fund status
Fund style
Financial description
Markets for food and agricultural commodities in East Africa are often undersupplied and growing quickly in tandem with the region’s strong economic development. This provides opportunities for established as well as early-stage companies. The Voxtra East Africa Agribusiness Fund targets companies with significant potential for further growth, established track-record, reputable managers and willingness to adhere to high standards of financial reporting and governance. The Fund focuses primarily on Kenya, Tanzania and Uganda, but its mandate also covers six other countries from Ethiopia in the north to Mozambique in the south.
The Fund is denominated in Norwegian kroner. The fund size is equivalent to $18 million, and Investments range from $500k to 3 million.
9 years
of track record
2015
the year funded
110,000,000 NOK
AUM
Interested in this fund?
Log in or create an account to request more information.
Gain a deeper and comprehensive understanding of how this fund generates positive impact in the themes and SDGs that matter to you, with insights provided by our dedicated team of expert analysts, and receive notifications about new available impact products, exciting investment opportunities, and relevant updates in the world of impact investing.
Asset manager
Impact Category
Key performance indicators
Fund overview
Asset manager: Voxtra East Africa Agribusiness Fund
Product track record: Fund has 9 years of track record
Target IRR: n.a.
Committed Capital: n.a.
Target return category: Below risk-adjusted market-rate of return
Fund domicile: Norway
Product status: Closed - still investing
Style/Stage: Early Stage, Growth Stage, Mezzanine Finance
Inception year: 2015
Vintage year: n.a.
Target region: Africa, Eastern Africa, Emerging countries
Target close date: n.a.
Product term: 11 years +2x 1-yr ext
Assets under management: 110,000,000 NOK (Norwegian Krone)
Investment size: Min: 3,000,000; Max: 18,000,000; Avg: 0
Co-investment policy: LPs do not have priority, With LPs and non-LPs
Currency of investments: NOK (Norwegian Krone)
Currency for fund / product figures: NOK (Norwegian Krone)
Fund investments to date: 3
Fund investments to date exited or repaid: 0
Management fee: n.a.
Carried interest: n.a.
Hurdle rate: n.a.
GIIN Investors' Council Investment: No
Limited Partners / Investors: Norfund, Gjensidigestiftelsen, Grieg International, Kavlifondet, HNWIs
Limited Partner / Investor Type: Development Finance Institution (DFI), Family Office
Contact
E-mail: mh@voxtra.com
Website: http://www.voxtra.org/
Phone number: +47 9756 8485
If you wish to have your details removed from this database please email gdpr@impactyield.com
Anthony Gichini
Senior Investment Manager
Hans Furuholmen
Investment advisor
Pål Dale
Managing Director
Impact Performance
n.a.
Impact thesis
Smallholder farmers in Africa achieve yields that are significantly below the global average. As an example, for maize (corn) which is the most important smallholder crop in the region, African smallholders achieve 1-2 metric tons per hectare, while professional farmers in Africa record harvests of more than 10 tons per hectare. This shortfall is partly explained by poor access to quality inputs, and poor access to markets that enables farmers to profit from additional investments to boost production.
The Voxtra East Africa Agribusiness Fund will invest in 6-10 small and growing enterprises in East Africa that provide improved inputs, processing capacity or market access to smallholder farmers. With a backdrop of high growth rates and increased political stability, Voxtra finds the region’s agribusiness sector both an attractive investment area and an effective means of addressing these serious shortcomings in smallholder farmer livelihoods. Voxtra’s investments are expected to significantly strengthen the incomes and food security of more than 200,000 smallholder farmers. For more information on Voxtra’s theory of change and impact targets, please contact Pål Dale at pd@voxtra.org.
The Fund has a Technical Assistance Facility of NOK 9.3 million ~USD 1.6 million) sponsored by Norad, the Norwegian bilateral donor agency. The facility can be used to support portfolio companies of the Fund to improve business processes.
Impact Management
n.a.