To increase the number of investable women fund managers in Southern Africa, MiDA Advisors, a global transaction and financial advisory firm, and the Southern African Venture Capital and Private Equity Association (SAVCA), an  industry association, launched the Women Empowerment Mentoring and Incubation (WE>MI) Fund Manager Programme with the support of the United States Agency for International Development (USAID).  

Following the call for applications, twelve women-owned and managed fund managers have been selected to participate in the 2021-2022 inaugural cohort.  The selected fund managers will benefit from technical assistance and investment support to be delivered through the Programme.   

The selected fund managers hail from South Africa, Namibia and Botswana. The cohort includes generalist fund managers and fund managers with an industry specific investment mandate such as agriculture, digital technology, education, healthcare and manufacturing. “The selected fund managers have the expertise, experience and passion to make a considerable impact in the Southern African region by creating jobs, empowering women and increasing access to resources to improve lives,” says Nadine Mentor Williams, Partner and Senior Managing Director at MiDA Advisors. 

The WE>MI Programme will support the successful development, growth, and long-term sustainability of these women-owned and managed fund managers in Southern Africa, and seeks to mobilise at least USD $20 million for impact investing in the region through this inaugural cohort.  

The WE>MI Programme, which commences in mid-June, includes a variety of workshops and masterclasses featuring experts from both the U.S. and Africa.

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More about the selected fund managers:

1. AIH Fund I (AIH Capital): generalist private equity fund, represented by Sindi Mabaso-Koyana, Jesmane Boggenpoel, Charlene Nyembe, and Zanele Msimang

The principal investment objective of AIH Fund I is to make equity-related investments in companies that are primarily mid-sized and privately held. These portfolio companies will be in various sectors, exhibit quality operations and management, with attractive growth and return prospects. We drive women empowerment through our investments.

2. Altree Africa Impact Fund I (Altree Capital): private equity impact fund, represented by Jenni Chamberlain, Kudzai Chigiji, Lilitha Mahlati, and Nyasha Moyo.

Altree Africa Impact Fund I focuses on providing capital to Women-led and/or Women-focused FMCG, Healthcare, Education & FinTech-businesses in sub-Saharan Africa, excluding South Africa (with a focus on Southern and East Africa). Funding is structured so as to best align the interests of the entrepreneur with the Fund’s liquidity requirements.

3. Anandi Hybrid Fund I (Anandi Capital): generalist hybrid fund represented by Carol-Jean Harward Anandi. Hybrid Fund I is a generalist hybrid fund that acquires minority stakes or provide unlisted credit solutions to medium-sized majority women-owned businesses in Southern Africa, excluding South Africa, with particular focus on healthcare, education, agro-businesses, manufacturing and fintech. Main investment strategies include growth capital, management buy-outs, cash-out deals and turnaround investments.

4. Agriculture Value Chain Impact Fund (Agriculture Value Chain Impact Fund): private equity impact fund represented by Refilwe Belebesi, Shiluba Mawela, and Henri Minnaar

AVCIF is an impact fund that aims to provide capital to the agricultural sector value chain that drives job creation, increases food security and provides ecosystem resilience. The Fund provides equity-based growth capital and transformative acquisitive capital in South Africa and hopes to expand to the rest of the continent.

5. Digital Africa Ventures Fund I Partnership (Digital Africa Ventures Fund Managers): venture capital fund represented by Nonkululeko Komanyane, and Thandeka Xaba

Digital Africa Ventures Fund I Partnership is a black woman-owned and managed venture capital fund focused on investing in, and supporting, early-stage tech start-ups in South Africa. Our vision is to invest in innovative digital technology start-ups that will drive positive social change and inclusion in South Africa. We aim to grow South African start-ups into global category leaders.

6. Ditiro Fund I (Ditiro Capital): private equity fund represented by Madichaba Nhlumayo

Ditiro is a private equity investor, with a focus on providing growth and replacement capital to medium-sized businesses in the South African market.  The company invests in various sectors with sustainable growth prospects, with an interest in healthcare, agri-processing, local manufacture and technology enabled businesses.

