Private Equity Zambia: Top Firms in 2026

Key Facts: Private Equity in Zambia

• Zambia's private equity market is projected to reach US$494.96M in total deal value in 2025, across approximately 22 annual transactions averaging US$22.99M per deal.
• Individual deal sizes range from the US$8.5M equity round in Good Nature Agro to Affirma Capital's US$145M Copperbelt Energy Corporation continuation fund.
• Lusaka serves as the primary operational hub for fund managers and portfolio companies, while many fund structures are domiciled in Mauritius for regulatory efficiency.
• Growth equity and impact investing dominate the investment landscape, with development finance institutions actively co-investing alongside private general partners (GPs).
• Monter Capital Partners completed the first fund structure authorized by the Securities and Exchange Commission of Zambia (SEC Zambia) in June 2023, targeting a US$100M fund size.
• Agribusiness, clean energy, fintech, and SME growth financing attract the largest share of capital deployed in this market.
• The market is forecast to grow at a CAGR of 1.40% through 2026, reaching US$501.88M in projected deal value.

Zambia PE Market: Overview

Private equity in Zambia encompasses growth equity, structured equity, mezzanine financing, and impact investing directed at SMEs and growth-stage businesses across agriculture, energy, fintech, and financial services. The market sits within the Sub-Saharan Africa frontier markets category, with shallower formal capital infrastructure than peer markets in South Africa or Kenya. Market projections estimate 22 annual deals averaging US$22.99M in 2025, with total deal value reaching US$494.96M.

Lusaka concentrates most PE activity. Regulatory bodies, financial institutions, and the majority of active fund managers operate from the capital. The Copperbelt Region attracts energy and infrastructure-focused capital, anchored by Affirma Capital's US$145M deal in Copperbelt Energy Corporation. Many funds investing in Zambia domicile in Mauritius to access treaty networks. They maintain local operational presence through Lusaka offices or partner networks.

GDP growth, a young and expanding population, copper price recovery, and sovereign debt restructuring progress have improved the investment case. The 2023 SEC Zambia authorization of Monter Capital Partners' fund structure resolved a long-standing regulatory gap, making locally domiciled PE vehicles viable for the first time. Zambia also sits within a broader Southern and Southeast Africa investment corridor. Pan-African GPs from South Africa and Kenya frequently co-invest across portfolios spanning Zambia, Malawi, Zimbabwe, and Mozambique.

Firm Comparison at a Glance

The table below covers the ten most active PE fund managers with documented Zambia investment activity. AUM figures are disclosed for only two firms; fund size or representative deal size is used as a proxy where AUM is unavailable.

AUM data is publicly disclosed for XSML Capital only; all other fund sizes reflect either a target fund size or the largest documented deal. Sorted by disclosed fund size or deal scale.

Top Picks by Investment Strategy

Largest Single Deal: Affirma Capital led the US$145M Copperbelt Energy Corporation continuation fund in 2024, the largest documented PE transaction in Zambia and a benchmark for infrastructure-scale capital deployment in the country.

Growth Equity Leader: XSML Capital has raised US$273M across funds since 2010 and backed approximately 100 businesses across frontier African markets. Its African Rivers Fund IV reached a US$98.7M first close in 2024, making it the most established SME growth equity platform with Zambia exposure.

Impact Investing Pioneer: Goodwell Investments applies an explicit impact mandate backed by co-investment from Oikocredit and Global Partnerships. Its US$8.5M equity commitment to Good Nature Agro, which supports roughly 30,000 smallholder farmers across southern Africa, is the most documented impact deal in Zambia PE.

Top Local Operator: Kukula Capital is the only Lusaka-headquartered firm combining direct SME investing, mezzanine financing, and capital markets advisory under one roof. Its GIIN membership and LuSE affiliation give it a distinct edge in both deal sourcing and exit facilitation.

Regulatory Trailblazer: Monter Capital Partners secured the first SEC Zambia authorization for a locally structured PE fund in June 2023, establishing a precedent that opens the market to similar locally domiciled vehicles targeting financial services, clean energy, and agribusiness.

Fintech and Financial Inclusion Leader: Alitheia IDF Fund led the US$8.25M Series A in Lupiya, Zambia's leading neobank, alongside KfW DEG and INOKS Capital. Its gender-lens investing framework distinguishes it from generalist Africa PE funds.

SME Venture Specialist: Amano Capital fills the capital gap below traditional PE ticket sizes, backing Zambian seed and early-growth companies where no other listed firm operates.

