Brainworks Capital Management has reportedly launched a $20 million fund targeting Zimbabwe’s agriculture, financial services, mining and telecommunications sectors.
The fund is understood to have already secured $6.8million, and is talks with institutional investors for the additional capital. Brainworks is targeting an internal rate of return of 30% on its investments, in equity stakes of between 15% and 30% per deal.
Brainworks plans to invest $3.6 million in gold mining and $2.5million each in investment banking and agriculture. Micro-financing and insurance investments will each be allocated $500 000 each while the investor will use $2.6 million to repay acquisition finance used to fund its current investments .
Brainwork’s reportedly already owns a 12.9% stake in Ecobank Zimbabwe, with an option to raise this to 30%. The investor is understood to be planning to hold assets for up to five years.
The investment company is headed by George Manyere, a former International Finance Corporation executive.
