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As Rwanda's long-term development focused sovereign wealth fund, Agaciro Development Fund seeks to execute commercially attractive investments that drive development in sectors aligned with the National Strategy for Transformation 2 (NST2).
Investment
We are predominantly invested in Rwanda but have the capacity to invest up to 30% of our portfolio outside Rwanda.
We are sector-agnostic; however our preferred sectors are ICT, Financial Services, Transport and Logistics, Agriculture and Agro-Processing, and Industrials and Manufacturing.
We invest in both equity and fixed income. Under equity, we invest in private equity and unlisted equity. Under fixed income, we invest in sovereign and corporate debt issuances, both listed and unlisted.
We invest both directly as Agaciro Development Fund, and are also keen to partner with funds to access indirect investment where there might be strategic alignment.
We use a broad category of instruments. On the debt side these range across senior, secured, unsecured, subordinated, mezzanine and junior debt. Under equity, we invest in preferred shares, common equity tier 1, and convertible debt.
At a high level, Agaciro Development Fund seeks to invest in market leaders or defensible niche players that generate economic impact including via export orientation or import substitution, domestic value addition and employment creation.
Read the full pageAgaciro supports Rwanda's national development objectives and aligns its investment activities with the priorities of the National Strategy for Transformation 2 (NST2). Investments will seek to generate sustainable financial returns while contributing to sustainable livelihoods and Rwanda's long-term economic transformation.
Read the full pageWe have a rigorous top-down and bottom-up investment approach which follows a multi-stage screening and two-stage approval process that extends from the investment team to the board investment committee.
Read the full pageAgaciro tracks risk investment by investment, checking that each position performs and that every risk taken is adequately compensated for.
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