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Scalable Enterprises

Development Mandate

Norfund focuses our direct investments on scalable enterprises in Sub-Saharan Africa, partnering with robust industrial or financial counterparts. Our investment segments include agribusinesses and manufacturing. Growing sustainable scalable enterprises drives industrialization, economic growth and job creation.

Key achievements in 2023

Scalable Enterprises

804
MNOK

committed

9,000
new jobs

created by companies in the agribusiness and manufacturing portfolio*

1.7
BNOK

increase in revenue in the agribusiness and manufacturing portfolio*

*Excluding EFP

Funds

412
MNOK

committed

9,700
new jobs

created by companies in the funds Norfund is invested in*

5.4
BNOK

increase in revenue in the funds Norfund is invested in*

*Only covering funds within the scalable enterprise portfolio

Jobs are vital to reducing poverty, generate income and taxation, provide security, and can enable knowledge and skills development. In most countries, private enterprises create the vast majority of jobs. This is especially true in developing countries, where more than 90% of jobs are in the private formal and informal sectors.

The current macroeconomic situation in many markets is challenging. Fuel and electricity costs have increased, food inflation is rampant, and access to capital has become both more difficult and more expensive for individuals and businesses. Providing patient capital and contributing to economic growth in developing countries is therefore crucial.

The agribusiness sector employs a large share of the Sub-Saharan population. This sector is highly labor intensive. However, the sector remains largely underdeveloped in terms of productivity and participation in the most value-adding activities in global value chains. Investing in businesses throughout the agribusiness value chain can enable job creation, increase competitiveness, and enable import substitution and economic growth in the countries where Norfund invests. Supporting and enabling agricultural production on the African continent is also critical to improve food security.

Similarly, manufacturing holds great potential as an enabler of economic growth and transformation in Africa. Few countries have developed their economies without developing a strong manufacturing base.

In Africa, more than 80% of the jobs are within the informal sector. This means that the workers are unregistered, have no benefits such as insurance or sick leave schemes and have limited access to training. As such, it is crucial to develop formal job opportunities and ensure that these are quality jobs where workers’ rights are protected.

Norfund’s investments in scalable, sustainable businesses help to create jobs, generate government revenue and provide the goods and services that people need.

Lack of finance is a significant obstacle to business growth. The volume of foreign direct investment in developing regions is low.

Growth capital, sector expertise and investors who are willing to take risks are needed to unlock the potential of scalable enterprises in developing countries.


Norfund invests in businesses both directly and through funds. Our direct investments are focused on scalable enterprises within agribusiness and manufacturing in Sub-Saharan Africa. These investments are always made in collaboration with strong industrial or financial partners.

As a direct equity investor, Norfund acts as a responsible owner. We assist developing businesses in becoming robust and sustainable while supporting their growth strategies. Norfund also provides advice to identify and mitigate environmental and social risks.

Fund investments enable us to reach a broader range of businesses and sectors together with fund managers with more local knowledge and business insight than we have capacity to do on our own. Investments are funneled through four different strategic areas called (1) large cap funds, (2) SME-funds, (3) venture funds and (4) purpose funds. The large cap funds create jobs and growth through established and well-run companies with a potential to further scale and expand its business activities. SME funds access smaller businesses that traditionally don’t have sufficient access to the capital markets. Venture funds support the establishment of new businesses, most often with a technological approach to their markets which enable them to create new and innovative business models. Lastly, purpose funds target fragile states and areas in developing countries where private capital is most scarce, and where our investments are highly additional.

Strategic ambitions

Norfund has defined the following ambitions for scalable enterprises for the strategy period 2023-2026:

  • Create 80,000 jobs through direct investments and funds, whereof 10,000 jobs created in direct investments in agribusiness and manufacturing
  • 19 billion NOK revenue increase, where 3 billion revenues created in direct investments in agribusiness and manufacturing

Investments and results in 2023

Scalable enterprises account for 31.7% of Norfund’s total portfolio. By the end of 2023, the portfolio included 34 direct investments and 58 fund investments.

1,216
MNOK

committed in 2023

10,301
MNOK

committed in total SE portfolio

An employee places eggs into a setting machine at the EthioChicken hatchery in Adama, Ethiopia.
Photo credit: Hatch Africa

Investments per region

Sub-Saharan Africa is the priority region of direct investments in agribusiness and manufacturing. Norfund’s staff in South Africa, Kenya and Ghana play key roles in identifying and monitoring our direct investments.

