West Africa Agricultural Investment Fund


Last updated 12 May 2020, by Impactyield.

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The West Africa Agricultural Investment Fund (“WAAIF”) aims to help alleviate rural poverty and achieve food security in West Africa by investing in the development of a range of high yielding seeds targeted primarily at the region’s smallholder farmers.

WAAIF will invest in small to medium sized seed production companies principally selected from a pool of companies supported by AGRA’s Program for Africa’s Seed Systems (“PASS”). Success of these enterprises will result in improved market access by smallholder farmers to locally adapted and affordable seeds and, in turn, further result in increased productivity, improved food security, and ultimately reduced rural poverty. These companies are now positioned to embark on their next phase of growth with more commercially-focused investment partners.

Effective April 2012, shares of WAAIF were transferred to Injaro Agricultural Holdings Company, Ltd, (IAHCL) a limited liability company sponsored by Injaro. IAHCL aims to raise capital commitments from investors in multiple closing to achieve total commitments of USD 50 million in order to invest in small and medium-sized enterprises along the agricultural value chain. IAHCL was formed as part of a merger and restructuring of WAAIF and West Africa SME Growth Fund (WASGF), a fund created with the investment objective of investing in small and medium sized businesses in the West Africa region; both WAAI and WASGF are private equity funds promoted and managed by Injaro.

Financial description

The primary aim of the fund is to develop West Africa's nascent seed industry by investing in small and growing companies producing improved seed. Given the relatively underdeveloped nature of the sector, it is anticipated that a net IRR of 3% p.a. would be achieved for investors.

7 years

of track record


the year funded

7,000,000 USD


Asset manager

Injaro Investments


Headquarters location:

Other funds managed by this asset manager: Injaro Agricultural Capital Holdings LimitedWest Africa SME Growth Fund

SDG goals

SDG targets

Promote policies to support job creation and growing enterprises

Full employment and decent work with equal pay

Increase access to financial services and markets

Key performance indicators

Fund overview

Asset manager: Injaro Investments

Product track record: Fund has 7 years of track record

Target IRR: 3%

Committed Capital: 3,500,000 USD (US Dollar)

Target return category: Below risk-adjusted market-rate of return

Fund domicile:

Product status:


Inception year: 2016

Vintage year: n.a.

Target region: , ,

Target close date: n.a.

Product term: 10 years

Assets under management: 7,000,000 USD (US Dollar)

Investment size: Min: 50,000; Max: 2,000,000; Avg: 250,000

Co-investment policy:

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 2

Fund investments to date exited or repaid: 0

Management fee: 4%

Carried interest: 20%

Hurdle rate: n.a.

GIIN Investors' Council Investment: Yes

Limited Partners / Investors: Lundin For Africa Society, Alliance For A Green Revolution In Africa (AGRA)

Limited Partner / Investor Type: Endowments/Foundations, Family Office


E-mail: n.a.

Website: http://www.injaroinvestments.com

Phone number: 22520228222.00

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Impact Performance


Impact thesis

*The Fund invests in West Africa’s long term food security through improving farm yields for staple crops cultivated by smallholder farmers
*The Fund targets the most critical element for increasing yields – improved seeds
*The Fund aims to catalyse a sustainable local seed production industry that produces high quality improved seeds at affordable prices for smallholder farmers
*Focus on affordability for smallholder farmers ensures that improved farm yields are widespread and sustainable
*By investing in small seed producers, the Fund helps to fill the funding gap typically experienced by agricultural SMEs whilst improving the capacity and sustainability of their businesses

Impact Management


Financial benchmark

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