Top Zambia PE Firms in Detail

Affirma Capital

The anchor for Zambia's largest documented PE deal, Affirma Capital defines the upper end of the local market. Its US$145M continuation fund for Copperbelt Energy Corporation in 2024 converted a decade-long structured equity position into a single-asset continuation vehicle. This demonstrates that Zambian infrastructure assets can support institutional-scale capital over extended holding periods. Affirma originally invested in CEC in March 2014 through a structured equity instrument backing the company's controlling shareholder. It converted to a 34.64% shareholding in 2018. CEC is publicly listed on the Lusaka Securities Exchange, illustrating one of the few viable LuSE-based exit pathways available to PE investors. For LPs seeking evidence that structured exits are achievable in Zambia, the CEC transaction is the clearest proof point in the market.

Kukula Capital

The only firm in this market combining direct PE investing, mezzanine financing, and full-service capital markets advisory under a single Lusaka-based platform, Kukula Capital occupies a unique institutional position. Its Global Impact Investing Network (GIIN) membership and Lusaka Securities Exchange seat give it dual credibility as both an impact investor and a capital markets practitioner. Kukula has completed more than 10 direct SME investments and 10 corporate finance transactions, and served as Designated Advisor for the Dot Com Zambia IPO on LuSE. Most pan-African funds do not operate in the US$1M to US$10M range. SME founders seeking growth equity or mezzanine at that ticket size will find Kukula the most relevant counterparty in the country. Its SEC Zambia and Bank of Zambia regulatory relationships make it a logical first call for transaction advisory.

Inside Capital

Inside Capital's edge lies in its operational depth, not just its capital. The Southeast Africa-focused fund steps into portfolio companies at the operating level. Co-CIO Rushil Patel took on the acting CEO role at BETA International, then merged the company with a strategic buyer. That level of hands-on involvement is rare among African PE managers. The fund's investment thesis centers on the circular economy, targeting businesses at the intersection of energy, waste, and agriculture across Zambia, Malawi, and neighboring markets. Its ESG program is among the most structured of any Southeast Africa-focused fund, coordinated by a team member with prior roles at CDC, Aureos, and Abraaj. Companies in agriculture or clean energy seeking a partner with operational turnaround experience alongside growth capital will find Inside Capital a distinctive option.

Monter Capital Partners

Monter Capital Partners holds a structural advantage no other fund in this market can claim. It was the first PE fund structure authorized by SEC Zambia under local regulations, completing a US$40M first close of its US$100M flagship fund in June 2023. That regulatory precedent establishes a framework for domestic LPs, including Zambian pension funds and insurance companies, to commit capital to locally domiciled PE vehicles. Domiciled in Port Louis, Mauritius, Monter targets growth companies across financial services, clean energy, and agribusiness in Sub-Saharan Africa, with Zambia as a core market. The fund's design targets local institutional capital alongside regional and international LPs. Domestic pension funds evaluating Zambia-regulated alternatives will find it a relevant option.

Goodwell Investments

Goodwell Investments leads the impact-first segment of Zambia PE with a track record of co-investing alongside development finance institutions to back businesses with measurable social outcomes. Its primary Zambia transaction is the US$8.5M equity round in Good Nature Agro, deployed in 2024 through its uMunthu I fund alongside Oikocredit and Global Partnerships. Good Nature Agro supports approximately 30,000 smallholder farmers across southern Africa through drought-resistant legume seed systems. Goodwell first invested in GNA in 2020, making the 2024 round a follow-on that demonstrates portfolio conviction. LPs seeking dual financial and social returns through a Zambia-exposed portfolio will find Goodwell's agribusiness track record the strongest available in this market.

XSML Capital

XSML Capital has the deepest frontier SME investing track record of any fund manager with Zambia exposure. The firm has raised US$273M across funds since its founding in 2008. Its African Rivers Fund IV reached a US$98.7M first close in 2024, the largest recent fund close among SME-focused managers active in the region. Across its fund history, XSML has backed approximately 100 businesses in frontier African markets where commercial bank lending is unavailable or prohibitively expensive. Its investment thesis targets SMEs in sectors with demonstrated growth fundamentals, using growth equity structures. For LPs building alternatives exposure to frontier Africa, XSML offers a manager with verifiable deal history and consistent fund sequencing. Its SME focus complements larger-ticket infrastructure or energy funds in the same portfolio.

Enko Capital Managers

Enko Capital Managers illustrates what a successful entry-to-exit cycle looks like in Zambian financial services PE. As manager of the Enko Africa Private Equity Fund, Enko invested in Madison Financial Services, a Zambia-based insurance and microfinance group. It executed a full exit in 2024, selling its entire equity and debt stake to Mergence Investment Managers, a Cape Town-based asset manager. That transaction provides one of the clearest documented exit data points in Zambia PE. It confirms that South African strategic buyers represent a viable trade sale route for financial services assets. Enko's Africa-wide mandate spans insurance, microfinance, and diversified financial services, positioning it as a relevant counterparty for Zambian financial institutions seeking institutional growth capital with a clear exit orientation.

