Sahel Capital has announced the first close of its new growth equity vehicle, the Sahel Capital Agribusiness Fund II (SCAF II), securing $29 million in committed capital. The fund is the successor to the firm’s earlier agricultural investment vehicle and marks an important milestone in Sahel Capital’s continued efforts to strengthen agribusiness ecosystems across West Africa.
The first close was anchored by KfW Development Bank, alongside commitments from a U.S.-based family office. SCAF II is now targeting a final close of $75 million within the next 12 months as it continues to engage additional institutional investors.
SCAF II follows the Fund for Agricultural Finance in Nigeria (FAFIN) and is structured as a blended finance vehicle, incorporating a first-loss tranche to help de‑risk investments and crowd in commercial capital. The fund is also designed with dual domiciliation in Mauritius and Nigeria, supporting seamless regional deployment.
The vehicle will invest growth equity across the agribusiness value chain in West Africa, with priority markets including Nigeria, Ghana, Côte d’Ivoire, and Senegal. Its investment strategy targets businesses that:
- Strengthen regional food security
- Enhance climate resilience
- Support import substitution
- Improve overall value-chain efficiency
Commenting on the milestone, Mezuo Nwuneli, Managing Partner at Sahel Capital, stated:
The first close of SCAF II … demonstrates strong investor confidence in our strategy and our ability to originate and execute high-quality transactions. Our pipeline is robust, our investment themes are increasingly urgent, and we remain focused on building resilient, profitable agribusinesses that address food security and climate challenges across West Africa.
Representing the anchor investor, Oliver Van Bergeijk, Head of Division, Equity and Funds – Sub-Saharan Africa and Latin America at KfW, added:
Our partnership with Sahel Capital reflects a shared commitment to strengthening food security through robust domestic supply chains that link agribusinesses with smallholder farmers. We have partnered with Sahel Capital across multiple funds over the past decade and value their strong execution capabilities and impact-driven investment approach.
