Mutapa Investment Fund (Zimbabwe)

Zimbabwe · Africa · Founded 2014 · State holding company · Not an IFSWF member

Focus

Zimbabwe: what it invests in

Mining and metalsInfrastructure and utilitiesTelecoms and mediaTransport and logisticsIndustrials and manufacturingFinancial services

Strategic state holdingsPrivate creditFixed incomeCash and money markets

Geography Mainly domestic

Scale

Zimbabwe: how big it is, and on what basis

USD 16.5B

Total assets (balance sheet)As of 2025-12-31

In US dollars: about USD 16.5B. Reported in US dollars.

Transparency

Zimbabwe: what it publishes

8.0 of 10 Band 4 of 5

Published 7 · Partly 2 · Not published 1

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

Total assetsS2: USD 16.5B (31 December 2025, audited); As of 2025-12-31
State enterprisesS3: About 30 (In six clusters)
Finance mobilised, 2025S2: Over USD 1B; As of 2025-12-31
Capital needS4: Over USD 10B; As of 2026-01-14
Surplus after tax, 2025S2: USD 21.7M; As of 2025-12-31
GearingS2: 8%; As of 2025-12-31
Transparency scoreS2: 8 of 10; As of 2025-12-31

At a glance. Mutapa Investment Fund is Zimbabwe's strategic investment arm and holding company for about 30 state enterprises, from ZESA and Kuvimba Mining House to NetOne and Air Zimbabwe. Audited total assets were USD 16.5 billion at end 2025, mostly fair values of these stakes. It aims to fix and grow the companies and to raise outside capital for mining, power, rail and industry. S2 S3

Key points

Total assets USD 16.5 billion at 31 December 2025, up from USD 14.9 billion. S2
Energy and trading is 43.5 percent of holdings, infrastructure 26.5 percent and mining 19.9 percent. S2
Mobilised over USD 1 billion of structured, refinancing and project finance in 2025. S2
Seeks more than USD 10 billion to recapitalise state firms and modernise infrastructure. S4
Surplus after tax rose to USD 21.7 million in 2025 from USD 3.6 million. S2
Low gearing of 8 percent, per the CEO. S2

Interesting facts

State firms once made up over 40 percent of GDP; today the figure is about 20 percent, and MIF aims to lift it. S3
Its operating plan is called FIRE: Fix, Invigorate, Reinforce, Extract. S2
Its scorecards for portfolio companies were built with the World Bank. S2

Mandate and goals

The Act sets four aims: save for future generations, back national development, help stabilise public finances when mineral prices fall, and add to state revenue from net returns. S2

Fix and turn around state enterprises under the FIRE strategy. S2
Support National Development Strategy 2 and Vision 2030. S2
Raise long-term debt, equity and PPP funding for mining, power, rail and industry. S4
Pay returns to the Government from portfolio dividends. S3

How it invests

Industries	Mining and metals, Infrastructure and utilities, Telecoms and media, Transport and logistics, Industrials and manufacturing, Financial services S2
Asset classes	Strategic state holdings, Private credit, Fixed income, Cash and money markets S2
Stages	Buyout, Infrastructure, Credit S2
Geography	Mainly domestic S2
Direct / through funds / co-invest	Yes / No / Yes S2
Ticket size	No formal ticket; 2026 financing pipeline items range from USD 75M to USD 500M S2
Deal sizes seen	USD 75M to over USD 500M (pipeline)
External managers	Not an allocator to external managers S2
Co-investment programme	Joint ventures with development finance institutions, banks and private investors S4

Asset mix: Energy and trading 43.5%, Infrastructure 26.5%, Mineral resources 19.9%, Industrials 8.4%, Financial services 1.0%, Real estate 0.8% (as of 2025-12-31) S2

Largest holdings: ZESA Holdings, Kuvimba Mining House, National Railways of Zimbabwe, NetOne, TelOne, Air Zimbabwe, Fidelity Gold Refinery, Hwange Colliery Company, POSB, Cottco Holdings (as of 2026-01-14) S4

Published criteria

Projects must help fix or grow a portfolio company under the FIRE strategy. S2
Fit with National Development Strategy 2 and Vision 2030. S2

Past investments

Year	Investment	Type	Sector	Stage	Amount
2025	Sable Chemical Industries. Acquired a controlling interest in the fertiliser chemicals maker. S2	Direct investment	Industrials and manufacturing	Buyout	Not published
2025	Kuvimba Mining House restructuring. Split Kuvimba and Defold into units for gold, PGMs, base metals, energy, agro minerals, frontier resources and technology metals. S2	New company or platform	Mining and metals	Buyout	Not published
2025	ZESA rebundling. Merged ZETDC, ZPC and ZESA into one vertically integrated power utility. S2	New company or platform	Infrastructure and utilities	Infrastructure	Not published
2026	Domestic syndicated mining facility. Pipeline financing for mining, entering 2026. S2	Direct investment	Mining and metals	Credit	USD 75M
2026	Commodity offtake and throughput financing. Pipeline financing backed by commodity sales. S2	Direct investment	Mining and metals	Credit	USD 400M
2026	Energy projects. Pipeline of power projects. S2	Direct investment	Infrastructure and utilities	Infrastructure	Over USD 500M
2026	Rail financing facility. Pipeline facility for rail. S2	Direct investment	Transport and logistics	Credit	USD 100M

