Skip to main content

PHATISA Food Fund 2 first closes at US $ 121.5 million


Phatisa is pleased to announce the first close of its successor fund to the African Agriculture Fund (AAF) – Phatisa Food Fund 2 (PFF 2), which has received capital commitments in excess of US$ 120 million. Given the strong interest, and with subsequent investors in different stages of their processes, Phatisa will continue with rolling closings and expects to reach a final close target of  US$ 300 million by mid-2019.

For PFF 2, Phatisa will continue its focus on the team’s core skill set – the African food value chain – considering investments in mechanisation, inputs, poultry and meat production, food processing and manufacturing, logistics, aggregation and distribution across sub-Saharan Africa. Targeting buy-out and expansion transactions with an investment size of between US$ 15 million and US$ 25 million, building and exiting regional platforms.

As with AAF, by raising international capital to be invested into Africa’s food value chain, PFF 2 is aligning itself with the United Nations’ Sustainable Development Goals (SDGs), addressing in particular SDG 1: No poverty and SDG 2: Zero hunger, through its material contribution to food security. With its investment into African businesses, Phatisa has already accounted for the production of over 2.6 million tonnes of food and food-related products and will continue to mark its progress by measuring its impacts against the SDGs.

Together with TechnoServe, Phatisa is aiming to raise a second technical assistance facility (TAF) to work alongside PFF 2, building on the lessons learnt and TAF’s success in AAF. The use of blended finance will enable the firm to increase the development impact as well as to enhance financial returns.

The first close was timed to facilitate the completion of the Fund’s first transactions, setting the anticipated investment pace.

Stuart Bradley, Joint Managing Partner: ‘We are delighted to achieve this milestone. Re-investments from our first Fund account for 88% of commitments, demonstrating strong support from AAF investors. We continue to attract the private sector, with a 70:30 split between commercial investors and development finance institutions at first close. With this round, we have now raised more than US$ 400 million for the African food and housing sectors.’ 

Duncan Owen, Joint Managing Partner: ‘Phatisa is preparing to exit a number of AAF investments. We are tracking solid returns, which we plan to replicate in PFF 2 – especially around inputs, mechanisation, logistics and FMCG. This is where our team of industry specialists from Unilever, Afgri, P&G, SAB Miller, Diageo and Imperial, feel at home.’


Valentine Chitalu, Phatisa Chairman: ‘We have built a great team that has been recognised through the support of our investor base. The team has demonstrated its ability to source and execute proprietary transactions and use our in-house industry skills to drive real value in our portfolio companies. I am very proud of what we have achieved and excited by the opportunity ahead.’

Comments

Post a Comment

Popular posts from this blog

British Airways launches new reward app for executive club members

British Airways has launched a brand new app for members of its Executive Club. Members can use the app to discover new ways to collect and spend Avios, find new offers and see personalised ways to spend Avios based on the member’s Avios balance. The Executive Club Reward app will complement the current British Airways app, which is designed to help all British Airways customers book and service pre- and post-travel needs. The app has a simple, intuitive design, to help members navigate its different features. These features include the ability to access and make purchases through the British Airways Avios eStore – an important way many members collect Avios. Customers can also see different ways they can spend their Avios including a helpful tool which says how many more Avios are needed until a member can book reward flights to different destinations. As well as this, customers can see the latest Avios deals, view their last five transactions, and buy Avios, view accou
Post a Comment
Read more

Column: Caleb Otieno: Make empathy a reflex

‘Empathy is about standing in someone else 's shoes, feeling with his or her heart, seeing with his or her eyes. Reflection is the means of processing thoughts and feelings about an activity, incident, or day. It gives us a chance to come to terms with our thoughts and feelings surrounding it”  People who understand how to watch, listen and observe the actions and emotions of those around them are often perceived as the most successful in life. A conscious alignment of one’s self with others starts with the development of empathy in the early years.  In the early years of life from age two to seven, young children are naturally ego-centric and are very much inclined to think mostly about themselves and their immediate needs. They are not yet ready to consider the needs and feelings of others. Developing a sense of empathy is an important developmental process for young children. It is at the heart of good relationships, and it begins with valuing others and their perspectives.  Tea
Post a Comment
Read more

Narok School benefits from a Dormitory Courtesy of Procter and Gamble

STUDENTS OF OLOIGERO PRIMARY SCHOOL POSE FOR A PHOTO WITH THE P&G TEAM AND PARTNERS OUTSIDE THE NEWLY BUILT DOMITORY Pupils of Oloigero Primary School in Narok County have a reason to smile after Procter and Gamble funded the construction of a girl’s dormitory in the school. The facility, which will accommodate 80 girls, will help support and improve the access to quality education in the area. “Access to quality education is affected by a myriad of challenges in this country. Inadequate infrastructure is one of them.  The situation is even more dire for our girls thus the reason we are here today to commission this dormitory. We believe that this facility will be a critical resource to help keep our girls in school and together with other partners we will work to ensure that we change the narrative about girls missing school due to menstruation,” said Anthony Ng’ang’a,  Associate Brand Director -Commercial Leader - East Africa at Procter & Gamble (P&G). FR
Post a Comment
Read more