Imara Group

What Imara Group does

Imara Group is an African specialist merchant bank headquartered in Gaborone, Botswana (with a registered holding entity, Imara Holdings Limited, incorporated in Botswana) and privately owned by the Fleming and Wulfsohn families via Fleming Wulfsohn Africa (FWA). Founded in 2002 and taken private from the Botswana Stock Exchange in April 2017, the group operates three integrated business lines: asset management, investment banking and corporate advisory, and fiduciary and administration services. Through Imara Asset Management, Imara Private Equity and Imara Capital, the firm invests across African public equities, private growth and impact deals, and venture-stage fintech in Africa and MENA, deploying deal-by-deal capital of US$3-20 million per investment and more than US$80 million into African SMEs since 2012. The group has advised on African transactions exceeding US$4.5 billion and operates a regulatory-licensed platform spanning Botswana, Zimbabwe, Zambia, Malawi, Mauritius, the UK and the British Virgin Islands. Its subsidiary stack includes Imara Asset Management (UK) Ltd, Imara Trust Company (Mauritius) Ltd (company, trust and fund formation plus regulatory licensing), and dominant stockbroking operations (Imara Capital Securities in Botswana, Imara Capital Zimbabwe, Stockbrokers Zambia and Stockbrokers Malawi) providing securities dealing, corporate broking and research across frontier markets. Revenue is generated through management and performance fees on African public, private and venture funds and segregated portfolios, professional-services fees from corporate advisory and JV execution (notably through a New York office and the 2018 Spayne Lindsay joint venture), managed-services fees from the Mauritius fiduciary platform, and transaction fees from regional stockbroking. The client base comprises global institutional investors, family offices and HNWIs in the US, Europe and Africa seeking USD-denominated exposure to African and MENA fintech and payments, alongside African fintech founders requiring growth capital and board involvement. Imara has no public AI/ML capability disclosed and operates a fundamentally research- and relationship-driven investment model.

Name

Imara Group

Legal name

Imara Holdings Limited

Website

https://imara.com

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Imara Group is a privately held African specialist merchant bank, owned by the Fleming and Wulfsohn families, providing asset management, investment banking and fiduciary services focused on fintech and payments across Africa and MENA for global institutional investors and family offices.

Ownership category

akta.pro rank

Product category

Investment Banking

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Open-End Investment Funds (525910), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Trusts, Estates, and Agency Accounts (52592), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211), Finance Services (6199)

akta.pro primary industry

Investment Management Advisory (RIA) (FSAEAAAB)

akta.pro secondary industries

Portfolio Management–Led RIAs (Discretionary/Model-Based) (FSAAACAC), Values-Based/ESG & Impact-Focused RIAs (FSAAACAK), Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL), Equity Capital Markets Advisory (Equity Issuance Strategy & Readiness) (FSACAAAI)

Keywords

• Investment banking services
• Asset management
• Private equity investment
• Stockbroking services
• Fiduciary administration

Headquarters

HQ city

Johannesburg

HQ country

South Africa

HQ region

Africa

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Asset Management: Imara Asset Management provides investment management services across public markets (African listed equities), private markets (growth and impact investments), and venture capital (African fintech). The firm earns management fees and performance fees from funds and segregated portfolios.
2. Investment Banking and Advisory: Corporate advisory services including strategic guidance on African and MENA fintech expansion, operational improvements, and joint venture corporate finance execution through their New York office.
3. Fiduciary and Administration: End-to-end company, trust, and fund formation, compliance, substance support and administration; regulatory licensing for asset managers, investment advisors, funds, fintechs, and other non-bank financial services; outsourced back-office, tax, and accounting services through Imara Trust Company (Mauritius) Ltd.
4. Stockbroking: Securities dealing (shares, bonds, ETFs), corporate broking including sponsoring brokership for new listings, standing sponsoring brokership for listed entities, rights issues and share splits through subsidiaries including Imara Capital Securities (Botswana, Zimbabwe), Stockbrokers Zambia Ltd, and Stockbrokers Malawi Ltd.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Imara Group is an African specialist merchant bank delivering asset management, investment banking, and fiduciary and administration services with a focus on fintech and payments across Africa and MENA. Its asset management platform offers segregated portfolios and funds across public market African listed equities, private market growth and impact investments, and venture capital in African fintech. The group also provides corporate advisory, stockbroking through regional subsidiaries, and trust/fund administration through Imara Trust Company (Mauritius).

