Zebu Investment Partners

What Zebu Investment Partners does

Zebu Investment Partners (ZIP) is a pan-African private equity fund manager established in 2012 and registered in Mauritius, with operational offices in Sandton (Johannesburg, South Africa) and Accra (Ghana). The firm invests across the African food value chain from primary production through processing, logistics, storage, retail and distribution, targeting SMEs and niche market leaders with growth capital of $1-8 million per transaction. ZIP manages two vintage funds: the AAF SME Fund ($36 million, vintage 2012, fully invested by 2016 and managed through related entity Databank Agrifund Manager Limited) and the Africa Food Security Fund (AFS / AFS LP, $100 million target with $84 million first close in 2018). As of disclosure, the firm has $134 million in assets under management, 13 portfolio companies across 10 countries, and a team of 16 employees led by Senior Managing Partner Dennis Matangira and Managing Partner Brian Frimpong.

Revenue is generated through management fees on committed and deployed capital, supplemented by carried interest on successful exits. The firm co-invests with development finance institutions including Norfund and operates a Technical Assistance Facility (TAF), funded by the EU, managed by IFAD and implemented by TechnoServe, to provide operational and ESG capacity building to portfolio companies. Notable transactions include buyouts of Terramar Group (Mozambique, 2022 with Norfund), Elgin Free-Range Chickens (South Africa, 2021) and AMC Trade Finance (2021), alongside growth equity investments in Royal Oven, Copia, IQ Logistica, West End Farms and Guanomad.

ZIP's go-to-market is relationship-based, sourcing deals through an embedded network of advisors, sponsors and industry organizations across Sub-Saharan Africa, with deal screening performed by a seasoned Investment Committee led by Chairman David Klingensmith. The firm differentiates on a thematic focus (African food security), institutional-quality ESG standards (IFC Performance Standards and African Development Bank environmental and social standards), and hands-on portfolio engagement through bi-weekly board participation and dedicated technical assistance.

Name

Zebu Investment Partners

Legal name

Zebu Investment Partners GP Limited

Website

https://zebuinvestments.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Zebu Investment Partners is a Mauritius-registered, pan-African private equity fund manager that invests $1-8 million growth capital in SMEs across the African food value chain, managing two funds (~$134 million AUM) and a portfolio of 13 companies in 10 countries.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Other Investment Pools and Funds (5259), Other Financial Investment Activities (5239)

SIC

Investors, Nec (6799), Investment Advice (6282)

akta.pro primary industry

Multi-Sector / Generalist Growth Equity (FSANACAO)

akta.pro secondary industries

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG), ESG Integration / Responsible Investment Funds (Broad ESG) (FSANAJAL)

Keywords

• Private equity funds
• Food security investing
• Agricultural value chain
• Growth equity investments
• Impact investing

Headquarters

HQ city

Johannesburg

HQ country

South Africa

HQ region

Africa

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Private Equity Fund Management Fees and Carried Interest: ZIP generates revenue through management fees on assets under management and carried interest (performance fees) from successful portfolio company exits. The firm manages funds totalling $121 million across two investment funds focused on food production and processing throughout Africa.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Zebu Investment Partners is a pan-African private equity fund manager that invests across the food value chain throughout Sub-Saharan Africa. The firm manages two dedicated investment funds—the AAF SME Fund ($36m) and the Africa Food Security Fund ($100m target capitalization)—providing growth equity capital of $1–8 million to small and medium enterprises operating in primary production, processing, logistics, storage, retail, and distribution across the African food sector.

Product overview

Zebu Investment Partners (ZIP) is a private equity fund manager offering two distinct investment funds targeting African food security and agriculture. The AAF SME Fund ($36m, vintage 2012) and Africa Food Security Fund ($100m target, vintage 2018) are supported by a Technical Assistance Facility (TAF) that provides capacity building and technical support to portfolio companies. The funds invest across the agricultural value chain including primary production, processing, logistics, storage, retail, and distribution. ZIP manages a portfolio of 13 portfolio companies across 10 countries, with approximately $134 million in assets under management and 16 employees.

Differentiator

Problem solved

Functional benefit

Brands

• Africa Food Security Fund (AFSF): Second fund managed by Zebu with vintage 2018, targeting US$ 100 million capitalization, focusing on food production and processing at the SME level throughout Sub-Saharan Africa.
• Africa Food Security LP (AFS LP)
• AAF SME Fund

Products and services

• AAF SME Fund A $36 million private equity fund managed by Databank Agrifund Manager Limited focused on food production and processing at the small and medium enterprise (SME) level throughout the African continent. Investments range from US$1 million to US$4 million in companies with no more than 300 permanent employees.
• Africa Food Security Fund (AFSF) A $100 million target capitalization fund managed by Zebu Investment Partners focused on food production and processing at the SME level throughout Sub-Saharan Africa, with investments ranging from $2 million to $8 million in companies among the top three players in niche agricultural value chain markets.
• Technical Assistance Facility (TAF) A complementary support facility accompanying ZIP's investment funds, providing technical assistance to portfolio companies with strategic, operational, ESG, and capacity-building expertise. Funded primarily by the EU, managed by IFAD, and implemented by TechnoServe.

