Africa Food Security Fund I

South Africa, Tanzania, Mozambique, Cameroon Financial services, Food and agriculture, Other consumer services

Zebu Investment Partners is an investment fund manager founded on belief that everyone deserves to be self-sufficient and that food security is the key to this basic human right. It focusses on investing in food production and processing throughout Africa, and offices include Ghana and South Africa.

This investment was made when British International Investment was named CDC Group.

Our investment

CDC made a $15 million investment into the Africa Food Security Fund (AFSF) alongside the Public Investment Corporation of South Africa, the Dutch Good Growth Fund, the African Development Bank, Denmark's IFU and EBID (the Economic Community of West African States' Bank for Investment and Development). Along with Kuramo Capital, the total commitments to the fund total $90 million.

Expected impact

Food and agriculture can bring much-needed jobs and incomes to rural communities, increase food supply and reduce reliance on food imports. However, many investors shy away from some critical areas because of challenges and risks such as climate, biosecurity and commodity prices. AFSF will invest in businesses that have significant growth potential in their sector or region. It will invest in some primary agriculture, although its greater focus will be on areas such as processing and distribution, and on inputs into the sector such as fertiliser and agronomic services.

The availability of credit for agribusinesses is worsening, even relative to the difficult credit situation for small and medium enterprises (SMEs) in Africa, so the fund will reserve a greater amount of capital than usual for follow-on investments, to ensure its investees have sufficient capital to fund their growth potential which can otherwise be stalled.

The fund has a technical assistance facility which may be accessed by investee business to, for example, develop outgrower schemes that can have the dual benefit of improving the reliability of the supply chain for processors as well as increasing incomes and services for farmers.

Key facts


Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.


We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.

Financial services, Food and agriculture, Other consumer services
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

Intermediated investment
Fund manager:
Zebu Investment Partners
Start date

For direct investments, this is the date British International Investment committed capital to the business or project.

For funds, this is the date that British International Investment committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

October 2018

For direct investments, this is the total amount that British International Investment has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that British International Investment has committed to the fund.


This is the investee company’s place of incorporation; or a fund’s jurisdiction.


Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status
West End Farms (WEF)

SME venture West End Farms is one of the leading mixed farming enterprises in Cameroon with farms and a cattle ranch across various locations in the country.

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Cameroon Africa, Central Africa Food and agriculture June 2019 Active
Royal Oven Limited (ROL) Group

Royal Oven Limited is a leading retail bakery chain with a large footprint across Tanzania. It has a diverse range of offerings consisting of both traditional Tanzanian and international bakery products.

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Tanzania Africa, East Africa Other consumer services October 2019 Active
iQ Logistica

IQ Logistica is a software company that works with companies in the agricultural sector. It is based in South Africa.

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South Africa Africa, Southern Africa Food and agriculture September 2020 Active
Africa Merchant Capital Trade Finance

Africa Merchant Capital is a privately owned merchant bank. AMC fills a finance gap in the African private capital markets, which is too small for global financial institutions and too large to be funded by the local finance providers alone.

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Africa Financial services November 2020 Active
Terramar Limitada Mozambique Africa, East Africa Food and agriculture March 2022 Active

We are now British International Investment