Product overview

Imara Group is an African specialist merchant bank engaged in asset management, investment banking, and fiduciary services. The company operates through multiple platforms: Imara Asset Management provides public market investments in African listed equities, private market growth and impact investments, and venture capital in African fintech and MENA payments; Imara Capital Securities and subsidiary stockbrokers provide securities dealing and research services across frontier African markets; Imara Trust Company provides fiduciary and administration services; and Fleming Wulfsohn Africa (FWA) is a family partnership sourcing proprietary investment opportunities. The flagship Imara African Opportunities Fund invests in listed fintech and payment companies. The company's integrated offering spans research-intensive public market investing, direct private equity and venture capital deployments, corporate advisory, and stockbroking services across 10 African countries.

Differentiator

Problem solved

Functional benefit

Brands

• Imara Asset Management: Investment and advisory platform specializing in fintech and payments across Africa and MENA, managing public, private, and venture market investments.
• Imara Private Equity
• Imara Capital Securities
• Imara Capital
• Imara Corporate Finance
• Imara Trust Company
• Fleming Wulfsohn Africa (FWA)

Products and services

• Imara African Opportunities Fund
• Public Markets - African Listed Equities
• Private Markets - Growth and Impact Investments
• Venture Capital - Scaling African Fintech
• Corporate Advisory - Guiding Growth and Impact
• Fiduciary and Administration Services
• Stockbroking Services

Quantifiable outcome

• Advised on African transactions exceeding US$4.5bn
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered minor and core.

• Imara Corporate Finance & Spayne Lindsay Joint VentureminorStrategic or Co-development Partner · 1 September 2018Joint venture partnership between Imara Corporate Finance and Spayne Lindsay for corporate finance execution, announced September 2018.
• Imara and Kura MergercoreStrategic or Co-development Partner · 1 September 2017Kura Capital merged with Imara Asset Management in 2017. Kura co-founded in 2009 launched and co-managed flagship Kura Africa Fund. Tony Schroenn and Rainer Orth were instrumental in negotiating the merger.
• Fleming Wulfsohn Africa (FWA)coreStrategic or Co-development PartnerFWA is a partnership between Hector Fleming and Harry Wulfsohn to source investment opportunities in Africa on behalf of families and co-investors. The Fleming and Wulfsohn families have over 100 years combined experience in Africa.
• Agile CapitalminorStrategic or Co-development PartnerAgile Capital acquired a controlling interest in Imara Asset Management SA as an empowerment transaction in November 2017.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Actis: Emerging-markets private equity and infrastructure investor with significant African exposure. Comparable as a specialist emerging/Africa investment platform with multi-vertical funds.
• 8 Miles: Pan-African private equity firm backed by family offices and HNWIs, focused on high-growth African businesses. Closely comparable ownership model (family-office backed) and Africa growth thesis.
• Helios Investment Partners: Pan-African private equity firm investing across consumer, financial services, and TMT in Africa. Highly comparable to Imara's PE/private markets strategy and Africa-focused thematic investing approach.
• Kuramo Capital Management: Africa-focused alternatives manager investing across public and private markets. Comparable diversified Africa asset management and private equity strategy.
• Development Partners International (DPI): Pan-African private equity firm backing mid-to-large-cap African businesses. Comparable in target geography, deal size band, and integrated PE/advisory model.

Broad incumbents

• Investec Asset Management (now Ninety One): Major emerging-markets and African asset manager with broad product set. Comparable in African equity capability and institutional distribution, though much larger and more diversified.

Regional players

• Ethos Private Equity: South African private equity firm investing across sub-Saharan Africa. Comparable as a regional PE competitor for African mid-market transactions.
• Allan Gray: Large independent South African investment manager offering African equity and balanced mandates. Comparable as a long-tenured, owner-influenced African asset manager.
• Coronation Fund Managers: Large South African asset manager with African and emerging-markets mandates. Comparable asset management focus on African listed equities and segregated portfolios, primarily serving institutional clients.

Others

• Spayne Lindsay: UK mid-market corporate finance advisory with whom Imara has a joint venture (Spayne Lindsay & Co Corporate Finance). Comparable as an established African/UK corporate finance advisory counterpart.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@ImaraHoldings
• LinkedInlinkedin.com/company/imaragroup
• Xx.com/imaragroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Imara Group