Agri Frontier Growth Fund

A $50m impact debt fund for Africa's missing middle.

The Agri Frontier Growth Fund supports growth-stage agri-SMEs across East Africa with the debt and mezzanine capital that banks won't provide and private equity overlooks, strengthening agricultural value chains, creating jobs and building climate resilience.

The gap we close

Too big for microfinance. Too small for the banks.

Agri-SMEs with revenues between $0.25m and $5m sit in a $74bn financing gap with less than 1% of bank lending in Africa reaching SMEs, despite SMEs producing, processing or distributing 80% of the continent's food. The Fund provides working capital and capex growth debt purpose-built for this segment.

Debt & mezzanine

A range of debt instruments, term loans, working capital and mezzanine, in US dollars and local currency, matched to agricultural cash flows.

Proven businesses

Growth-stage SMEs with proven revenue models, at least three years of audited accounts, and deep roots in their communities.

De-risked structure

A blended vehicle combining senior and first-loss capital with concessional debt, supported by an Aceli Africa first-loss guarantee on the debt portfolio.

Where we invest

Six markets. Every link in the value chain.

Investing across Kenya, Tanzania and Uganda at first close, adding Ethiopia, then Rwanda and Malawi as the Fund grows, with no more than 35% in any one country.

KenyaTanzaniaUgandaEthiopiaRwandaMalawi

Pipeline and post-investment support are delivered through the Agri Growth Hub's established network of regional consultants and direct SME relationships.

Inputs & services, 35%

Irrigation, machinery, seed, agronomic services

Aggregation & processing, 35%

Milk, beef, poultry, grains, oilseeds, fruit, nuts, coffee

Primary producers, 15%

Agro-forestry, grains, horticulture, livestock

Agtech, 15%

Precision agriculture, seed genetics, soil nutrition, farmer platforms

How we invest

From 100 SMEs screened to 10 investments a year.

Screen

100 SME applications screened each year through the Growth Hub accelerator.

Prepare

25 SMEs selected annually for investment readiness, climate, gender and governance support.

Invest

10 SMEs financed per year with $0.15m to $1m, plus continued capacity building.

Grow

Follow-on capital of up to $2m for around five portfolio companies each year.

Fund + Hub.The Fund is paired with its technical assistance facility, the Agri Growth Hub, providing pre- and post-investment support that de-risks every investment.

Impact

Climate resilience and gender equity, built into the mandate.

Impact criteria are integrated into due diligence and the investment process, not reported after the fact. Every investment is screened against the IFC Exclusion List.

Jobs & economic growth

Practical solutions for job creation and economic growth in every investment, with SMEs rooted in their communities.

Climate resilience

A three-step climate framework, assess risks, design solutions, implement adaptation, supporting climate-smart technologies and practices.

Gender-lens investing

Targeted support for women-led SMEs and gender-smart capacity building, from baseline evaluation through to implementation.

Investors & SMEs

Interested in the Fund? Talk to us.

Whether you are an investor exploring the missing middle or a growth-stage agri-SME seeking capital, we would like to hear from you.

Get in touch