EXEO Capital, an alternative investment partner in Africa, has announced its Agri-Vie Fund II has attracted over US$100 million, bringing it to its first close.
Fund II, a 33% over-subscription on the initial target, was supported by a core of Fund I investors, including Norfund – the Norwegian Investment Fund for Developing Countries – as well as new investors.
“This first close is building on the momentum of Agri-Vie Fund I, which is now in its realisation stage. Since inception in 2008, Agri-Vie has developed a proven track record in identifying strong performing food and agribusiness portfolio companies in Sub-Saharan Africa,” said Herman Marais, EXEO Capital Managing Partner.
Fund II is focused on the food and agribusiness sector in Sub-Saharan Africa.
Norfund CEO, Kjell Roland said, “There is a considerable investment deficit in the food and agribusiness sector, and we are pleased to see that our investments in this sector also can help catalysing other private investors.”
The Fund II will remain open for additional investors for another 12 months with a target of US$150 million and a hard cap of US$200 million.
Agri-Vie invests across the broad food and agricultural sector, capitalising on the thriving African markets for processed food as well as export opportunities.
Its portfolio companies include dairy, proteins (beef, poultry, aquaculture products and plant protein), condiments, fresh convenience foods, non-alcoholic beverages as well as food ingredients