This post is part of our media partnership with top conference AFSIC – Investing in Africa 2026.
Ask a fund manager raising capital now and you’ll hear the same message: the funders, known as Limited Partners (LPs), have changed the conversation. The investment case for an African fund is no longer how well you put together and present the pitch, but how a fund manager will execute against it. The AFSIC team sat down with two fund managers, Farmties Capital and Anza, for a fireside chat on what it takes to be investor-ready today.
Both firms converged on the same three questions every fund manager should ask before seeking capital: What are LPs actually looking for? What does investor-readiness demand beyond a good thesis? Where is the market heading?
The LP mood: From frontier bet to risk-adjusted strategy
Both firms agree that LP appetite for Africa hasn’t disappeared, it has matured. The days of allocating on narrative alone are over. What’s replaced them is a harder-nosed look at execution.
Farmties: LPs remain interested in Africa, but with heightened selectivity, focused on capital preservation, proven execution capacity, and clear pathways to liquidity. Appetite has shifted toward private credit and revenue-linked strategies over earlier-stage equity, particularly where impact and commercial outcomes are clearly aligned.
Anza: “LPs are no longer asking whether Africa has potential. They are asking how that potential is being systematically captured.” Anza points to a consistent checklist now showing up across the market: clear differentiation and thesis depth, exit visibility, blended capital structures that crowd in commercial LPs while preserving return discipline, and local presence paired with global connectivity to acquirers and follow-on capital.
Investor-readiness is discipline, not a deck
Both firms made the same point from different angles: a compelling thesis earns a first meeting, not a commitment. What earns the commitment is everything underneath it.
Farmties: “Being investor-ready goes far beyond having a strong thesis. LPs expect clarity on governance, fund economics, risk frameworks, and portfolio construction from day one.”
Between them, three additional disciplines stood out as the real markers of an investor-ready fund manager.
- Data room discipline: Real-time access to governance documents, valuation policies, impact frameworks, compliance manuals and portfolio data is now expected
- Consistency across every document: Your private placement memorandum (PPM), financial model, impact thesis and track record need to align numerically and strategically, with clear, specific language on use of proceeds and return drivers
- Proactive risk disclosure and narrative clarity: Addressing currency, regulatory, and liquidity risks upfront builds credibility. LPs need to understand why you exist, what gap you fill, and how you create return asymmetry.
Where the market is moving
Asked where the opportunity is moving, both firms pointed to a similar structural story from different vantage points.
Farmties: We’re seeing growing interest in private credit, structured finance, and hybrid models that blend debt with downside protection, alongside increasing attention on climate-resilient sectors such as agribusiness, food systems, and supply-chain infrastructure. LPs are more focused on real-economy impact, unit economics, and trade opportunities, with stronger expectations around measurable environment, social and governance (ESG) integration.
Anza: “Blended capital structures are becoming structurally important in early-stage African venture capital (VC), de-risking commercial LP participation and rewarding managers who understand capital stacking.” Anza also flags artificial intelligence (AI) as an increasingly decisive factor in fund performance, now integrated into deal sourcing, due diligence, LP engagement, and portfolio monitoring, alongside currency arbitrage as an emerging competitive advantage in African markets.
The takeaway for fund managers
Strip away the different vocabularies, capital preservation versus risk-adjusted strategy, structured finance versus blended capital, and Farmties and Anza are describing the same LP: more selective, more literate in African market structures, and far less willing to separate impact from unit economics. Being investor-ready means showing your work everywhere at once, in your governance, your data room, your risk disclosures, and your narrative, and proving, not just promising, that your fund can turn Africa’s potential into a repeatable, de-risked return.
This fireside chat was conducted ahead of AFSIC- Investing in Africa 2026 www.afsic.net, the continent’s flagship investment conference, bringing together fund managers, LPs, and DFIs to accelerate capital flows into Africa. It will be held 13 to 14 October 2026 at the Park Plaza, Westminster, London.
Background
About AFSIC – Investing in Africa: Africa’s leading investment conference, now in its 13th year, connecting investors, businesses, and institutions across the continent’s most dynamic sectors. Held annually in London, AFSIC brings together a global community committed to unlocking investment and driving growth across Africa.
About African Investments Limited operates two multi award-winning digital platforms, the African Investments Dashboard (www.africaninvestments.ai), connecting global investors with curated, high-quality investment opportunities across Africa, and the Africa Business Opportunities Dashboard (www.businessopportunities.ai), which matches business, trade and investment opportunities across Africa covering all business objectives, products, sectors and countries in Africa. See also www.africaninvestments.co.
About Farmties Capital: An investment firm dedicated to boosting trade between Africa and global markets, particularly North America. Focused on revenue-generating small and medium enterprises (SMEs) in the agricultural sector, Farmties supports business growth through tailored financing, technical assistance, and market access. We partner with development finance institutions, donor and trade organizations and like-minded investors to provide funding, technical assistance, and market linkage to high-impact agribusinesses.
About Anza: An authorised Financial Services Provider (FSP 53884) based in Johannesburg, South Africa. The firm invests blended capital, equity, and debt into early-stage African startups building scalable technology solutions to critical global problems. The firm backs strong founder-led teams across food technology, clean technology, and digital technology in Southern and East Africa.