AgDevCo’s 2025 Annual Report shows that investing patient capital in African agribusinesses contributes to positive development outcomes, while the portfolio continues to demonstrate strong commercial performance.
During 2025, we executed $57m of new and follow-on investments ($17m into two new businesses and $40m supporting nine existing investees), growing our executed portfolio value to $266m. We widened our investment targets into new countries, including Zimbabwe, Eswatini and Namibia, and into new sectors including blueberries. We now have $368m in funds under management in 38 companies across 12 sub-Saharan African countries.
"We are operating in line with our business plan, delivering profitability and impact. We see growing potential to scale the business and attract more capital into African agriculture from DFI and private sources." ~ Valentine Chitalu, Chair of the Board, and Daniel Hulls, Chief Executive Officer
In 2025, we launched AgDevCo Ventures, which focuses on investing smaller tickets ($1m–$3m) in early-stage agribusinesses. This sits alongside our core strategy, AgDevCo Growth, which deploys $3m–$12m into agribusinesses with proven models and capacity to scale. In April 2026 AgDevCo was assigned an A- stable credit rating by S&P, reflecting the quality of our people, systems, portfolio and the long-term commitment of our investors. These factors increasingly enable us to unlock new sources of private capital for a sector with an outsized impact on poverty reduction.
Portfolio companies generated revenue of $581m in 2025, 40% higher than the previous year (26% like-for-like), while portfolio EBITDA reached $76m, more than double the 2024 figure. This commercial performance underpinned deeper development impact: Our portfolio companies created and sustained more than 38,000 jobs (30% women) and engaged over 2.6 million small-scale farmers, traders and customers (47% women). Our portfolio produced more than 155,000 tonnes of nutritious food for local markets and supported wider local economic activity.
"2025 demonstrated [...] strong portfolio performance, measurable growth in impact metrics, and some of the most compelling examples of impact at scale we have seen — particularly in affordable protein." ~ Alec Martin, Managing Director of Impact, ESG and Climate
AgDevCo's financial performance strengthened alongside our portfolio's, with group operating profit before finance costs up 161% to $4.5m (2024: $1.7m). After taking account of finance costs, treasury income and a positive unrealised FX movement, profit before tax, distributions and grants reached $7.4m (2024: $0.9m).
Looking ahead, we expect continued growth in profitability as we deploy our remaining capital, and will keep originating high-impact investments that support diversification and scale. We are targeting $500m in funds under management over the medium term to sustain this growth and impact. We look forward to working alongside AgDevCo staff, investee businesses and investor shareholders as we continue to build resilient, sustainable agribusinesses across Africa.
Read AgDevCo's full 2025 Annual Report.