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Maris Africa Fund II
Building on a 15-year Africa track record. Combining an experienced team, operational capability, regional footprint and extensive partner network to build valuable platforms and achieve high-return exits.
USD 150M
Target Fund Size
20-30%
Target Gross IRR
2.0-3.0x
Target Gross MOIC
15+
Years Track Record
5,976
Jobs Created
Executive Summary
Maris Africa Fund II builds on the successful track record of Maris Ltd and the USD 26m Maris Africa Fund I (2009-14 vintage, 24% net USD IRR) to raise a correctly-scaled fund focused on East and Southern Africa.
Proven Track Record
MAF I achieved a 24% net USD IRR and 2.2x net TVPI. Equator Energy exit delivered 36% net USD IRR. Karebe Gold achieved 8x in dividends versus cost. Completed 25+ deals across 12 countries.
Operational Edge
Deep operating capabilities allow Maris to incubate, turn around, and scale companies. Platform building de-risks investments and supports exits to larger strategic buyers.
Impact & Returns
5,976 peak portfolio jobs in 2023, USD 73m capital deployed, 79 jobs per USD 1m invested (4x African PE average), 39% female workforce. Impact and returns are not mutually exclusive.
Currency Risk Management
USD-denominated fund focused on businesses with USD or USD-linked earnings, reducing currency risk in frontier markets. Hard-currency, asset-backed sectors are the strongest drivers of fund returns.
Key Terms
Feature
Target
Fund Size
USD 150m
Deal Size
USD 2m to USD 20m
Target LPs
DFIs, Family Offices, Impact Funds, Fund of Funds, Climate-focused Investors, HNWI
Sectors
Renewables, E-Mobility, Climate-Smart Agriculture, Forestry, Finance, Digital Infrastructure
Geographies
East and Southern Africa (Kenya, Tanzania, Rwanda, Uganda, Ethiopia, Zimbabwe, Mozambique, DRC)
Currency
USD Denominated, focused on USD and USD-linked revenues
Fees
2.0% Management Fee and 20% Carry
Fund Life
10 years + 1 + 1
Close Date
Q3 2026 (1st close), H1 2027 (final close)
Deployment
10-12 investments to build 5-6 platforms
Returns Target
20-30% gross IRR, 15-25% net IRR, 2.0x-3.0x gross ROI
Exit Options
Industry Strategics, Regional and Local Groups, PE Funds, Local Pension Funds, MBO, IPO
Strategy & Lessons from MAF I
Platform Building De-risks & Supports Exits
Created and exited Equator Energy at over 30% IRR. MAF II will target joint-venture platforms and build for exit to larger strategic buyers, de-risking investments through regional diversification.
Deal Origination Advantage
Maris generates its own deal flow through control investments, reducing the risk of overpaying. We incubate new ventures or acquire distressed assets at attractive entry points.
Size of Fund Improves Returns
Returns typically improved with larger deals. MAF II targets USD 150m to support USD 2m-20m deal sizes, allowing meaningful platform-building across the portfolio.
Frontier Markets Deliver High Returns
Achieved positive returns and exits in frontier markets including South Sudan, Zimbabwe and Mozambique. MAF II will focus on diversified, larger markets with selective frontier exposure.
Three Key Takeaways
An Experienced Investor You Can Trust
15-year track record and deep in-house operating capabilities allow us to incubate, turn around, and scale businesses for exit to larger players. 25+ deals completed across 12 countries.
Ideally Positioned for High-Return Exits
Partner network and regional footprint enable us to build valuable platforms which de-risk investment. USD 207m capital mobilised across DFI co-investors, strategic JVs and family offices.
One of the Most Impactful PE Investors
Job creation, social and environmental impact and high returns are not mutually exclusive. 5,976 peak jobs created, USD 43.8m in taxes, USD 101m in wages, 38% female workforce.