Case studies

Mining clusters by commodity S2

What: Kuvimba Mining House and Defold were reorganised into commodity-focused companies.
When: 2025
Size: Mineral holdings USD 3.22B
Why: Clearer focus by metal to attract partners and capital.
Outcome: Mineral resources holdings rose 33.8 percent in 2025, the largest gain of any cluster.

One integrated power utility S2

What: Power generation, transmission and the holding company were brought back together under ZESA.
When: 2025
Size: Energy and trading USD 7.06B
Why: A single utility can plan and fund generation and grids together.
Outcome: Over USD 500M of energy projects in the 2026 pipeline.

Investment process

A 13-member board chaired by Dr Chipo Mtasa oversees the fund and met four times in 2025. Investment decisions run through the Investment Committee; the CEO and CIO lead execution. Reports go to the Minister, who tables them in Parliament. S2

Committee	Role
Investment Committee	Board committee for investment decisions S2
Finance and Audit Committee	Financial reporting and audit S2
HR, Remuneration and Nominations Committee	People and board appointments S2
ESG and Strategy Review Committee	Strategy and ESG oversight S2

How to approach: MIF seeks partners for mining, power, logistics and industry; contact is through its website. S2

Size and returns

Headline size: USD 16.5B (Total assets (balance sheet), as of 2025-12-31) S2
In US dollars: about USD 16.5B. Reported in US dollars.
Funds and reserves: USD 15.2B (Net assets or equity, as of 2025-12-31) S2
Investment in subsidiaries: USD 16.23B (Fair value of state company holdings, as of 2025-12-31) S2
Returns: the fund does not publish a return figure.
Size over time (USD billion): 2024-12 14.86, 2025-12 16.49 S2

Leadership

Name	Title
Dr John Panonetsa Mangudya	Chief Executive Officer S3
Dr Chipo Mtasa	Board Chairman S2
Lindelwe Lesley Ndlovu	Vice Chairman S2
Simbarashe Chinyemba	Chief Investment Officer and Executive Director S2
Chiedza Jaravani	Head, Infrastructure, Telecoms and Logistics cluster S6
Tatenda Chimusoro	Head, Industrials cluster S6

Governance and transparency

Legal basis: Sovereign Wealth Fund of Zimbabwe Act (Chapter 22:20, No. 7 of 2014), amended by SI 156 of 2023 S1 S2
Oversight: Board of 13 directors; reports to the Minister and Parliament S2
Auditor: Grant Thornton Chartered Accountants (Zimbabwe) S2
Aligning its operations with the Santiago Principles. S2
Member of the Africa Sovereign Investors Forum; the CEO sits on its Executive Committee. S2

Transparency score: 8.0 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, governance and mandate documents, named leadership, regular reporting schedule. S2 S3 S4 S5
Partly published: annual return, audited financial statements. S2
Not published: long-term returns. S2

History

Date	Event
2014	Sovereign Wealth Fund of Zimbabwe Act passed. S1
2023-09-19	Renamed Mutapa Investment Fund and given state enterprise stakes. S1
2024-05-01	Effective operations began. S4
2026-01	First annual report (2024) released. S4
2026-04	2025 audited results published. S2

For family offices

MIF is a capital seeker, not an allocator. Its openings for private investors are joint ventures and financing in Zimbabwean mining, power, rail and industry. S2 S4

Joint ventures and PPPs with development lenders, banks and private investors. S4
Resource-backed and offtake financing for mining assets. S2

Reports

2025 abridged audited financial statements: https://mif.co.zw/wp-content/uploads/2026/04/MIF-Abridged-Audited-Financial-Statements-F.pdf S2
MIF 2024 annual report: https://mif.co.zw/wp-content/uploads/2026/01/MIF-2024-Annual-Report-final-05-01-2026.pdf S5

Common questions

How big is the Mutapa Investment Fund?

USD 16.5 billion of total assets at 31 December 2025, mostly the fair value of state enterprise stakes. S2

Is it a savings fund?

Mainly a holding company for about 30 state enterprises; liquid assets are small. S2

Who leads it?

CEO Dr John Mangudya, with board Chairman Dr Chipo Mtasa. S3

Is it an IFSWF member?

No. It belongs to the Africa Sovereign Investors Forum. S2

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All sovereign wealth funds in Africa · All state holding companys · All funds in Zimbabwe

Sources

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