Alitheia IDF Fund

Alitheia IDF Fund targets financial inclusion through a gender-lens framework that distinguishes its investment thesis from generalist Africa PE funds. Its most significant Zambia transaction is the lead role in Lupiya's US$8.25M Series A in 2024, structured alongside INOKS Capital and KfW DEG, Germany's development finance institution. Lupiya operates as a neobank focused on bridging the financial inclusion gap for unbanked and underbanked populations in Zambia. Alitheia's gender-lens approach applies explicit criteria around women's economic empowerment as a return driver. Fintech and financial services companies with financial inclusion mandates will find Alitheia the most sector-aligned fund with a documented Zambia investment on record. Its framework is particularly relevant for businesses addressing underserved female customers.

Renew Capital

Renew Capital's investment in Bosso Africa positions it at the intersection of two capital-intensive opportunities in Zambia: e-commerce infrastructure and the affordable housing supply chain. Bosso Africa operates an online marketplace streamlining building materials sourcing for hardware stores, construction companies, and individual builders. The model directly addresses the affordability gap in housing access. Renew Capital's broader African SME mandate spans e-commerce platforms, digital marketplaces, and affordable housing-adjacent businesses across frontier and emerging markets. Its portfolio approach targets companies using technology to reduce friction in supply chains that underserve large consumer segments. Zambian companies digitizing distribution in construction, agriculture, or consumer goods will find Renew Capital a fund with both sector alignment and a documented country-level commitment.

Amano Capital

Amano Capital occupies a distinct position as Zambia's only locally rooted venture capital and early-stage growth firm, filling the capital gap below the minimum ticket size of most PE funds active in the country. Its focus on Zambian start-ups, seed-stage businesses, and medium-scale companies places it in a segment where Kukula Capital's mezzanine products and XSML Capital's SME growth equity do not operate. Amano combines brokerage services with direct equity investments, giving portfolio companies access to capital markets connections alongside growth financing. Zambian entrepreneurs at the seed or early-growth stage will find Amano Capital the most accessible domestic capital partner. This applies particularly to founders not yet eligible for PE-sized rounds.

Investment Trends and Capital Flows

Agribusiness and Agritech: The Dominant Capital Magnet

Agribusiness attracts more documented PE transactions in Zambia than any other sector. Goodwell Investments' US$8.5M commitment to Good Nature Agro, Silverstreet Capital's agribusiness acquisition, and Phatisa Partners' fertilizer manufacturing disposal all reflect sustained conviction in agriculture-linked deal flow. Veris Investment's debt-and-equity position in Yalelo, Zambia's leading aquaculture business, reinforces that pattern. Smallholder farmer support, legume seed systems, and aquaculture represent three distinct agritech sub-sectors attracting separate investment theses.

Fintech and Financial Inclusion

The US$8.25M Series A in Lupiya, led by Alitheia IDF Fund in 2024, is the clearest evidence of capital flowing into Zambia's fintech sector. KfW DEG participated alongside Alitheia in the round. Lupiya targets millions of unbanked and underbanked Zambians through mobile-first lending and savings products. Gender-lens investing frameworks, which Alitheia formalizes as deal criteria, are gaining traction among impact-oriented fund managers targeting Zambia's financial services gap.

Clean Energy and Infrastructure

Affirma Capital's US$145M Copperbelt Energy Corporation continuation fund is the largest PE deal in Zambia. It is the primary evidence that infrastructure-scale capital can be structured, held, and recycled in this market. CEC operates as an independent power transmission and distribution company, and its LuSE listing provided Affirma with a transparent valuation reference throughout the holding period. Monter Capital Partners' fund mandate explicitly includes clean energy, signaling that renewable energy transition is generating new deal flow beyond the traditional mining-linked power sector.

SME Capital Gap and Growth Financing

Commercial banks in Zambia charge interest rates that make long-term SME lending unsustainable. Domestic bank rates cited in market research reach 10%, crowding out the growth financing that mid-sized businesses need. PE and mezzanine financing from Kukula Capital, XSML Capital, and Renew Capital address this gap. These structures provide patient capital with return expectations aligned to business growth rather than fixed debt service. XSML Capital has backed approximately 100 businesses across frontier African markets since 2010, quantifying demand for this type of patient capital.

