Cape Town / Kinshasa, December 2023 – XSML Capital has been awarded the Central African Fund of the Year at the SuperReturn Africa GP Awards 2023, a regional category co-organised and coordinated by the Central Africa Markets Private Equity Association (CAMPEA). The recognition, shortlisted and voted by the CAMPEA Jury Committee, highlights XSML’s consistent leadership in delivering value to investors while driving measurable growth in Central Africa’s frontier markets. The 2023 edition of the SuperReturn Africa GP Awards marked the inaugural presentation of the Central Africa Fund of the Year category, created in partnership with CAMPEA to recognize excellence in private capital across the region. In this historic first, CAMPEA’s Jury Committee selected XSML Capital as the recipient, honoring the firm’s pioneering role in channeling catalytic capital into Central African markets and demonstrating the transformative potential of private equity whilst acknowledging its disciplined investment strategy, successful fund closes, and consistent delivery of both financial returns and developmental outcomes. This inaugural award sets a benchmark for future editions, with XSML’s recognition highlighting both the firm’s achievements and the growing prominence of Central Africa within the continent’s investment landscape.

“We are honored to receive the inaugural Central African Fund of the Year Award,” said Barthout van Slingelandt, Managing Partner at XSML Capital. This award reaffirms our long-standing conviction that frontier markets in Central Africa present both strong fundamentals and unique opportunities for investors. Our success is rooted in the growth of our portfolio companies and the trust of our Limited Partners, who share our belief that private equity in the region can deliver sustainable financial returns while driving measurable development impact.

This recognition validates our disciplined investment strategy and the consistent performance we have delivered across the African Rivers Fund platform. For our Limited Partners, it reinforces the case that Central Africa offers a compelling risk-return profile when approached with rigorous underwriting, active portfolio management, and a strong ESG framework. As we scale, we remain focused on building resilient businesses, realizing exits, and setting new performance benchmarks for frontier market investing.”

“Partnering with XSML Capital has transformed the way we operate and scale,” said Jean-Baptiste Mbuyi, CEO of Maison Galaxy, a portfolio company in Kinshasa. “Their support goes beyond capital — from governance and strategic guidance to operational improvements, XSML has enabled us to expand into new cities, strengthen our workforce, and deliver better products and services to our customers. We now have the resources and expertise to grow sustainably and create lasting impact in the communities we serve.”

A Track Record of Sector-Diverse Performance in Challenging Markets

Key milestones include:

• African Rivers Fund III: Closed at US $81 million in 2021, exceeding its US $75 million target.

• Track Record: Over 20 exits completed, and 50% of ARF III already invested in growth-stage companies.

• Local Impact: Portfolio companies have expanded operations, created thousands of jobs, and improved social outcomes such as healthcare, education, and infrastructure access across Central Africa.

Founded in 2008, XSML Capital is a frontier markets private equity and mezzanine investor focused on small and medium-sized enterprises (SMEs) in Central and East Africa. Headquartered in the Democratic Republic of Congo and Uganda, XSML has built a track record across multiple funds, including its African Rivers Fund series, which collectively mobilize capital from leading DFIs, institutional investors, and family offices. The firm specializes in growth-stage investments in sectors such as healthcare, education, financial services, and consumer goods, where demand is underpinned by rapid urbanization and demographic expansion. With a hands-on portfolio management approach, XSML combines capital provision with governance, operational, and ESG support to strengthen investee companies. Over the past decade, the firm has executed more than 60 investments, created thousands of jobs, and demonstrated the viability of private equity in frontier African markets.

Since its inception,XSML  Capital has specialized in deploying private equity and mezzanine financing into small and medium-sized enterprises (SMEs) across Central Africa, with a focus on the Democratic Republic of Congo, Uganda, and surrounding markets.

Through disciplined investment selection, rigorous portfolio management, and operational engagement with portfolio companies, XSML has demonstrated that private equity can deliver attractive risk-adjusted returns while addressing structural challenges in undercapitalized markets.

Portfolio Voices: Catalytic Capital in Action

XSML’s model combines financial returns with tangible economic and social outcomes. Portfolio companies supported by XSML have expanded employment, strengthened governance practices, and improved access to goods and services in underserved markets.

This dual approach — generating alpha while advancing sustainable development — reflects a growing trend among institutional investors allocating to Africa: the demand for strategies that balance profitability with long-term impact.

Shedding light on the benefits of XSML capital partnerships, testimonials from the fund’s noteworthy portfolio companies  provide an indication of their investees’ positive sentiment:

Education Sector

“XSML’s investment enabled us to expand our network of schools from three to six in just two years,” said Marie-Louise Tshibanda, Director of Le Palmier Schools. “Beyond funding, their guidance on governance, curriculum development, and financial management has allowed us to serve over 10,000 students while maintaining quality education standards. XSML has truly been a strategic partner in scaling impact sustainably.”

Healthcare Sector

“With XSML’s support, we were able to upgrade facilities, expand our clinics, and serve tens of thousands of patients annually,” said Dr. Emmanuel Mbemba, CEO of PHC Clinics. “Their approach integrates operational best practices, ESG principles, and strategic planning, which has helped us improve service delivery while ensuring long-term financial sustainability.”

Transport Sector

“XSML’s partnership allowed us to modernize our fleet and optimize logistics operations,” said Roger Banza, CEO of Cotrama Transport. “Through their structured capital deployment and operational guidance, we expanded our routes across key regions in DRC, enhanced fleet maintenance, and improved efficiency, ultimately enabling us to better serve both clients and communities.”

