Old Mutual’s UFF Agri backs Malawian farming business
Posted on: 26 May, 2020 at 9:06 AM
UFF Agri Asset Management has invested in Jacoma Estates Limited and its Malawian subsidiary Tropha Estates Limited.
Cape Town-based UFF Agri Asset Management is the agricultural fund advisor within the Old Mutual Investment Group.
Jacoma Estates Limited was founded in 2007 by a group of private investors. In 2008, Jacoma’s Malawian subsidiary, Trophy Estates Limited was incorporated and started operations. In 2014, the company, realising the need for irrigation, partnered with Pearl Capital Partners, through the African Agriculture Capital Fund, and AgDevCo, through its Malawian operation, to invest in irrigation and accelerate the development of the company and its social impact through the farming networks it had developed. 2017 has marked another milestone in the business with a second funding round which has seen CDC Group plc invest $8 million alongside a further $3.5 million from AgDevCo and $0.5 million from AACF.
“Jacoma represents our first investment in Malawi as well as the first macadamia project in our portfolio. In addition to the compelling market case for macadamias, we were attracted to Jacoma by their strong management team and the leadership they have demonstrated in ensuring that the project provides benefits beyond employment to the local communities,” said UFF Agri Asset Management in a post on LinkedIn.
“Jacoma has initiated a smallholder programme which provides livelihoods for thousands of people, and is working with international organisations to facilitate irrigation facilities for many more. We are also happy to join CDC Group plc and AgDevCo as co-investors and we look forward to a rewarding relationship in years to come.”
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