Tapping into the Growth of Africa

EXECUTIVE SUMMARY. 2027​

FOCUS

Investing in Africa

FOCUS

54CF is a growth equity fund partnering with thriving businesses across Africa, with emphasis on Sub-Saharan Africa. Our four core themes are food security, smart agriculture, critical minerals and financial services.

Mission

Our mission is simple: create an efficient and timely route for investors to access companies with structural advantages, sustainable business models, a clear path to improve profitability and cash flows and support their growth and expansion plans with our expertise and capital commitment

Target

The fund is targeting aggregate capital commitments of between $100 million and $200 million from qualified professional investors. Its core themes are food security, smart agriculture, critical minerals and financial services, with other sectors considered selectively.

Term

The term of the fund will be a minimum of 5 years from closing, and its primary goal will be to seek a balance of capital appreciation and income generation, with medium-term annual target returns of 15% to 25%*

Team

Our Management Team, with over 4 decades behind them, brings to bear significant emerging markets experience, diverse sector knowledge and deal expertise to help source attractive investment opportunities in the region and mitigate risks

CONTEXT

Unveiling Africa’s
Investment Potential

OPPORTUNITY

Despite abundant opportunities, Africa currently lacks reliable investment vehicles that enable swift and long-term capital deployment into new ventures

A Prime Investment Destination

ROBUST ECONOMIC GROWTH
ABUNDANCE OF NATURAL RESOURCES
RAPIDLY EXPANDING POPULATION AND MIDDLE CLASS

Growth

Africa, centrally positioned with global market access, has seen strong economic growth and rising FDI, driven by its natural resources, including major oil producers like Nigeria, Angola, and Algeria.

Free Trade

Backed by the African Continental Free Trade Area (AfCFTA) and a growing educated, connected middle class, Africa offers a uniquely compelling investment opportunity.

Target

Countries including Angola, Nigeria, Kenya, Egypt and South Africa are diversifying into financial services, digital infrastructure, transport, renewable energy, agriculture and manufacturing, creating opportunities across the continent.

WHY AFRICA

A Unique Set of Growing Investment Opportunities

Our mission is to invest across Africa, with emphasis on Sub-Saharan Africa, in countries that are politically and economically stable and in companies with:

STRUCTURAL ADVANTAGES
SUSTAINABLE BUSINESS MODELS
CLEAR PATH TO IMPROVE PROFITABILITY AND CASH FLOWS

And support their growth and expansion plans with our expertise and capital commitment

WHY SUB-SAHARAN AFRICA

Sub-Saharan Africa Offers Distinctive
Opportunities with Compelling Strengths

High Growth Potential:

Many economies in Sub-Saharan Africa are among the fastest-growing in the world.

Increasing Connectivity and Tech Adoption:

Digital connectivity and technology adoption are creating opportunities in fintech, telecommunications and agri-food systems.

Demographic Advantage:

Young and rapidly growing population, contributing to a burgeoning workforce and an expanding consumer market.

Developmental Impact:

Investments in Sub-Saharan Africa contribute to job creation, infrastructure development, and economic growth.

Rising Urbanization:

Rapid urbanization is driving demand in real estate, infrastructure, and urban services.

Improving Business Environment:

Several countries in the region are implementing reforms to improve legal and regulatory frameworks and overall business and investment environment.

MARKET

Sub-Saharan Africa Key Statistics

GDP (US$ trillions)US$2.01T in 2022 to US$2.88T in 2028 forecast. Increase: US$870B (+43.5%).
Inflation rate15.8% in 2023 forecast to 7.6% in 2028 forecast.
Population growthProjected increase of 180 million (+16.2%) from 2022 to 2028.

Share of Urban Population grew annually by 0.53% in average for the last 10 years

“Urban population growth, triggered by both natural increase and migration, would thus translate into adding 40,000 new urban citizens every day until 2040” (World Bank 2013)

WHY 54CF

One-stop solution for sophisticated investors

Investors seeking exposure to markets that are long on great business opportunities and short on capital
Regulated and licensed in the ADGM, our fund offers investors a globally recognised common-law framework, robust governance and tax efficiency

Where we will invest

Fast growing sectors with scalable business models and potential for rapid expansion

Countries where we can leverage local expertise and partnerships for market insights and investment evaluation

ESG, Legal and Regulatory

The investment portfolio will balance risks and rewards and integrate ESG considerations and strict adherence to legal and regulatory requirements at every stage of the process
Combined with ADGM’s credibility, investor-friendly ecosystem & strategic proximity to Africa

Greater upside, limited risk

54CF’s investment size, experienced team and collaboration model are intended to support a concentrated portfolio across Africa, with each opportunity assessed for its potential returns and risks.

