Pan-African Investment Partners Funds

Summary

Pan-African Investment Partners I, L.P. (PAIP I) and Pan-African Investment Partners II, L.P. (PAIP II) were launched in 2003 and 2008, respectively, to make private equity investments in Africa.

Investment strategy and objectives

The Pan-African Investment Partners Funds seek businesses that are expanding regionally in Africa, or have the potential to do so, whether through organic growth or acquisition. The Manager intends to assist these businesses in becoming leading African businesses in their industries, in order to be fully competitive in a global economy.

Building critical mass in these businesses will be important in achieving competitive size and adequate profitability. Building critical mass will also be important to successful divestment of the Fund’s investments, because businesses with economic scale are more likely to be of interest to global industry leaders, whether African or external businesses choosing to expand into Africa. In addition, businesses of economic scale are better able to invest in the recruitment and development of key management and better financed to develop new products and services.

Companies

Presented below is a brief profile of some of the investments executed by the PAIP Investment Team:

CNIA SAADA Assurance (CNIA), a Moroccan company, is the number one insurance distribution network in Morocco, the fourth largest insurance company in Morocco and is among the top 20 largest insurance companies in Africa. CNIA SAADA underwrites both life and non-life insurance with locations throughout Morocco.

Letshego Holdings Limited (Letshego) is a provider of consumer credit and insurance products headquartered in Botswana, with operating subsidiaries in Swaziland, Uganda, Tanzania, Zambia, Namibia and Mozambique. The Company is listed on the Botswana Stock Exchange.

Thunnus Overseas Group (TOG) is one of Africa’s leading manufacturers and distributors of canned tuna. TOG is a major exporter of tuna to Europe, with operations in Cote d’Ivoire, Madagascar and France. The majority of TOG’s customers are the leading retail chains in Europe. TOG also sells and supplies the catering and restaurant industry under its own well recognized brand, Pompon Rouge, and manufactures products for the two main competitor labels in the French market.

Buildworks Group Limited (Buildworks) is a South Africa-based power infrastructure and heavy building materials company listed on the Johannesburg Stock Exchange. As Africa’s leading company in the design, construction and testing of electrical switchyards and substations, Buildworks has completed over 580 projects in more than 14 countries across the continent. Other Buildworks divisions supply heavy building materials and aggregates to the construction industry.

Pan-African Investment Partners I, II are currently closed and no longer accepting subscriptions. Information relating to Pan-African Investment Partners is provided solely for the purpose of describing Zephyr Management L.P.’s global capabilities.

Meet the Investment Team

Please note that offices and staff include affiliates and the AUM calculation includes assets attributable to Zephyr's joint venture funds.