Agaciro Development Fund

Rwanda · Africa · Founded 2012 · Strategic development fund · IFSWF full member

Focus

Agaciro Development Fund: what it invests in

Financial servicesAgriculture and food securityTelecoms and mediaTransport and logisticsIndustrials and manufacturingMining and metals

Private equityStrategic state holdingsFixed incomePrivate credit

Geography Mainly domestic

Scale

Agaciro Development Fund: how big it is, and on what basis

FRW 456B

Assets under management

In US dollars: about USD 0.4B. The CEO gave about USD 400M in May 2026, which matches the FRW figure at about FRW 1,140 per US dollar.

Transparency

Agaciro Development Fund: what it publishes

7.0 of 10 Band 4 of 5

Published 7 · Partly 0 · Not published 3

Our 10 item score. It measures what is public, not how well a fund is run.

Assets under managementS5: FRW 456B (about USD 0.4B)
Portfolio companiesS5: 25
Equities shareS3: About 70%; As of 2026-05-28
Typical ticketS6: About FRW 10B (about USD 9M at FRW 1,140 per dollar)
Offshore limitS8: Up to 30%
Transparency scoreS10: 7.0 of 10

At a glance. Agaciro is Rwanda's sovereign wealth fund. It began in 2012 as a savings pool funded by citizens and the diaspora and is now a holding and development investor with FRW 456 billion under management (about USD 400 million), 25 portfolio companies across seven sectors, and published criteria for growth equity and debt deals of about FRW 10 billion. S5 S3 S6

Key points

The CEO has set an ambition of USD 1 billion under management, from around USD 400 million in May 2026. S3
Holds 25 portfolio companies and strategic national investments in seven sectors, led by banking, agro-processing and telecoms. S5 S7
Mix is roughly 70 percent equities and 30 percent government securities, per the CEO. S3
Mostly invested in Rwanda, but up to 30 percent of the portfolio may go abroad. S8
Targets profitable, dividend-paying growth companies with tickets of about FRW 10 billion and stakes of at least 10 percent with a board seat. S6
Audited under IFRS by PwC Rwanda, with an unmodified opinion on 2024; full IFSWF member. S9 S2

Interesting facts

Agaciro means dignity in Kinyarwanda. The idea came from the national dialogue council, Umushyikirano, in 2011. S1
Rwandans at home and abroad paid in about USD 18 million in the first year, and contributions reached about USD 50 million before they stopped in 2020. S3
The board is chaired by Scott T. Ford, co-founder and CEO of the US firm Westrock Group. S4

Mandate and goals

A long-term, development-focused fund that makes commercially sound investments in sectors tied to the National Strategy for Transformation 2 (NST 2). S8

Safeguard the contributions made by citizens and earn returns on them. S1
Build national prosperity and long-term resilience through sustainable value creation. S5
Back market leaders and niche players that add export earnings, replace imports, add local value or create jobs. S6

How it invests

Industries	Financial services, Agriculture and food security, Telecoms and media, Transport and logistics, Industrials and manufacturing, Mining and metals, Tourism and hospitality, Technology. Sector agnostic S8 S13
Asset classes	Private equity, Strategic state holdings, Fixed income, Private credit S8
Stages	Growth, Credit, Public markets S6
Geography	Mainly domestic. Mainly Rwanda; up to 30 percent of the portfolio may be invested abroad S8
Direct / through funds / co-invest	Yes / Yes / Yes S8 S6
Ticket size	About FRW 10B per equity deal, which the company must be able to deploy within a year; at least a 10 percent stake with a board seat S6
External managers	Partners with fund managers that have established track records S6
Co-investment programme	No formal programme; the CEO says institutions often approach the fund to co-invest, and its criteria allow syndication S3 S6

Asset mix: Equities 68.5%, Short-term investments 17.7%, Bonds 11.4%, Other 2.4% (as of 2024-12-31) S9

Published criteria

Equity: mid-stage growth companies in or outside Rwanda that are profitable, cash generative and able to pay dividends in the short to medium term. S6
At least three years of operations, with profits in two of the last three years including the latest one. S6
EBITDA of at least FRW 3 billion and revenue of at least FRW 10 billion, with a board and audited accounts. S6
Greenfield projects only when offtake arrangements remove most of the risk. S6
Debt: cover of at least 1.3 times debt service, debt no more than 3 times EBITDA; also sovereign and supranational bonds. S6

Past investments

Investment	Type	Sector
Bank of Kigali. Commercial bank. S7	Direct investment	Financial services
I&M Bank Rwanda. Commercial bank. S7	Direct investment	Financial services
Development Bank of Rwanda (BRD). National development bank. S7	Direct investment	Financial services
Trade and Development Bank (TDB Group). Institutional shareholder in the regional lender. S7	Direct investment	Financial services
Africa Improved Foods. Food processor. S14	Direct investment	Agriculture and food security
Rwanda Fertilizer Company. Fertiliser producer. S14	Direct investment	Agriculture and food security
Gisovu Tea Company. Tea company. S14	Direct investment	Agriculture and food security
Broadband Systems Corporation (BSC). Broadband company. S13	Direct investment	Telecoms and media
KT Rwanda Networks. Telecoms network company. S13	Direct investment	Telecoms and media
Rwanda Interlink Transport Company (RITCO). Transport company. S13	Direct investment	Transport and logistics

The fund does not publish investment dates or amounts for these holdings.

