Important: FASA doesn’t fund farms or agribusinesses directly, and it doesn’t give grants. It invests in investment funds, which then invest in agricultural small and medium-sized enterprises (SMEs) across Africa. If you run an agribusiness, see how you can still benefit below, and the related opportunities at the end.
FASA (Financing for Agri-SMEs in Africa) is a fund of funds that invests US$2 million to US$10 million in investment funds focused on Africa’s agricultural sector. It was started by Norway and USAID and is managed by Investisseurs & Partenaires (I&P), an impact investment group with over 20 years’ experience in African agri-food. Fund managers who are currently raising money can apply at any time.
At a Glance
| Name | FASA – Financing for Agri-SMEs in Africa |
| Manager | Investisseurs & Partenaires (I&P); agriculture and climate partner: CGIAR (ImpactSF) |
| Investment size | US$2 million – US$10 million per fund |
| Type | Subordinated capital (mainly junior equity; equity and/or debt). No grants. |
| Maximum share | Up to 49% of a fund’s target size |
| Who can apply | Emerging and established fund managers investing in African agri-SMEs |
| Deadline | Rolling (fund managers who are raising can apply any time) |
Benefits
- US$2–10 million in catalytic capital per fund, mainly junior equity, which helps attract other investors.
- Capacity building and technical assistance for fund managers.
- Technical assistance for the agri-SMEs in each fund’s portfolio.
- Support from CGIAR to measure climate and environmental risks and build strong agricultural impact frameworks.
- Backing from a fund manager (I&P) that has supported 25 African funds and is a leading backer of emerging African fund managers.
Eligibility
FASA invests in funds that meet all of these criteria:
- On-the-ground presence: at least one senior investment professional (CIO, Investment Director or Credit Director) based in Africa, or planning to be by the fund’s closing.
- SME focus: first investment tickets of US$15,000 to US$5 million, not counting follow-on investments.
- Agricultural exposure: at least 30% of total investable capital in agri-SMEs in Africa.
- Exclusion list: no investments in activities on the IFC Exclusion List.
- ESG and impact: a commitment to FASA’s minimum ESG and impact practices.
- Gender: alignment with FASA’s gender requirements.
- Learning: participation in FASA’s learning agenda.
- Data room: an accessible data room with the fund presentation, financial model, legal structure, pipeline, governance, team track record, ESG and impact policy and market research.
Funds can be in any asset class, currency or region, as long as they focus on Africa’s agricultural sector.
Not eligible
- Individual agri-SMEs: FASA doesn’t invest in businesses directly.
- Banks and microfinance institutions.
How Agribusinesses Can Benefit
If you run an agricultural SME, you can’t apply to FASA yourself. However, the investment funds FASA backs will be looking for agribusinesses to invest in, with tickets from US$15,000 to US$5 million. Watch FASA’s portfolio page for the funds it supports, and approach those funds directly.
How to Apply (Fund Managers)
- Check your fund meets all eight eligibility criteria on the official FASA website.
- Prepare your fund deck and data room.
- Send your fund deck to [email protected], or use the application form on FASA’s Apply page.
Official FASA Apply page · FASA website
