Zephyr Management was appointed successor manager of AACF in July 2018. Originally formed in 2011, AACF called approximately $20 million to invest in companies involved in various aspects of agriculture in Uganda, Kenya, and Malawi. Zephyr is providing active support to portfolio companies, guiding the divested companies to successful business plans and successful divestment of AACF’s investment; and working with the remaining companies to build management strengths, develop viable business plans and develop self- sustaining financial structures.
AACF made investments ranging from $250k to $2.5 million, particularly in small and medium sized agricultural businesses. The Fund’s objective is to create positive social impact as well as financial returns which is part of the investment mandate.
The Fund’s investments create opportunities for small family-run farms to increase their incomes and improve their livelihoods. The AACF portfolio companies do so by creating jobs and positively affecting businesses related to farmers. The portfolio companies also contribute to the local and national economies.
The Fund’s key theme is food production and it targets this opportunity by focusing on three sectors: primary (farms and plantations); secondary (processing and animal feeds); and services/infrastructure (storage, fertilizers, chemicals, packaging and other inputs). The strategy includes building integrated businesses to control the agri-supply chain.