Network & Partners
Institutional Investors
4 of the largest DFIs (BII, IFC, FMO, Proparco) have invested in or alongside Maris, as well as Oxford University Endowment Management. 70% of capital historically from non-DFI sources.
Industry & JV Partners
Industry partners see Maris not only as a reliable dealer or distributor but as a JV partner to set up and jointly run operations in Africa. Maris seeded and founded ALP, SSA's No.1 logistics park company.
Capital Mobilisation
USD 207m raised across DFI co-investors, strategic corporate JV partners, family offices and Kenyan pension capital. Mobilisation for MAF II target sectors was 3x the Maris capital deployed.
Explore
Investment Map & History
29 portfolio companies across 11 East and Southern African markets since 2009
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Our Story, 2006 to Today
18 years of building, investing and creating impact across Africa, told through photos from the field
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MAF II Live Pipeline
55 active opportunities · USD 352m aggregate ask · mapped to the three MAF II investment theses
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Governance & Reporting
Board & Structure
Advisory Board primarily composed of LP representatives. Investment Committee: Maris Partners plus 1-2 external members. Fund Administration, Audit, Legal and Tax in Mauritius.
4 of the largest DFIs (BII, IFC, FMO, Proparco) plus Oxford University Endowment Management. 70% of capital historically from non-DFI sources, including family offices and Kenyan pension capital.
Confidential & Privileged. This portal and all materials herein are provided for informational purposes only and do not constitute an offer to sell or a solicitation of an offer to buy any securities. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Information is confidential, intended solely for qualified investors under NDA, and may not be reproduced or distributed without prior written consent of Maris Africa Ltd.
Twenty-nine portfolio companies built across eleven East and Southern African markets since 2009. Drag the slider or hit Play to watch the platform unfold from 2009 to 2025.
2009Founding year - Kenya and South Sudan platforms launched
Not entered
New entry
Maris country
3Investments to date
Countries entered
0
Investments to date
0
Cumulative capital (USD m)
0.0
Sectors
0
Investment History
Confidential. Investment data sourced from Maris Africa Fund II appendix materials.
Maris operates an integrated Environmental, Social and Governance management system across all portfolio companies. Two views are available: the live ESG Portal where companies file evidence and report KPIs, and a Power BI dashboard summarising group-level ESG metrics.
5,976
Peak portfolio jobs
39%
Female workforce
37%
Jobs in LDCs
14,000
Smallholders reached
USD 56m
Taxes and royalties paid
Framework alignment
IFC Performance Standards
All portfolio companies categorised and managed against IFC PS1 to PS8.
2X Challenge
Gender-lens screening across deployment and portfolio management.
IRIS+ metrics
Standardised impact KPIs reported quarterly to investors.
The Maris ESG Portal hosts the live management system used across the group, where portfolio companies log incidents, evidence, training records, KPI returns and audit trails. Click the dashboard below to open esg.marisafrica.com/dashboard.php in a new tab - login credentials appear on hover.
Ten years of audited Environmental and Social reporting, alongside the live ESG portal. Click any cover to open the PDF, or visit the central Documents library for the full set.
A real-time view of opportunities under active assessment by the Maris Africa Fund II investment team. All companies are presented under project code names; data are sourced from the team's live screening workbench.
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Active opportunities
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Aggregate ask (USD)
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Advance verdict
Strong mandate fit
Investment Thesis
MAF II targets a 35 / 35 / 30 capital deployment split across three thesis pillars. Every opportunity in the pipeline is mapped to one of these buckets to ensure thesis discipline and portfolio balance.
