AAC FUND CLOSURE REPORT

In 2004, we set up African Agricultural Capital (AAC) with the ambition of stimulating investment in
agricultural businesses in East Africa. AAC was one of the first agricultural impact investment
vehicles in the region. It inspired others and we learned many lessons along the way. I would like to
commend most highly the shareholders, Gatsby Charitable Foundation and Volksvermorgen, who
had the courage and vision to venture into financing relatively and inexperienced African agricultural
enterprises.
In 2019, we marked the formal closure of AAC. This report documents the remarkable growth of so
many of the enterprises AAC supported and the wider impact of these businesses on agricultural
markets that are so important to livelihoods and economic security of East African citizens. There is
no doubt that many of these companies would not have existed or grown into the industry leaders
they are today without patient, early stage support from AAC in various forms.