What Phatisa does

Phatisa is a Mauritius-headquartered pan-African private equity fund manager established in 2005, focused on investments across the African food value chain and affordable housing. The firm manages four pooled investment vehicles on behalf of institutional limited partners — predominantly development finance institutions: Phatisa Food Fund 1 (African Agriculture Fund, US$239 million, 2011 vintage), Phatisa Food Fund 2 (US$143 million, 2018 vintage), the Pan African Housing Fund (US$41.95 million, 2014), and Phatisa Food Fund 3 (targeting US$300 million with a US$86 million first close in February 2026). Across these vehicles Phatisa deploys US$10–50 million equity tickets, typically as control or significant-minority stakes in expansion, leveraged buyout or management buyout transactions, with an explicit exclusion of start-ups and greenfield projects.

Phatisa generates revenue through management fees charged on committed capital under management and performance-based carried interest on successful exits, with no disclosed technology platform underpinning its operations. The firm serves African food and agriculture businesses spanning agri-inputs, processing, cold chain, storage, logistics, distribution, retail, restaurants and facilities management across sub-Saharan Africa. Notable portfolio companies include Artcaffe (60+ Kenyan outlets), Java House Africa (nearly 100 outlets across Kenya, Uganda, Rwanda), International Facilities Services (~4,000 employees across six African countries), MHL International (printing and packaging in Kenya and Nigeria), Lona Group (integrated citrus exporter), Deltamune (animal vaccines, since exited to Vaxxinova), Zaad Group (pan-African seed and crop protection platform) and the Pan African Housing Fund's residential developments across Kenya, Rwanda and Zambia.

Phatisa operates from offices in Port Louis (Mauritius, headquarters), Johannesburg, Nairobi and Lusaka, with a team of more than 30 staff representing 11 nationalities and speaking 30 languages. The firm is a signatory to the Operating Principles for Impact Management, the Women's Empowerment Principles, the 2X Challenge and is aligned with SDG Impact standards, integrating ESG and development impact measurement alongside commercial returns. Its limited partner base includes British International Investment, FinDev Canada, Norfund, Swedfund, IFC and Finnfund as core repeat investors across multiple fund vintages.

Name

Phatisa

Legal name

Phatisa Group Limited

Website

http://www.phatisa.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)

akta.pro secondary industry

Private Sector & Blended Finance Arms (IFC-type) (BPADACAJ)

Keywords

• Pan-African private equity
• Food value chain investing
• African agribusiness funds
• Affordable housing fund
• Development finance partnerships

Headquarters

HQ city

Bryanston

HQ country

South Africa

HQ region

Africa

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Fund Management Fees: Phatisa generates revenue through management fees charged on its private equity funds (Food Fund 1, Food Fund 2, Food Fund 3, and Housing Fund), typically calculated as a percentage of committed capital under management.
2. Carried Interest: Performance-based carried interest from successful fund exits and investments, aligning manager and investor interests.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Phatisa is a pan-African private equity fund manager that raises and deploys institutional capital through multiple closed-end funds targeting the African food value chain and affordable housing. The firm invests control or significant-minority equity, mezzanine debt, and management-buyout capital of US$10–50 million per transaction into scalable African businesses across agri-inputs, processing, cold chain, logistics, distribution, restaurants, and residential housing. Revenue is generated through management fees on committed capital and carried interest from successful exits.

Product overview

Phatisa is a Mauritius-headquartered private equity fund manager established in 2005, managing multiple investment funds across the African food value chain and affordable housing sectors. The company operates three active food-focused funds: Food Fund 1 (African Agriculture Fund, US$239 million, 2011 vintage), Food Fund 2 (US$143 million, 2018 vintage), and Food Fund 3 (targeting US$300 million, first close at US$86 million). Phatisa also manages the Pan African Housing Fund (US$41.95 million). The funds provide capital across the food value chain including agricultural inputs, processing, cold chain, logistics, food distribution, restaurants, and facilities management, while balancing commercial returns with impact objectives aligned to UN Sustainable Development Goals.

Differentiator

Problem solved

Functional benefit

Brands

• African Agriculture Fund (AAF): Phatisa Food Fund 1 - US$239 million pan-African private equity fund focused on the African food value chain, established 2011
• Phatisa Food Fund 2
• Phatisa Food Fund 3
• Pan African Housing Fund

Products and services

• Phatisa Food Fund 1 (African Agriculture Fund) US$239 million pan-African private equity fund established in 2011, investing across the African food value chain from agri-inputs to food production, processing, cold chain, logistics, distribution and retail. Targets African growth-stage businesses via control or significant-minority equity and management buyouts. Currently fully invested and partially realised.
• Phatisa Food Fund 2 US$143 million food-focused private equity fund with 2018 vintage, investing across Africa's food value chain in scalable businesses that combine strong commercial fundamentals with measurable impact. 2X Challenge certified for gender lens investing.
• Phatisa Food Fund 3 Pan-African food-focused private equity fund targeting US$300 million with first close of US$86 million. Invests in agri-inputs, processing, cold chain, storage, logistics, food distribution and retail across Africa. Does not invest in primary agriculture.
• Pan African Housing Fund US$41.95 million residential real estate private equity fund focused on addressing the shortage of quality affordable middle-income housing across sub-Saharan Africa. Investments span residential developments in Kenya, Rwanda, and Zambia.

