At Oxano Capital, we believe that meaningful growth rarely happens in isolation. It is built through partnerships, shared expertise, and access to the right capital at the right time.
For many businesses across Sub-Saharan Africa, access to growth capital remains a significant challenge. Entrepreneurs may have demonstrated a strong business model, established a customer base, and identified clear opportunities for expansion, but the capital required to take the next step can be larger than what a single investor is able or willing to provide.
This is where co-investment can play an important role.
Bridging the Growth Capital Gap
Africa is home to a growing number of ambitious entrepreneurs building businesses across manufacturing, agro-processing, technology, and other essential sectors. However, there remains a significant gap between the capital businesses need to scale and the financing available to them.
This is particularly relevant for businesses in the “missing middle”: companies that have moved beyond the start-up phase but may still be too small for traditional private equity or larger institutional investors.
Oxano was established with this segment in mind. But there are situations where a business funding requirement extends beyond our individual investment capacity. Rather than stepping away from an opportunity because the financing requirement is larger, co-investment allows us to explore how multiple aligned investors can come together around the same business.
What Does Co-Investment Mean?
At its simplest, co-investment means that two or more investors participate in the same investment opportunity.
The structure can take different forms depending on the business and its financing needs.
For example, Oxano may invest alongside another fund and a strategic investor. In other situations, one investor may provide the initial capital while additional investors participate in subsequent funding rounds as the business reaches new stages of growth. Co-investment can also involve investors bringing different forms of capital or complementary capabilities to the same business. The objective is not simply to increase the amount of money available. It is about bringing together the right partners around the right business.
More Than Just Additional Capital
One of the key benefits of co-investment is the opportunity to combine different areas of expertise. An investor may bring deep sector knowledge. Another may have experience entering new markets. A third may have strong relationships within a particular geography or industry.
When these capabilities are combined effectively, the business can benefit from a broader network of knowledge and relationships. This is particularly important for the businesses Oxano supports. We believe that companies need more capital to grow. Our approach combines investment with support in areas such as strategy, planning, governance, reporting, and business development. We also draw on the experience and networks of our team, advisors, and investors.
Co-investment can complement our active investor approach by bringing together investors with different expertise, networks, and resources to support businesses as they grow. Beyond individual transactions, collaboration helps strengthen Africa’s investment ecosystem by connecting businesses with additional capital, strategic guidance, expertise, and new markets. For entrepreneurs, having multiple aligned investors creates a broader support network, while investors gain opportunities to participate in businesses and markets that may be difficult to access independently. These partnerships can also demonstrate the potential of African growth-stage businesses to attract diverse sources of long-term capital, particularly as they transition from their first institutional investment to larger financing rounds.
Building Around the Entrepreneur
For Oxano, co-investment is not simply about bringing more investors into a transaction, but about building partnerships grounded in alignment and shared objectives. We pay close attention to how co-investment structures influence governance, decision-making, and the long-term interests of the business, ensuring that multiple investors bring value without creating unnecessary complexity for entrepreneurs. By aligning around a company’s goals, growth strategy, governance, and impact ambitions, investors can combine their expertise, networks, and resources to support sustainable, long-term business growth.
A Partnership Approach to Growth
At Oxano, we believe capital should do more than finance growth; it should contribute to sustainable, long-term value creation for shareholders, employees, communities, local economies, and other stakeholders. Our role extends beyond providing capital, as we remain actively engaged with our portfolio companies, combining investment with knowledge, experience, networks, and strategic support to help businesses navigate the opportunities and challenges of growth. Co-investment builds on this philosophy by bringing together aligned investors who share a long-term perspective, mobilising additional capital, expertise, and resources to support businesses in scaling their operations and creating lasting economic, social, and environmental impact.
Looking Beyond One Investment
The value of co-investment extends beyond a single funding round, creating a foundation for businesses to access the capital, expertise, and networks they need as they grow. As companies expand, their financing needs evolve, from working capital and new production facilities to technology investments, regional expansion, and entry into new markets. By working with aligned investors and leveraging a broader investment network, businesses can better navigate these changing needs and prepare for future growth opportunities. For Oxano, this reflects our long-term investment philosophy: supporting businesses not only when we invest, but throughout their growth journey, helping them build sustainable businesses and create lasting impact.
Our Perspective
Africa does not need capital in isolation. It needs capital connected to knowledge, relationships, experience, and long-term commitment. No single investor can provide everything a growing business may need, which is why co-investment can create value by bringing together complementary strengths, mobilising additional capital, and building stronger partnerships around African businesses. At Oxano Capital, our role goes beyond providing financing. We invest in our capital, time, experience, knowledge, skills, and networks in businesses with the potential to drive inclusive and sustainable economic growth. By working alongside aligned investors, we can extend the resources and support available to the businesses we back. We believe that when investors work together, capital can go further and when capital goes further, so can the businesses, people, and communities it supports.
Interested in Co-Investing With Oxano?
We are open to conversations with investors, funds, family offices, development finance institutions, and other partners interested in investing alongside Oxano in growth-stage businesses across Sub-Saharan Africa.
Let's build growth together.