Investments per region in 2023

Total portfolio per region

Highlights of 2023

6

new investee companies

4

new fund investments

8

follow-on investments

ANB

In October 2023, Norfund announced an investment in the South African company ANB. ANB is a vertically integrated fruit company that produces and distributes citrus and tropical fruits to markets in Europa, Asia and North America.

ANB is active in the entire fruit value chain, from developing and commercializing cultivars (citrus and other sub-tropical fruit), tissue culture laboratory facilities, nurseries for plant propagation, fruit farming and packing, as well as fruit marketing and branding activities. The company permanently employs 2,200 people and at the height of the citrus season, this figure rises to above 6,000.

Photo credit: The ANB Group

As a result of global warming, extreme weather is becoming both more frequent and unpredictable. In South Africa, recent years have seen hailstorms becoming a greater threat to agriculture, with significant harvests being greatly damaged by unpredictable hailstorms. Norfund’s investment in ANB will finance the construction of netting infrastructure to protect the harvest from hail, wind and excessive sun exposure.

Around 42% of the group’s 2,556ha of citrus is currently under netting, and the capital injection will result in 1,704ha (67%) being protected against the elements. This will help enable ANB to produce higher volumes of improved quality fruit, and ultimately improve ANB’s resilience to climate change.

Miniplast

Miniplast Ghana Ltd is a leading plastics manufacturing company in Ghana and the West African sub-region. Established in 1988, Miniplast specializes in injection molding and blow molding, with its key offerings being products made from High/Low Density Polyethylene (H/LDPE), Polypropylene (PP) and PET Plastics.

In 2020, Miniplast established an in-house plastics recycling business segment that processes locally sourced plastic waste into recycled plastic materials. These recycled plastics are then used by the company in manufacturing its finished products and sold to third parties. Headquartered in Accra, Miniplast has a current production capacity of 41 tons of plastic per day, and directly employs over 650 people, whilst indirectly giving employment to over 200 more. The company also has waste collection and grinding hubs in Kumasi and Tamale.

Photo credit: Miniplast

Norfund’s investment will go toward purchasing new manufacturing equipment and supporting Miniplast to expand into new product offerings. The investment will further finance new machinery to increase the company’s recycling capacity to 1,700 tons a month, further substituting locally sourced recycled materials for imported plastic resins, and hence, reducing production costs in the process. The investment in Miniplast is expected to create more than 850 jobs across the plastics value chain.

Through this investment, Norfund is supporting efforts to develop a circular economy in Sub-Saharan African markets to help tackle Ghana’s waste management challenges. Norfund will also look to support Miniplast in its efforts to institutionalize what has historically been a family-run business, particularly on the environmental, social and governance fronts.