Anchored by Maris's Evergreen and ETC platforms. Includes:
Export horticulture, herbs, avocado, fresh produceForestry and nature-based solutions, teak, carbon, reforestationAg and food processing, distribution, value-add, aquaculture, agritech
30%
Target deployment
Generalist
Diversification across selected USD-earning sectors:
Finance, banks, NBFIs, leasing, fintech, microfinanceDigital infrastructure, data centres, fibre, towers, BPO platformsUSD-linked services, hospitality, real estate, healthcare, industrial
Target geography: East and Southern Africa, consistent growers (Kenya, Tanzania, Rwanda, Uganda, Ethiopia) and recent accelerators (Zimbabwe, Mozambique, DRC), with selective post-conflict exposure where Maris has on-the-ground operating capability.
The Maris Opportunity Screener
Every opportunity is evaluated through Maris's proprietary 11-criterion screening framework before any capital commitment is contemplated.
Eleven assessment criteria
1. Sector and thematic fitAlignment with the three MAF II pillars: Decarbonisation, Climate Smart Agriculture, Generalist.
2. Platform and scalabilityRegional scalability potential and ability to build a multi-country platform.
3. Control and operational influenceAbility to obtain governance rights, install playbooks, and influence operations.
4. Exit-abilityVisibility of credible exit pathways: strategic acquirers, regional PE buyers, IPO venues.
5. Geographical alignmentFit with Maris's core East and Southern Africa focus.
6. USD or USD-linked earningsHard-currency exposure and pricing-power resilience to local FX.
7. Market growthUnderlying market CAGR and addressable TAM.
8. Management quality and governanceTrack record, team depth, alignment, reporting discipline.
9. Impact and SDG alignmentQuantifiable jobs, gender, climate and broader SDG contributions.
10. ValuationEntry pricing discipline vs. peer comparables and target IRR.
11. Risk profile and mitigationIdentification and mitigation of FX, regulatory, ESG and operational risks.
Verdict bands
Each opportunity is scored across the 11 criteria, weighted, and converted to a percentage that maps to one of three verdict bands:
Advance
We are taking a closer look. This is not a commitment to full due diligence; it indicates an NDA has been signed and we are reviewing further information from the sponsor.
Hold
We have requested clarification on specific items, and will rescore the opportunity once the additional information is provided.
Discard
The opportunity falls outside the mandate, or quality and fit are insufficient. Sponsor has been politely declined.
Pipeline by Investment Thesis
Use the tabs to filter the geography map and the deal scoreboard by thesis. Click any deal row for the one-pager; click any country count for a thesis-by-country breakdown.
Verdict split
Stage mix
Pipeline geography
Active-book opportunities by country. Country shading scales with deal count; hover the map for the country name, click a number in the table for the thesis breakdown.
Country
Count
Deal scoreboard
Sorted Advance, then Hold, then Discard; tie-broken by Phase 1 score. Click any column to re-sort, click any row for the one-pager.
80+ years of combined experience working together. Balanced team across Nairobi, Maputo, and London.
CT
Charlie Tryon
Founding Partner
Charlie Tryon
Founding Partner
Charlie co-founded Maris in 2009 and is a Director and Chief Executive of Maris Limited. He oversees the group from East Africa.
Prior to establishing Maris, Charlie developed a successful portfolio of venture businesses in Afghanistan and East Africa. He has started up and sat on the board of a wide range of businesses, and is currently Chairman of Africa Logistics Properties.
Previously, Charlie worked for Societe Generale in the investment banking division in London after graduating from the University of Edinburgh.
JG
Johannes Gunnell
Managing Partner
Johannes Gunnell
Managing Partner
Johannes joined Maris in 2010 following seven years in Global Equities at UBS Investment Bank, with a particular focus on Green and Socially Responsible Investments.
He was a Partner at Maris Capital and previously the Commercial Director for Maris, responsible for new investments, acquisitions and disposals. He has sat on numerous boards, including publicly listed companies in Tanzania and Pakistan.
Johannes holds an MA in Politics, Philosophy and Economics from Oxford University.
HM
Harry Minter
Partner
Harry Minter
Partner
Harry joined Maris in 2012 and spent the last 10 years managing businesses in East Africa. He started up three portfolio companies and orchestrated the exit of Equator Energy.
