FASA (or “Financing for Agri-SMEs in Africa”) is a fund of funds which aims to unlock financing for agricultural Small and Medium Enterprises across Africa, by supporting investment funds that are active in the sector.
FASA supports both emerging and established fund managers raising funds across any asset class, currency or region, provided they focus on Africa’s agricultural sector. FASA’s capital is therefore channelled to agri-SMEs in Africa through the investment funds.
For each selected investment fund, FASA provides from $2M to $10M of subordinated capital, mainly in the form of junior equity, alongside capacity building and technical assistance. For the avoidance of doubt, FASA does not provide grants. In addition, FASA provides capacity building and technical assistance to the fund managers and their agri-SME portfolios.
United States (USAID, Feed the Future), Norway, United Kingdom (UK International Development), South Korea (KOICA)
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On-the-ground presence: Have at least one senior investment professional based in Africa or planning to be based in Africa within the investment vehicle’s closing period
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Investment focus: Provide to SMEs initial investment ticket sizes ranging from $15K to $5M
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Agricultural exposure: Have a minimum exposure of 30% to African agri-SMEs
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Learning commitment: Commit to participating in FASA’s learning agenda
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Exclusion compliance: Exclude investments in SMEs who are engaged in any of the activities in the IFC Exclusion List
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Data room accessibility: Maintain an accessible data room
African Countries