Quantifiable outcome

• 174,283 tons of food produced contributing to food security
• +3 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Eight partnerships are on record, tiered core and minor.

• Terramar GroupcoreStrategic or Co-development Partner · 1 March 2022AFS LP together with Norfund completed a buyout of Terramar Group, Mozambique's leading importer, retailer, wholesaler and distributor of consumer goods. The partnership enables food security delivery to both rural and urban customers.
• Elgin Free-Range Chickens Holdings (EFRCH)coreStrategic or Co-development Partner · 1 November 2021Africa Food Security LP completed equity buyout of Elgin Free-Range Chickens, South Africa's largest single producer of free-range broiler chickens. The investment supports production capacity expansion and geographical footprint growth.
• AMC Trade Finance / Africa Global Trade Finance (AGTF)coreStrategic or Co-development Partner · 1 November 2020Zebu invested $6.5 million in AMC Trade Finance through Africa Food Security LP. AMCTF is a specialist trade finance institution providing bespoke, secured and structured trade finance solutions for Africa-focused trade, enabling SME access to finance.
• IQ Logistica (IQL)coreStrategic or Co-development Partner · 1 August 2020Zebu invested in IQ Logistica through the Africa Food Security Fund. IQL is an award-winning cloud-based traceability platform enabling visibility along the agricultural value chain. The partnership enables farmers to be judged by performance, providing market access, competitively priced inputs, and access to finance and insurance.
• Royal Oven LimitedcoreStrategic or Co-development Partner · 1 March 2020Africa Food Security Fund invested in Royal Oven, Tanzania's leading QSR retail bakery chain with 19 stores. The partnership supports expansion strategy and wider ecosystem positive impact.
• TechnoServecoreImplementation/ SI/ Consulting PartnerTechnoServe implements the Technical Assistance Facility (TAF) for Africa Agriculture Fund. TAF provides technical assistance to agriculture and food-related businesses, helping create opportunities for smallholder farmers and rural communities.
• PhatisacoreStrategic or Co-development PartnerPrivate equity fund management company operating across sub-Saharan Africa that manages the African Agriculture Fund (AAF), from which the AAF SME Fund originated. Phatisa has offices in Mauritius, South Africa, Zambia, Kenya.
• Africa Merchant Capital Limited (AMC)minorStrategic or Co-development PartnerFounders of AMC Trade Finance. The equity buyout transferred full ownership to AFS LP, with AMC refocusing on its merchant bank offering in Sub-Saharan Africa.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Phatisa: Sub-Saharan African private equity fund manager operating the African Agriculture Fund, AAF SME Fund, and Phatisa Food Fund. Direct peer given shared African food/agriculture mandate, Mauritius domicile, and overlapping LP base with ZIP.
• Emerging Capital Partners (ECP): Pan-African private equity manager founded by Michael Jansa, an Independent Investment Committee member of ZIP. Comparable in pan-African mid-market PE focus, US$2.5bn+ raised, and active food/agriculture exposure.
• AgDevCo: Specialist impact investor in African agriculture, providing equity and debt to SMEs across the food value chain. Closely comparable investment thesis and target geographies (Zambia, Kenya, Mozambique, Ghana, Tanzania overlap with ZIP portfolio).
• Injaro Investments: West-African focused private equity firm investing in food and agriculture SMEs via the Injaro Agricultural Capital Holdings fund family. Directly comparable focus on food security and SME growth capital in Sub-Saharan Africa.
• Pearl Capital Partners: Uganda-based agricultural impact PE manager focused on smallholder-linked agribusiness SMEs across East Africa. Comparable in Africa-focused food/ag mandate, ticket sizes, and DFI LP base.
• Novastar Ventures: African PE investor running the Novastar Africa Essential Services Fund focused on low-income consumer and agricultural businesses in East and West Africa. Directly comparable SME growth-equity thesis and ticket sizes.

Broad incumbents

• Development Partners International (DPI): Pan-African PE manager with US$1.7bn+ AUM and African Food Fund participation. Broader incumbent with overlapping Africa-focused mandate including food, consumer and financial services.
• Actis: Global emerging-markets PE investor with significant African food/ag exposure and energy transition focus. Comparable at sector level but operates with materially larger AUM and broader mandate.

Others

• TechnoServe: Non-profit implementing partner for ZIP's Technical Assistance Facility (TAF) and several other African PE/DFI agricultural funds. Adjacent ecosystem participant supporting value-add technical assistance for portfolio companies.
• Norfund: Norwegian development finance institution that co-invested with ZIP in the Terramar Group buyout (2022). Limited-partner/counterparty rather than a competitor, but a key institutional anchor in the African food-security capital ecosystem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/zebu-investment-partners

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments15 records

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

Frequently asked questions about Zebu Investment Partners