Telecom / Connectivity Sector

“XSML’s investment in Millenium Telecom accelerated our 4G rollout and extended coverage to underserved areas in Bangui,” said Hassan Kone, CEO of Millenium Telecom. “They provide more than capital — their expertise in governance, compliance, and market strategy has strengthened our operational capabilities and social impact, connecting communities and businesses alike.”

Healthcare

“XSML’s involvement is a true partnership,” said Dr. Amina Kabila, Managing Director of B.I.S. Pharmaceuticals. “Through their structured oversight, technical support, and ESG guidance, we have increased production capacity, implemented better environmental standards, and improved access to healthcare products across DRC. Their model demonstrates how private equity can drive meaningful operational and social outcomes alongside financial returns.

These cases together provide a diverse, sector-spanning overview of XSML’s value-add, showing LPs and GPs that the firm actively drives both financial performance and operational/social impact across its portfolio.

“Partnering with XSML Capital has transformed the way we operate and scale,” said Jean-Baptiste Mbuyi, CEO of Maison Galaxy, a portfolio company in Kinshasa. “Their support goes beyond capital — from governance and strategic guidance to operational improvements, XSML has enabled us to expand into new cities, strengthen our workforce, and deliver better products and services to our customers. We now have the resources and expertise to grow sustainably and create lasting impact in the communities we serve.”

Regional Industry Endorsement: Positioning Central Africa on the Global Map

For Limited Partners (LPs) and General Partners (GPs), the recognition of XSML Capital is more than a single award — it signals that Central Africa is maturing into a credible, investable region for private equity and venture capital. In its role the regional industry body, CAMPEA remains committed to spotlighting fund managers like XSML who exemplify bold catalytic and innovative investment in Central Africa.

Commenting on the landmark award, Chair of the Central Africa Markets Venture Capital & Private Equity Association (CAMPEA) Ms. Tania Eyanga noted:

XSML Capital: Milestones Propelling Central African Investment to New Heights

Strategic Funding Successes

• African Rivers Fund III Closure — In late 2021, XSML closed its third fund, African Rivers Fund III (ARF III), at US $81 million, surpassing its US $75 million target. This success brought total assets under management to approximately US $154 million. The fund’s investor base includes FISEA (Proparco), DALHAP, Norfund, BIO, DGGF, FMO, IFC, Swedfund, and the SDG Frontier Fund.

• Earlier Fund Closures

  • The African Rivers Fund (ARF) closed at US $50 million in 2017, building on the success of its predecessor, the Central Africa SME Fund (CASF). These early funds laid the groundwork for XSML’s growing impact in the region

Broad Reach and Sector Impact

• Investments Across SMEs — Across CASF, ARF, and ARF III, XSML has deployed over US $100 million in risk capital, targeting small and medium-sized enterprises with investment tickets ranging from US $100,000 to US $7.5 million. To date, the firm has invested in 60+ SMEs across ten sectors, with 20+ exits completed, and ARF III already over 50% invested.

Local Investments with Tangible Outcomes

• Retail Expansion — XSML made a follow-on investment in Maison Galaxy, a Kinshasa-based retail chain. Supporting a working-capital boost, the investment enabled expanded outreach across DRC cities including Bukavu, Goma, Kindu, Kinshasa, Kisangani, Kolwezi, and Lubumbashi.

• Industrial Support — Through its ARF fund, XSML has backed B.I.S., a Congolese manufacturer of generic pharmaceuticals, improving capacity and reinforcing local medicine production

• Education and Infrastructure — Early investments included Le Palmier, which operates multiple schools and enabled the construction of a fourth school in Lubumbashi.

• Connectivity & Transport — XSML invested in transport and services:

  • Cotrama, a trucking operator in DRC, using capital to modernize its fleet and expand operations in Bas-Congo ﹣ a notable legacy CASF investment Millenium Telecom, a 4G Internet provider in the Central African Republic, supporting the roll-out of mobile broadband in Bangui

  • Bamara Transports DJ, a road transport business in CAR, enabling fleet expansion and fuel infrastructure upgrades

• Service Sector Engagement — XSML financed Dalio, a DRC-based car rental operator aligned with AVIS, supporting expansion in key urban centers such as Kinshasa and Lubumbashi

Raising the Benchmark in Frontier Investing

XSML Capital’s trajectory demonstrates how disciplined deployment of ESG-oriented capital, paired with commercial operational depth and local presence, can deliver superior returns while nurturing regional economies. Its multi-sector and multi-country exposure, aligned with global development finance partners, reflects an institutional-grade model for investing in under-resourced markets. Its recognition by CAMPEA at SuperReturn Africa underscores the firm’s standout performance and its alignment with the evolving needs of LPs and GPs seeking frontier-market exposure.

Closing Notes

The inaugural recognition of XSML Capital as Central Africa Fund of the Year underscores the region’s maturation as a credible and investable frontier market. CAMPEA continues to spotlight fund managers who combine disciplined investment processes, rigorous portfolio management, and ESG integration to deliver both financial returns and measurable developmental impact.

We thank our members, Limited Partners, and General Partners for their continued engagement, and we invite all stakeholders to leverage CAMPEA as a platform for insight, connectivity, and industry leadership. Our community of stakeholders are building a more resilient, investable, and impactful private capital ecosystem. We remain committed to connecting,  fostering transparency, and promoting best practices that set benchmarks for frontier-market investing. Together, we are advancing a private equity ecosystem in Central Africa that is both scalable and resilient, demonstrating to institutional investors the value of catalytic capital in the region.