Phatisa is an Africa-focused private equity firm investing in food and agribusiness value chains. Founded in 2005, the firm combines commercial discipline with impact objectives, targeting scalable businesses that strengthen food security, productivity and inclusive growth across the continent. Phatisa operates with deep on-the-ground presence and sector specialization, particularly in food systems and related infrastructure.
In February 2026, Phatisa announced an $86 million first close for Phatisa Food Fund 3. The fund is backed by a group of leading development finance institutions and impact investors, including British International Investment, FinDev Canada, Norfund, Swedfund, the IFC and Phatisa itself. The fund has a hard cap of $300 million and is targeting additional rolling closes over the next 12 months.
Food Fund 3 builds on the performance of its predecessor vehicles. Fund 1 is nearing completion, while Food Fund 2 has returned approximately 40 percent of invested capital following two exits, and retains a diversified portfolio. The new fund aims to address structural gaps in Africa’s food systems, including low adoption of yield-enhancing technologies, inefficient supply chains and high levels of food loss. Africa currently spends around $43 billion annually on food imports, a figure projected to reach $110 billion by 2030, creating a significant import substitution opportunity.
Simultaneously with the first close, Food Fund 3 signed its first investment to acquire Zaad Group, an independent African seeds and crop protection platform. The transaction aligns with the fund’s strategy of backing critical agri-input businesses that support productivity, climate resilience and food security. The fund also aims to achieve Gender 2X certification and maintains a strong climate lens across investments.
Leadership
Phatisa is led by managing partner Stuart Bradley and a senior team with more than 15 years of experience investing in African food and agribusiness sectors. The firm combines investment expertise with operational support, emphasizing local partnerships and disciplined execution.
Investment Strategy
Phatisa takes a control or significant minority approach, partnering closely with management teams to scale operations, strengthen governance and expand regional footprints. The firm focuses on proprietary deal sourcing and long-term value creation. Its strategy balances financial returns with measurable development impact, particularly in climate resilience, job creation and inclusive growth. The fund avoids primary farming risk and instead concentrates on scalable platforms within the broader food ecosystem.
Notable Investments
Across its Food Funds, Phatisa has invested in companies including:
The firm recently signed the acquisition of Zaad Group under Food Fund 3, reinforcing its focus on critical agricultural inputs and regional scale platforms.
Notable Exits
Food Fund 2 has already completed two exits, returning approximately 40 percent of invested capital. Previous exits include the sale of Deltamune to Vaxxinova, strengthening regional vaccine capabilities. The firm’s track record reflects disciplined portfolio management and realized liquidity within African agribusiness markets.
Other
Phatisa works closely with development finance institutions and aligns its strategy with broader policy objectives around food security and climate resilience. The firm is targeting a hard cap of $300 million for Food Fund 3 and is actively fundraising. Founders should expect rigorous governance standards, impact measurement requirements and a long-term partnership approach. Phatisa’s model is not venture-style minority investing but growth-oriented private equity with deep operational engagement.
United Kingdom
