Our Investment Approach
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
Our Investment Approach
Geography
We are predominantly invested in Rwanda but have the capacity to invest up to 30% of our portfolio outside Rwanda.
Sectors
We are sector-agnostic; however our preferred sectors are ICT, Financial Services, Transport and Logistics, Agriculture and Agro-Processing, and Industrials and Manufacturing.
Asset classes
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.
Direct and indirect investments
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.
Instruments
We use a broad category of instruments, ranging from debt — senior, secured, unsecured, subordinated, mezzanine and junior debt. Under equity, we invest in preferred shares, common equity tier 1, and convertible debt.
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What We Invest In
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 moreDevelopmental Impact and ESG
Agaciro 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 moreInvestment Process
We 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 moreInvestment Risk Management
Investment risks relate to Agaciro's asset-by-asset view of risks, leveraged to evaluate whether individual investments are performing and whether risky positions are being adequately compensated for.
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