OPPORTUNITIES DO NOT ADD UP
IN GROWTH SECTORS,
THEY MULTIPLY

OPPORTUNITIES DO NOT ADD UP
IN GROWTH SECTORS,
THEY MULTIPLY

WHAT WE DO

We provide specialist access for alternative investors to selected, fast-growing sectors in key African geographies. Our focus is on delivering sustainable investment outcomes, underpinned by a transparent, high-trust partnership with our investors and investee companies. Investors can access our sector-focused strategies through either managed or direct co-investments.

NUMBER OF INVESTMENTS

Investments 36
Exits 10

EXEO CAPITAL SECTOR EXPOSURE

REGIONAL FOOTPRINT

NUMBER OF INVESTMENTS

Investments 27
Exits 9

EXEO CAPITAL SECTOR EXPOSURE

REGIONAL FOOTPRINT

EXEO CAPITAL AS INVESTMENT MANAGER AND CO-INVESTOR

Experienced in Africa private investment:
Our investment team has gained its experience over more than fifteen years through executing on multiple transactions across the investment life cycle – in ten key countries of Sub-Sahara Africa.

Specialist access to selected, fast growing sectors:
We focus on selected sectors, leading to an accumulation of experience, insights, opportunities and networks: food & agribusiness, non-food FMCG, supply chain solutions, health & wellness, private education and niche financial services.

Independent and at risk:
The EXEO Capital firm is partner-owned with no corporate allegiances. We invest our own capital alongside our investors.

Trusted by international institutional investors:
Our investment operations are backed by thirteen prominent international institutional investors, several of whom are repeat investors. We co-invest with our institutional investors.

Maintaining global standards in corporate and investment governance:
ILPA-principles and internationally recognised standards in corporate governance guide the management of our investment operations.

Sustainability and Positive Impact:
Sustainable investment principles and a belief in the positive role of business in addressing societal and environmental needs guide our selection and execution of investment opportunities. Climate and Gender feature prominently in our sustainability strategies. A dedicated ESG function provides continuity to this approach.

A seasoned leadership and investment team with both investment and operational capabilities:
The firm’s leadership team has more than 150 years of collective business and investment experience. Their entrepreneurial backgrounds particularly equip them to guide the management teams of investee companies. A group of associated operations specialists enable the investment team to influence the operational performance of investee companies when needed.

MANAGED INVESTMENTS

EXEO Capital structures private capital investments into closed-end funds that are managed according to an agreed investment mandate. The firm invests alongside the fund investors.

Agri Vie I

Vintage year:
2008

Committed capital:
USD 100m

Strategic focus:
food and agribusiness

Status:
fully invested and realised

Agri Vie II

Vintage year:
2017

Committed capital:
USD 146m

Strategic focus:
food and agribusiness downstream

Status:
fully invested

EXEO Fund III

Vintage year:
2025

Committed capital:
TBA

Strategic focus:
Food & Agribusiness, FMCG and Supply Chain solutions

Status:
in market

EXEO Debt

Vintage year:
2023

Managed capital:
USD 42m

Strategic focus:
Food and Agribusiness inputs, Renewables & Diversified borrowers

Positioning exposure:
A- to BBB+

Status:
actively deploying

Multi-country experience:

Multi-sector experience:

WHAT OTHER INVESTORS SAY ABOUT EXEO CAPITAL

“We are proud of our association with EXEO Capital and look forward to making a contribution to the much needed development and transformation of the food & agri sector in South Africa” 

Prof Wiseman Nkuhlu, chairman, Kuhle Capital

“The EXEO Capital team never lacked commitment, motivation and dedication…Looking back, I have no doubt that Sanlam Private Equity could not have chosen a better partner than EXEO Capital to manage Agri-Vie Fund I.”

Pieter Kriel, former CEO, Sanlam Private Equity

“I have been privileged to witness first hand the commitment and dedication of your team to ensuring the success of the fund and its portfolio companies… I would like to commend your team for your unwavering dedication to the food and agri business environment, and for your exceptional response to the challenges posed by the COVID-19 pandemic. Your commitment to gender diversity and inclusion is also noteworthy and sets a positive example for other companies to follow.” 

Matsi Modise, founder and Managing Director of Furaha Afrika Holdings, Representing IDC on the Agri-Vie Fund II Advisory Board

“Norfund has been invested with Agri-Vie Fund I since 2010 and has worked closely with the management team on establishing Fund II.  There is a considerable investment deficit in the food and agribusiness sector, and we are please to see that our investment in this sector also can help catalysing other private investors.”

