Zephyr Management was appointed successor manager of AACF in July 2018. Originally formed in 2011, AACF called approximately $20 million to invest in eight companies involved in various aspects of agriculture in Uganda, Kenya, and Malawi. Zephyr is providing active support to portfolio companies to address capital needs and working toward an orderly liquidation of AACF’s five remaining investments.
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. They do so by creating jobs and positively affecting businesses related to farmers. They 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.