What We Do.

The Africa Middle Market Fund is a private capital fund that invests in medium sized African businesses with the potential to provide returns to investors and add value to their communities. The ultimate purpose of the Fund is to help “mainstream� Africa as a competitive home for investment. As such, AMMF is an “impact investment� fund. We work with promising firms to generate financial returns and social benefits to propel the enterprises we invest in, and their markets, towards the globally competitive economy. Size: $30 million. Open third quarter 2008; closed as soon as commitments are obtained. Principals: The Fund Manager will be AMMF Capital Management, LLC (Delaware), managed by Rodney J. MacAlister, former CEO of the US African Development Foundation and a former executive with ConocoPhillips. Countries: Initially Tanzania and Uganda, two of Africa’s highest growth countries, with robust SME opportunities. Kenya and/or Rwanda possible expansion countries. Sectors: Primarily where there is significant unmet domestic demand or import substitution, and in: • Agribusiness (food and fuel); • Private health and medical; • Information and telecommunications technology; • Suppliers to extractive and large manufacturing firms; • Materials and services for construction; • Ecotourism; • Microfinance institutions; and • Indigenous businesses with potential to be franchised Objectives: The Fund will pursue a typical set of financial performance goals, and will measure its blended return by monitoring the (financial) indicators of growth in revenues, wages and taxes. Why? 1. Revenues: Gross sales are the best proxy for trends in economic activity, availability of products and services, local management talent and new employment. 2. Wages: Versus the simple quantity of employees, wages are the best proxy for trends in employee skills, increases in disposable income within a community, increases in efficiency, and the use of technology. 3. Taxes: In cultures of weak transparency and trust, increased payment of taxes is the single best proxy for the increase in transparency and respect for the rule of law.

Contact Us