Case studies

From citizen savings to holding company S3 S9

What: The Ministry of Finance moved state-held company stakes onto the fund's balance sheet, turning a contribution pool into an active owner.
When: 2018 to 2019
Size: Equities at fair value of FRW 283.5B at end 2024
Why: Contributions slowed and were halted in 2020, so the model shifted to managing and growing portfolio companies.
Outcome: By 2026 the fund reported 25 portfolio companies and FRW 456B under management.

A fund built by its citizens S3

What: Voluntary gifts from Rwandans, firms and the diaspora seeded the fund.
When: 2012 to 2020
Size: About USD 18M in year one; about USD 50M in total by 2020
Why: To build national savings and self-reliance.
Outcome: Contributions stopped in 2020 during Covid-19.

Investment process

Deals go through multi-stage screening and a two-stage approval: first the investment team, then the board investment committee. The board answers to the Government through the Minister of Finance and Economic Planning. S11 S4

Committee	Role
Board investment committee	Final approval of investments after the investment team S11

Screen the company against the published equity or debt criteria. S11 S6
Investment team review and approval. S11
Board investment committee approval. S11
Take a stake of at least 10 percent with board representation and oversight. S6

How to approach: Use the contact page on the fund's website. Companies should meet the published size, profit and governance criteria before applying. S15 S11

Size and returns

Headline size: FRW 456B (Assets under management) S5 S3
In US dollars: about USD 0.4B. The CEO gave about USD 400M in May 2026, which matches the FRW figure at about FRW 1,140 per US dollar.
Total assets, audited: FRW 414.0B (Total assets (balance sheet), as of 2024-12-31) S9
Total equity, audited: FRW 404.8B (Net assets or equity, as of 2024-12-31) S9
Returns: the fund does not publish a return figure.

Leadership

Name	Title
Ulrich Kayinamura	Chief Executive Officer S12
Nathaniel Nyika	Chief Investment Officer S12
Ismael Amri Sued	Chief Legal Officer and Company Secretary S12
Scott T. Ford	Chairman of the Board S4
Thierry Mihigo Kalisa	Vice-Chairman of the Board S4

Governance and transparency

Legal basis: Company under Rwanda's Law Governing Companies (Law 007/2021); AGDF Corporate Trust Limited established by the Cabinet in 2013 S9 S13
Oversight: Board appointed by the Cabinet and accountable to the Government through the Minister of Finance and Economic Planning S4
Auditor: PwC Rwanda; unmodified opinion on the 2024 statements S9
Accounts prepared under IFRS Accounting Standards. S9
Publishes an investment risk management page and a whistleblowing channel, with a named risk and compliance manager. S16

Transparency score: 7.0 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, asset allocation, geographic or sector split, holdings or deal list, audited financial statements, governance and mandate documents, named leadership. S3 S4 S7 S8 S9 S11 S12
Not published: annual return, long-term returns, regular reporting schedule. S10

History

Date	Event
2011	Umushyikirano proposes the fund. S1
2012-08-23	Fund launched. S1
2013-11-27	Cabinet establishes AGDF Corporate Trust Limited. S13
2018	State company stakes transferred to the fund. S3
2020	Citizen contributions halted; focus shifts to the portfolio. S3
2025-09-30	PwC certifies the 2024 audited statements. S9
2026-05-28	CEO says assets are around USD 400M and sets a USD 1B ambition. S3

For family offices

There is no programme for outside private capital, but the fund says it co-invests through syndicates and that other institutions approach it for deals. It may also look beyond Rwanda. S3 S6

Co-investment and syndication alongside the fund in Rwandan growth companies that meet its criteria. S6
Fund managers with established track records can seek a partnership for indirect exposure. S8

Reports

Audited financial statements 2024: https://www.agaciro.rw/fileadmin/user_upload/Resources/Annual_Reports/Agdf_2024_signed_FS.pdf S9
Annual reports archive, 2016 to 2024: https://www.agaciro.rw/resources/annual-report S10

Common questions

How big is the Agaciro Development Fund?

FRW 456 billion under management on its home page, about USD 400 million. Audited total assets were FRW 414.0 billion at the end of 2024. S5 S9

Who runs it?

Ulrich Kayinamura is Chief Executive Officer and Nathaniel Nyika is Chief Investment Officer. Scott T. Ford chairs the board. S12

How much does it invest per deal?

About FRW 10 billion per equity deal, for a stake of at least 10 percent with a board seat. S6

Caisse des Depots et Consignations Tunisia Tunisia · TND 13.52B
Nigeria Sovereign Investment Authority Nigeria · USD 3.40B NAV
Fonds Gabonais d'Investissements Strategiques Gabon · About USD 1.9B
Deposit and Consignment Fund of Benin Benin · XOF 1,062B
Mohammed VI Investment Fund (FM6I) Morocco · MAD 15B initial capital
Mauritius Investment Corporation Ltd (MIC) Mauritius · MUR 57.5B

All sovereign wealth funds in Africa · All strategic development funds · All funds in Rwanda

Sources

Disclaimer

Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.