He now heads up the Renewables Division and focuses on climate-related pipeline. Prior to joining Maris, he worked for a hedge fund group in London.
Harry holds a law degree from Edinburgh University, Level 3 IMC certificates, and an MBA with distinction from Warwick Business School.
+1
New Hire
Operating Partner
New Hire
Operating Partner
Maris plans to make a new African, female senior hire in the Nairobi office, with a view to moving up to partner level in a couple of years.
This hire would take place once MAF II has made a first close. The new hire would have responsibility for both deal sourcing and portfolio company management.
JO
Janet Onyango
Head of Finance
Janet Onyango
Head of Finance
Janet joined Maris in 2019 and is regional finance director for East Africa.
She has over 15 years’ experience in financial accounting, planning, reporting, analysis and controls. She has worked across East Africa and the Middle East in a variety of sectors including FMCG, Healthcare, Manufacturing, Industrials and Audit assurance for both private and publicly listed companies.
Janet holds an MBA in Strategic Management and is a Certified Public Accountant of Kenya.
JK
Joyce Kipruto
ESG Manager
Joyce Kipruto
ESG Manager
Joyce monitors and oversees the implementation of the Group’s ESG initiatives across operations, ensuring alignment with the Environmental and Social Management System. She is also responsible for reporting on the progress of these initiatives to stakeholders.
Joyce joined Maris in 2022 as an ESG Data Analyst and holds a Bachelor’s degree in Environmental Planning and Management from Kenyatta University.
BM
Bryan Mukiri
Associate
Bryan Mukiri
Associate
Bryan leads investment screening, financial analysis, and valuation, while supporting deal origination, due diligence, and portfolio monitoring across the firm’s holdings.
He brings four years of experience in corporate finance, financial advisory, and M&A across Africa, previously at a boutique M&A and capital raising firm based in Nairobi, Kenya, where he contributed to more than USD 100m in transactions spanning real estate, manufacturing, agriculture, and financial services.
Bryan holds the FMVA designation and is a Certified Public Accountant (ICPAK). He earned a BSc (Hons) in Finance and has completed executive programmes in financial markets and sustainable development.
LW
Levi Wayua
Associate
Levi Wayua
Associate
Levi leads market research, investment screening, and data analytics for the Group.
He brings prior experience in commercial research and project management, with strong capabilities in dashboard design, GIS mapping, and data interpretation.
Levi holds a BCom in Marketing and certifications in Data Science, Humanitarian Data Analysis, and Research Methods, with experience across the renewables, humanitarian, health, FMCG, technology, and agriculture sectors.
IM
Ian Musyoka
Associate
Ian Musyoka
Associate
Ian is a seasoned finance and accounting professional with over seven years of experience in financial reporting, tax compliance, budgeting, and audit.
As the Group Accountant at Maris Kenya, Ian provides critical financial analysis and support to the company and diverse portfolio of subsidiaries, spanning sectors such as renewable energy, services, and agriculture.
Ian holds a bachelor’s degree in finance and accounting from Strathmore University and is a Certified Public Accountant (CPA-K).
Track record performance metrics across Maris Africa Fund I and Maris Ltd investments. The Returns drill-down opens the full Investor Returns slide stack.
Maris's 79 jobs per USD 1m invested is more than 4x the African Private Equity Fund average of 18. MAF II will continue to focus on high job-creation sectors such as Agriculture, Food and Forestry with strong potential to scale employment.
Maris Ltd Annual Reports, Quarterly Shareholder Reports, MAF I Fund Reports, and standalone E&S Reports. All reports live in the central Documents library - click any category below to jump there.
All Maris documents in a single library - fund presentations, annual and quarterly reports, MAF I fund reports, and standalone E&S reports. Click any tile to open the PDF.
Fund presentation, eight appendices, the priority pipeline snapshot and Maris Ltd ESG slides.