Kjell Roland, former Norfund CEO

“I have been thoroughly impressed by the Agri-Vie Fund II food and agribusiness fund’s team commitment to transparency, accountability, and impact criteria.  From the outset, the team has provided clear and concise reporting on our investment’s performance, ensuring that we are always up-to-date on the fund’s progress. This level of transparency has been invaluable in helping us make informed investment decisions.”

Yves Jacobs, director Finance and Operations Groupe, AGRIAL

“The IDC decided to invest in the Agri-Vie Fund I because the fund is able to support BEE in agribusiness and because the fund’s mandate makes a specific commitment towards supporting job creating SMEs in agribusiness.”

Kalvenie Raja, industry champion development funds at the IDC

“Norfund is very pleased to have partnered with such a respected private equity partner in its efforts to contribute towards the development of competitive food and agribusinesses in Africa.  Of critical importance to us is the value that Agri-Vie places on making investments in SME businesses that have a meaningful impact on the regions in which they operate.”  (Deepak Malik, head of financial institutions & funds at Norfund)” 

Deepak Malik, former head of financial institutions & funds at Norfund

“The foundation decided to adopt a new direction by channelling a part of our grant programme towards an investment model such as Agri-Vie.  We believe that this will result in a more focused, sustainable result form our involvement in rural development.”

Dr Fadel Ndiame, former programme director of the WKKF in Southern Africa

“Agribusiness is an important contributor to economic growth in the region and is poised for significant expansion.  Given the significant lack of equity risk capital to finance agribusiness transactions, the DBSA’s participation in the Agri-Vie Fund allows it to play a catalytic role in development financial infrastructure to provide access to much needed long-term risk capital in this critical sector.  Sustainable investment in agriculture can make a significant contribution to socio economic development, in keeping with the DBSA’s development mandate.” 

Emile du Toit, former divisional head for private equity at DBSA

“Through our investment in the Fund, the AfDB provides a vehicle to channel funds into agriculture in alignment with Agri-Vie’s  model and commitment to international best corporate practice and ESG standards.  The potential of agriculture and its twin sectors of food and agribusiness in South Africa and Africa is immense and, if effectively harnessed, will be key drivers of Africa’s economic development and global competitiveness in the foreseeable future” 

Ernest Tettey, former chief portfolio officer at the AfDB

“STANLIB wants to be associated with a partner who sees the opportunity in Africa, as we believe in the long term potential of the continent.  We will leverage off the excellent track record and depth of experience in EXEO Capital’s management team to offer our customers portfolio diversification and access to investment growth in the rest of Africa.  EXEO’s philosophy of wanting to leave companies and the communities in which they operate in a better state than they found them in fits well with STANLIB’s desire to make a difference to the financial and social wellbeing of its customers.” 

Seelan Gobalsamy, former STANLIB CEO

“Norfund is delighted to contribute to the growth of floriculture in East Africa, through its co-investment with Agri-Vie into the Marginpar Flower Group.  The investment is focussed on employment creation and exports, and its fits very well with our strategy to contribute to sustainable enterprises and economic development in Africa.”

Kjell Roland, former Norfund CEO

“The Agri-Vie Funds give investors an opportunity to participate in a diversified range of growth investment opportunities in the food and agricultural sector of the sub-continent.  These opportunities are supported and driven by distinct structural factors and trends, which include rapid urbanisation leading to increasing demand for processed food products, large-scale import replacement opportunities in several of the countries where the Fund operates, as well as the availability of new technologies to enable precision farming and efficient agro-processing at lower risk

Patrick Mamathuba, head of alternative investments at STANLIB Asset Management

WHAT OTHER INVESTORS SAY ABOUT EXEO CAPITAL

PROPRIETARY AND CO-INVESTMENTS

For investors preferring direct exposure to their investments, EXEO Capital structures opportunities to participate directly in the build-out of sector-focused corporate platforms. Institutional investors co-invest with EXEO Capital as the founding investor.

Nurture Brands is a foods group focused on the fast-growing convenience and functional foods sector, seeded by EXEO Capital’s Agri- Vie Fund II. From a turnover base of ZAR 1 bn (USD 55 m) the group is implementing a buy- and-build growth strategy around iconic brands in segments such as value-added dairy and nutraceuticals.

NetEd is private education group responding to the burgeoning demand for quality private higher education in Africa. The group is implementing a combined organic and acquisitive growth strategy from a base of 15,000 students. It uses a hybrid model of campuses and online offerings to provide accredited certificate and degree programmes across a wide range of disciplines, including a business school offering. The group has experienced >40% enrolment growth year-on-year since inception.