Scalable Enterprises direct investments portfolio

InvestmentCountryInvestment yearSectorInstrumentOwnership shareDomicileCommitted (MNOK)
African Forestry Impact Platform (AFIP)Regional2023Forestry and loggingFunds 37%Singapore750.6
AgDevCoRegional2022Agriculture, forestry and fishingEquity 8%United Kingdom203.4
Phatisa Food Fund 2Regional2021Agriculture, forestry and fishingFunds 14%Mauritius192.5
Lake Harvest GroupRegional2013Fishing and aquacultureLoans Equity 33%Mauritius168.7
European Financing Partners SAGlobal2006Investment fundsLoans Equity8%N/A263.4
AgrivisionZambia2012Agriculture, forestry and fishingEquity 24%Mauritius161.6
Nawiri Group Ltd.Regional2013TourismLoans Equity 32%Mauritius142.5
Hela Investment HoldingsRegional2022Manufacture of textilesLoans 0%Mauritius142.4
Balaji EPZ LimitedKenya2023Manufacture of textilesLoans 0%Kenya127.4
Kagera Sugar LimitedTanzania2020Crop and animal production, hunting and related service activitiesLoans 0%Tanzania126.0
FES LimitedRegional2020Agriculture, forestry and fishingLoans Equity23%Mauritius122.2
OH EcosystemsNigeria2023Crop and animal production, hunting and related service activitiesLoans -Delaware122.1
Basecamp ExplorerKenya2010HotelsEquity34%Kenya36.4
Lilongwe Dairy (2001) LimitedMalawi2020Crop and animal production, hunting and related service activitiesLoans 0%Malawi112.9
SAMANUEthiopia2022Manufacture of food productsEquity 8%Mauritius110.8
Miniplast LimitedGhana2023Manufacture of rubber and plastics productsLoans-Ghana106.8
ANBSouth Africa2023Crop and animal production, hunting and related service activitiesEquity 0%South Africa106.6
Marginpar GroupRegional2018Crop and animal production, hunting and related service activitiesEquity 26%Mauritius102.8
Valency International Trading SARLIvory Coast2022Agriculture, forestry and fishingLoans 0%Singapore101.7
Nouvelle Mici Embaci (NME)Ivory Coast2023Manufacture of paper and paper productsEquity 26%Ivory Coast86.3
NeofreshRegional2017Crop and animal production, hunting and related service activitiesLoans Equity 42%Mauritius84.2
Sundry FoodsNigeria2019Manufacture of food productsEquity 16%Nigeria80.8
Continental Blue Investment (CBI) Ltd.Ghana2022Manufacture of other non-metallic mineral productsEquity 10%Ghana70.3
Redsun Raisins and NutsSouth Africa2022Manufacture of food productsEquity 23%South Africa70.0
Vertical Agro (Sunripe & Serengeti Fresh)Regional2014Crop and animal production, hunting and related service activitiesLoans 0%Mauritius61.8
Seba FoodsZambia2021Manufacture of beveragesLoans 0%Zambia61.0
TerramarMozambique2022Wholesale trade, except of motor vehicles and motorcyclesEquity 33%Mauritius58.4
Synercore Holdings Proprietary LimitedSouth Africa2022Manufacture of food productsLoans 0%South Africa54.4
Freight in TimeRegional2015Transportation and storageEquity 24%Mauritius53.1
Lona GroupSouth Africa2022Crop and animal production, hunting and related service activitiesEquity 17%Mauritius48.7
African Century Infrastructure Services Ltd.Regional2014Other service activitiesLoans Equity 20%Mauritius35.7
Nyama World Malawi LtdMalawi2017Crop and animal production, hunting and related service activitiesLoans 0%Malawi33.6
African Century Real Estates Ltd.Mozambique2015Construction of buildingsLoans Equity 21%Mauritius33.1
Associated Foods Zimbabwe (AFZ)Zimbabwe2016Manufacture of food productsLoans 0%Zimbabwe15.3
African Century NampulaMozambique2017Real estate activitiesLoans Equity 32%Mozambique6.1
Afrinord Hotel InvestmentsRegional2005TourismLoans Equity20%Denmark23.7
Africado Ltd.Tanzania2009Agriculture, forestry and fishingEquity 33%Mauritius4.5