7. Euphrates Fund I (EOS Capital): agriculture private equity fund represented by Nicole Maske

Euphrates Fund I’s objective is to stimulate the agriculture sector to become more knowledge and technology driven as the first agriculture private equity fund in Namibia. It aim is to facilitate the industrialization of the Namibian agriculture sector, deliver social impact to the Namibian economy and to provide attractive returns to fund shareholders. Investments will be made into sustainable agri businesses that promote the greening of the economy.

8. Firebird Revitalisation Fund (FyrFem Fund Manager): SME growth and special opportunities fund represented by Cathy Goddard, and Nthabiseng Maidi

Firebird Revitalisation Fund generates returns through the careful investment in, and revitalisation of, worthy SMEs with capital constraints.  We call this entry phase the FIX phase.  Through active turnaround intervention we can restore the SME back to a high growth trajectory. We then use private equity skills move into a GROWTH phase.  We focus on SDG 5 and 8.

9. Khulasande Private Equity Fund (Khulasande Capital): mid-market sector agnostic impact fund represented by Sthembile Nkabinde, Zola Tsotsotso, and Mvikeli Hlophe

The Khulasande Capital Private Equity Fund is a sector agnostic mid-market fund investing in the Common Monetary Area, predominantly in South Africa. The Fund’s investment strategy is to provide growth equity to businesses with robust business fundamentals, a strong management team, and where we can contribute to the company having a positive social impact.

10. Kula Capital Namibia (BFS Fund Manager): venture capital impact fund represented by Anna Kangombe, Kauna Ndilula, and Christina von Doderer

Kula Capital Namibia, is an impact fund registered in Namibia as a local venture capital fund to invest in innovative Namibian start-ups and scalable new small ventures in a country that is largely constrained with regards to accessing seed and growth capital. The targeted investments will comprise value-adding, sustainable enterprise investment opportunities that generate positive returns ranging from below market to market rate while having a positive social and environmental impact.

11. Moshe Capital Fund I (Moshe Capital Fund Managers): mid-sized private equity growth and buy-out fund represented by Mametja Moshe, and Kay Asare-Bediako

MCFM’s MCFI seeks to promote inclusive wealth creation by actively investing in established small and medium sized enterprises in South Africa through growth and buy-out capital to create sustainable, best in class companies with strong return generating potential in all sectors of the economy excluding primary mining, primary agriculture and sin-assets.

12. One Africa Capital Fund I (One Africa Capital): private equity growth fund represented by Yvonne Maitin, and Lerato Okeyo

One Africa Capital is a 100% Black-women owned and managed private equity investment company. The generalist firm focuses on making equity investments in businesses which have high growth potential in the South African mid-market space. With a keen emphasis on enabling positive sustainable growth and social impact, OAC focuses on unlocking growth capital for competent management teams with unique propositions.

About SAVCA   

The Southern African Venture Capital and Private Equity Association (SAVCA) is the industry body and public policy advocate for private equity and venture capital in Southern Africa.  SAVCA members represent in excess of R185 billion in assets under management through 170 members that form part of the private equity and venture capital ecosystem.  SAVCA promotes the Southern African venture capital and private equity asset classes on a range of matters affecting the industry. SAVCA also provides relevant and insightful research, offers training and creates meaningful networking opportunities for industry players. 

For more information, visit: https://www.savca.co.za/  

About MiDA Advisors  

MiDA Advisors is a global transaction and financial advisory firm specializing in facilitating institutional investments and trade into Africa and other emerging markets.  MiDA Advisors’ mission is to identify investment opportunities and provide transaction advisory services in emerging markets in partnership with development finance institutions, governments, institutional investors, and research institutions.  MiDA Advisors has offices in the U.S., South Africa, and Kenya.  

Originally founded during the 2nd US-Africa Leaders’ Summit in 2016 under a cooperative agreement with the United States Agency for International Development (USAID), the firm expanded to become an implementing partner firm engaged by USAID and private sector organizations for development finance and transaction advisory services in 2019.  In the last three years, MiDA-affiliated asset owners closed on investment deals targeting Africa and other emerging markets totaling over $1 billion.  

For more information, visit: http://www.midaadvisors.com/