DFI Co-Investment and Blended Finance

Development finance institutions including Oikocredit, KfW DEG, and Finnfund are active co-investors alongside private PE funds in Zambia-focused transactions. Their participation in deals like the Good Nature Agro round and the Lupiya Series A serves two functions. First, it validates ESG and impact standards through independent review. Second, it de-risks frontier market exposure for commercial LPs who treat DFI co-investment as a quality signal. Blended finance structures are increasingly standard in Zambia PE deal construction. In these arrangements, DFIs absorb first-loss positions to reduce effective risk for commercial capital.

How to Evaluate PE Investors in This Market

Regulatory authorization is the first filter. Any fund structure operating in or actively targeting Zambia should hold SEC Zambia authorization or a clearly documented equivalent. Monter Capital's 2023 authorization established the benchmark. Funds domiciled in Mauritius operate under that jurisdiction's framework but should still demonstrate compliance with Zambia's foreign investment rules and Bank of Zambia reporting requirements.

Local market knowledge cannot be substituted by a pan-African mandate. Firms with established Lusaka presence, Southeast Africa networks, or documented Zambia transactions carry structural due diligence advantages over funds that treat Zambia as one line item in a 20-country portfolio. Kukula Capital, Inside Capital, and Monter Capital all meet this standard. Ask for a list of named Zambian portfolio companies and exits before committing.

DFI co-investment relationships function as an independent quality signal. When Oikocredit or KfW DEG participates in a round, the deal has passed a separate ESG and financial review process. LPs evaluating fund commitments should treat DFI participation as a positive indicator of both impact rigor and regulatory compliance.

Exit planning deserves explicit scrutiny. LuSE is thin relative to the Johannesburg Stock Exchange or Nairobi Securities Exchange, making IPO exits uncommon. The realistic exit landscape includes strategic trade sales to South African buyers, secondary sales to other PE funds, and continuation fund structures. Enko Capital's sale of Madison Financial Services and Affirma Capital's CEC continuation both demonstrate viable paths. Funds with no articulated exit thesis for their Zambia holdings represent a material risk.

Currency exposure to the Zambian kwacha (ZMW) is a structural risk for all USD-denominated funds investing locally. Ask prospective fund managers directly how deals are structured to mitigate ZMW depreciation against the fund's reporting currency. Red flags include no hedging strategy, single-sector overconcentration, no named Zambian transactions, and absence of SEC Zambia authorization.

Which Firm Fits Your Needs?

Zambian SME founders and business owners seeking growth capital between US$1M and US$10M should approach Kukula Capital first. Its mezzanine financing products target Zambian SMEs at precisely this ticket size. The firm's capital markets advisory can also help businesses prepare for a potential LuSE listing as a medium-term exit pathway. Amano Capital is the right starting point for seed-stage ventures not yet PE-eligible. XSML Capital's African Rivers Fund IV targets slightly larger SMEs across frontier markets including Zambia, making it relevant for businesses with cross-border ambitions.

LPs building alternatives exposure to frontier Africa should consider XSML Capital for its sequenced fund history and track record across approximately 100 portfolio companies. Monter Capital Partners offers a Zambia-regulated structure with a US$100M target fund. Local institutional capital, including pension funds and insurance companies, will find it the most relevant SEC Zambia-compliant option. Goodwell Investments suits LPs with explicit impact mandates who require DFI co-investment validation and measurable social outcome reporting alongside financial returns.

Companies in agribusiness, clean energy, or sustainable agriculture should prioritize Goodwell Investments, Inside Capital, and Phatisa Partners for their sector depth. Fintech and financial services businesses will find the most specialized counterparties in Alitheia IDF Fund and Enko Capital Managers. Transaction advisors and investment banks active in Zambia should note Kukula Capital's full-service advisory platform spanning M&A, capital raising, LuSE listing advisory, and direct investment. It is the most versatile institutional partner in the local market.

Methodology

Firm selection for this article on private equity in Zambia is based on documented investment activity in the country, fund authorization status, available deal-level data, and sector relevance. Market statistics reflect 2025 projections from market research platforms, with supporting deal data drawn from industry deal trackers and Bank of Zambia Foreign Private Investment Reports. Industry association membership data references SAVCA, GIIN, CMAZ, and GVCA rosters. Fund and deal figures cited reflect the most recent available fund closes and transaction announcements, primarily from 2023 and 2024.

Editorial picks in the Top Picks by Strategy section are based exclusively on documented deal performance, fund structure data, and publicly disclosed fund sizes. No paid placement influenced firm selection or ranking. PE investors and fund managers not listed here may be active in Zambia but lack sufficient publicly available data to meet the editorial threshold for inclusion.