WHAT WE OFFER

Investment Vehicle Targeting Capital-Scarce And Business-Rich African Markets

54 CF FOCUSES ON:

Private investment opportunities

Core themes: food security, smart agriculture, critical minerals and financial services

Secondary themes: real estate and hospitality, telecoms and digital infrastructure, media and special situations

THE FUND OPERATES AS A LP/GP STRUCTURE

REGULATED OUT OF THE MENA REGION, GIVING ACCESS
TO GLOBAL CAPITAL

FOCUSING ON FAST GROWING BUSINESSES IN STABLE SUB-SAHARAN COUNTRIES

INITIALLY, FOCUSING ON A HEALTHY PIPELINE OF MIXED INCOME AND CAPITAL GROWTH PROJECTS

54 CAPITAL

Target Selection

Assets Stage


Focus will be on investments in private companies at expansion, mature, Pre-IPO, and Exit stages

Fund Positions


Targeting 10-15 investments and ticket sizes in the range of $5 million to $25 million per investment

Geographic and Sector Focus


Four core themes across Africa, with emphasis on Sub-Saharan Africa: food security, smart agriculture, critical minerals and financial services

Holding Period


The expected investment holding period is medium-term (5 to 7 years), aligning asset selection and turnover with this horizon

Capital Commitments


$100 million and $200 million from qualified professional investors with a minimum ticket size of $250 thousand

Fund Economics


Achieve a balance of capital appreciation and income generation, with medium term annual target returns of 15% to 25%

PIPELINE OVERVIEW

Four Global South Themes Under Review

Our pipeline work is organised around four Global South themes. We are reviewing opportunities against our investment thesis. No commitments have been made. Secondary themes include real estate and hospitality, telecoms and digital infrastructure, media and special situations.

FOOD SECURITY & SMART AGRICULTURE

Reviewing food processing, storage and distribution, alongside agri-tech and precision-farming businesses that raise yields and cut waste.

CORE THEMES 1 & 2 – UNDER REVIEW

CRITICAL MINERALS

Reviewing responsibly sourced mineral and processing businesses linked to the energy transition.

CORE THEME 3 – UNDER REVIEW

FINANCIAL SERVICES

Reviewing banking, payments and agri-finance businesses that enable the other themes.

CORE THEME 4 – UNDER REVIEW
54 CAPITAL FUND

Objectives

Raise


Target fund raise of between $100 million and $200 million for initial raise

Return

The target returns of fund will be 15-25% IRR

Mix of capital appreciation and income

Hurdle rate of 15%

Time

5-7 years investment time horizon

Dividends paid as arising

Term of the Fund will be 10 years

Risk

Private Equity investments are long-term

There can be significant liquidity risk, as
capital is locked in for the duration

Country specific risk may apply to investments

54 CAPITAL FUND

Key Terms and Timeline

Fund 54 Capital Fund IA, LP
Fund Manager ADS Investment Solutions
Limited, licensed by the FSRA
General Partner 54 Capital GP Holding Ltd
Target $100 – $200 million
GP Commitment TBC
Investment Period 5 to 7 Years
Fund Life/Term 10 years
Advisory Fee 2.5%
Carried Interest 25.0%
Return Hurdle 15.0%
Fee Offsets No
Clawback Yes
Key Person Clause No
No Fault Termination Clause With majority vote
Co-investment Yes, fee waiver or reduction at
discretion of manager
Technical Adviser 54 Corp Ltd
Service Providers Apex Fund Services (AD) Limited: Administrator
Crowe MAK LLP: Auditor
LEADERSHIP

Investment Committee

EMERGING MARKETS EXPERIENCE
DIVERSE SECTOR KNOWLEDGE
DEAL EXPERTISE

N’Gunu Tiny

N’Gunu heads up a diversified investment group with a global focus, and a specialism in Africa. He is an experienced business specialist in multiple sectors including media, real estate, natural resources and financial services.

Khalid Al Amiri

Khalid is an Emirati who has over 3 decades of banking experience with both international and regional banks in the Middle East and North Africa. Specialties include trade and investments.

Richard Jablonowski

Richard Jablonowski

Richard is Senior Executive Officer at ADS Investment Solutions and has 3 decades of international private banking and wealth management experience. He has a proven track record in strategic leadership, business transformation, and investment management across the UK, Europe, and the GCC.

Office 606, Al Khatem Tower
Abu Dhabi Global Market Square
Al Maryah Island
Abu Dhabi, United Arab Emirates

T: +971 2 69 555
E: info@capitalfund.com

NOTICE​​

General Risk Warnings

All investments involve risk, including the possible loss of capital. This section provides a summary of certain general and investment-specific risks that may be relevant and does not purport to describe all risks. Investors should review the Fund’s Private Placement Memorandum (“PPM”) for additional information.

 

TIMING RISK
Timing risk refers to the risk of price falls in markets shortly after the purchase of an investment or conversely the risk of price rises in markets shortly after investments are sold. Although execution decisions are based on various factors, all transactions are subject to timing risk.

 

POLITICAL RISK
​There is a risk that your investments could be adversely impacted by political factors. These could include changes to domestic and international political parties, legislative changes (such as the treatment of taxation) or change in government policy.


SECTOR RISK

Sector risks include but are not limited to demand for the type of product or service a company produces or provides, commodity prices, the economic cycle of industry, shifts in consumer demands, lifestyle changes or advances in technology. If your investments are focused in one sector, your investment can become subject to significant negative impact due to negative outlook or conditions in that sector.

 

CURRENCY RISK

Investments denominated in a currency other than your primary currency or if you undertake transactions on foreign markets, which include the financial markets of developing countries (Emerging Markets), may expose you to greater risks caused by fluctuations in foreign exchange rates. This can adversely affect the value of your return and the value of your investment. Investments in emerging markets are exposed to additional risks, including accelerated inflation, exchange rate fluctuations, adverse repatriation laws and fiscal measures, and macroeconomic and political factors.

LIQUIDITY RISK​

There may be difficulty in selling an investment caused by a number of factors, including but not limited to insolvency of the investment, adverse stock market conditions, selling restrictions placed on funds by their managers (sometimes referred to as gating, lockups, notice periods or suspension of