Scalable Enterprises funds portfolio

InvestmentCountryInvestment yearSectorInstrumentOwnership shareDomicileCommitted (MNOK)
Development Partners International IIIRegional2019Investment fundsFunds 4%Guernsey394.3
AfricInvest Fund IVRegional2020Investment fundsFunds 7%Mauritius296.7
Navis CLMVRegional2020Investment fundsFunds 17%Cayman Islands247.6
Helios IVRegional2021Investment fundsFunds 8%Guernsey246.9
Vantage Mezzanine Fund IV - USDRegional2021Sector-agnostic fundFunds 10%South Africa243.4
ECP Africa Fund IVRegional2018Investment fundsFunds 6%Mauritius225.1
Meridiam Africa Fund IIRegional2021Investment fundsFunds 4%France222.2
Alterra Africa Accelerator FundRegional2022Investment fundsFunds 16%Mauritius204.0
Adenia Capital VRegional2022Investment fundsFunds 9%Mauritius202.9
Verod Capital Growth Fund IIIRegional2019Investment fundsFunds 11%Mauritius197.3
FIPA IIRegional2016Investment fundsFunds 38%Luxembourg171.3
KV Asia Fund IIRegional2022Investment fundsFunds 7%Cayman Islands158.5
African Rivers Fund IVRegional2023Sector-agnostic fundFunds TBDMauritius152.6
Vietnam Investments Fund IVVietnam2021Investment fundsFunds 18%Cayman Islands152.4
CASEIF IVRegional2020Agribusiness fundFunds 26%Canada150.6
Cepheus Growth Capital FundEthiopia2018Investment fundsFunds 20%Mauritius146.9
Openspace Ventures IIIRegional2020Investment fundsFunds 8%Cayman Islands145.2
African Rivers Fund IIIRegional2021Sector-agnostic fundFunds 19%Mauritius144.6
Agri-Vie IIRegional2017Investment fundsFunds 11%Mauritius138.3
GroFin SGB Fund Limited PartnershipRegional2015Investment fundsFunds 19%Mauritius125.6
Fanisi Capital Fund IIRegional2017Investment fundsFunds 43%Mauritius118.3
Excelsior VietnamVietnam2020Investment fundsFunds 19%Singapore112.7
AFMF: ASEAN Frontier Markets FundRegional2021Investment fundsFunds 20%Singapore103.8
Norrsken22 FundRegional2023Sector-agnostic fundFunds 5%Sweden102.5
Novastar Ventures Africa Fund IIIRegional2023Sector-agnostic fundFunds TBDUnited Kingdom101.7
Ascent Rift Valley Fund IIRegional2020Investment fundsFunds 9%Mauritius99.0
Cambodia Laos Myanmar Development Fund IIRegional2015Investment fundsFunds 16%Singapore94.7
Novastar Ventures East Africa FundRegional2013Investment fundsFunds 13%Mauritius83.3
MOF IIMyanmar2018Investment fundsFunds 14%Cayman Islands80.8
Novastar Ventures Africa Fund IIRegional2020Investment fundsFunds 7%Mauritius75.0
TNB Aura Fund IIRegional2022Investment fundsFunds 11%Singapore74.2
CASEIF IIIRegional2014Agribusiness fundFunds 24%Canada73.5
Ascent Rift Valley Fund LtdRegional2013Investment fundsFunds 13%Mauritius71.5
Spear Africa Holding IIRegional2017Investment fundsFunds 19%Mauritius70.2
CORECORegional2012Other financial servicesFunds 22%Delaware68.9
Neoma Africa FundRegional2008Investment fundsFunds 11%Mauritius67.8
Kinyeti Capital LtdSouth Sudan2012Other financial servicesEquity 50%South Sudan63.1
EcoEnterprises Partners III, LPRegional2018Agribusiness fundFunds 5%Ireland58.3
Fundo de Investimento Privado-AngolAngola2009Investment fundsFunds 26%Luxembourg52.9
CarDekho SEAIndonesia2023FintechEquity3%Indonesia51.1
BPI Africa LLCRegional2015Investment fundsFunds 17%Mauritius51.0
Frontier FundBangladesh2010Investment fundsFunds11%Cayman Islands50.9
Vantage Mezzanine Fund IV - ZARRegional2021Investment fundsFunds 6%South Africa48.8
Africa Health Fund (Aureos)Regional2011Investment fundsFunds 9%South Africa42.7
ACI Motors LtdBangladesh2021Manufacture of motor vehicles, trailers and semi-trailersEquity 5%Netherlands41.6
GroFin Africa FundRegional2008Investment fundsFunds 9%Mauritius40.2
Oasis Africa FundRegional2017Investment fundsFunds 10%Ghana39.6
Solon Capital HoldingsRegional2020Investment fundsFunds 30%Mauritius35.8
Nordic Horn of Africa Opportunities FundSomalia2018Investment fundsFunds 11%Canada35.2
Frontier Fund IIBangladesh2016Investment fundsFunds 10%Cayman Islands30.4
Frontiir Co. Ltd.Myanmar2019Information service activitiesEquity 2%British Virgin Islands26.9
Vantage Mezzanine Fund IIRegional2011Investment fundsFunds 5%South Africa21.6
Voxtra East Africa Agribusiness IniRegional2011Agriculture, forestry and fishingFunds 30%Norway20.6
Neoma South-East Asia Fund IIRegional2010Investment fundsFunds2%Canada19.3
APIDC Biotech FundIndia2005Investment fundsFunds8%Mauritius16.0
Antler East Africa Fund IRegional2020Investment fundsFunds 11%Cayman Islands14.9
Cambodia-Laos Development FundRegional2009Investment fundsFunds 20%Luxembourg8.6
Aureos Southern Africa FundRegional2003Investment fundsFunds25%Mauritius7.5
CASEIF IIRegional2007Agribusiness fundFunds 14%Bahamas4.0
Aureos East Africa FundRegional2003Investment fundsFunds20%Mauritius3.9
Katapult AfricaRegional2022Investment fundsFunds 16%Rwanda2.5
Aureos West Africa FundRegional2003Investment fundsFunds26%Mauritius2.2
Angola Capital Partners LLCAngola2009Investment fundsEquity 48%Delaware1.4
Evolution One FundRegional2009EnergyFunds 7%South Africa1.2
Lafise Investment ManagementBahamas1999Financial institutions fundEquity20%Bahamas17.3