Quantifiable outcome

• 10,447 permanent/fixed-term contracts created
• +5 more outcomes

Named customers7 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered major.

• Vanden Avenne GroupmajorStrategic or Co-development Partner · 4 March 2026Belgian integrated feed and protein manufacturer acquired Goldenlay from Phatisa and AgDevCo, marking a successful exit from Zambia's largest table-egg producer.
• Vaxxinova International B.V.majorStrategic or Co-development Partner · 9 July 2025Global animal health company (part of EW Group) acquired Deltamune from Phatisa, expanding Vaxxinova's presence in Africa.
• Solevo GroupmajorStrategic or Co-development Partner · 31 October 2024Pan-African speciality chemicals distributor acquired Rolfes Holdings from Phatisa, Masimong and Sabvest, strengthening its market presence in Africa.
• PaLenDu (Dutch Dekker Group affiliate)majorStrategic or Co-development Partner · 19 June 2024Acquired Phatisa's stake in Planting Naturals as a transformative exit for the fund, continuing the sustainable palm oil business under new ownership.
• ES-KOmajorStrategic or Co-development Partner · 12 June 2024Global provider of integrated solutions in challenging environments partnering with Phatisa to acquire 100% of IFS from Development Partners International.

Scale indicators9 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Actis: Actis is a leading global emerging-markets PE firm with a long-standing Africa practice across food, retail and infrastructure. Phatisa recently acquired Java House Africa from Actis (2025), making Actis both a peer and a counterparty in the African food/QSR deal ecosystem.
• AgDevCo: AgDevCo is a specialist impact investor in African agribusiness, DFI-backed and focused on early-stage and primary agriculture. Phatisa and AgDevCo co-invested in Goldenlay and exited jointly in 2026, and both target the African food value chain with overlapping LP relationships (BII, Norfund).
• Alterra Capital Partners: Alterra is a pan-African food and agribusiness PE firm. Alterra and Phatisa jointly acquired Java House Africa from Actis (2025), evidencing their parallel investment strategies in African food/QSR and shared DFI co-investor base.
• Development Partners International (DPI): DPI is a pan-African PE manager with multi-billion-dollar AUM focused on mid-cap African companies. Phatisa acquired International Facilities Services (IFS) from DPI in 2024, making DPI a direct competitor and counterparty in African mid-cap buyouts.
• Ethos Private Equity: Ethos is a leading South African private equity firm with pan-African exposure and substantial DFI backing. Phatisa IC member Ngalaah Chuphi was previously an Ethos partner for 22 years; both firms compete for mid-cap African food, consumer and industrial assets.
• Injaro Investments: Injaro is a West Africa-focused impact investment manager investing across agriculture and food value chains. Phatisa and Injaro overlap in their food-value-chain mandate, DFI LP base and sub-Saharan African geographic focus, though Injaro is concentrated in West Africa.

Broad incumbents

• African Development Bank (AfDB) Private Sector Window: AfDB runs private-sector and blended-finance arms that co-invest with African PE managers, including impact-oriented food and agriculture funds. It is a natural limited-partner co-investor alongside Phatisa's DFI backers and operates as a broad incumbent in African development finance.
• IFC (International Finance Corporation): IFC is the largest DFI in emerging markets and a cornerstone LP in African PE. IFC has committed to Phatisa Food Fund 3's first close and previously supported African Agriculture Fund — making IFC both a key LP and a broader incumbent investor in the African food value chain.
• British International Investment (BII): BII is the UK's development finance institution and a long-standing Phatisa LP across multiple fund vintages, including the lead commitment in Food Fund 3's $86M first close. BII is both a critical LP and a broader investor across African PE/VC, making it a strategic incumbent in the space.

Emerging players

• Acumen: Acumen is a global impact investment fund with significant exposure to East and West African agribusiness and food systems. While smaller and more grant-and-convertible-instrument oriented, Acumen competes for early-stage African food-value-chain deals and shared DFI-aligned LPs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/phatisa/?viewAsMember=true
• Facebookfacebook.com/phatisa
• Xx.com/phatisairrapp

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries19 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A6 records

Investments20 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Phatisa