Makalani Fund Managers is aiming to raise N$1 billion for its first regional Impact Fund, targeting institutional investors in Namibia and South Africa to finance infrastructure, renewable energy, agriculture, and manufacturing projects.
Managing Director Salomo Hei said the fund will also invest in selected projects in Zambia and Botswana.
The transaction pipeline includes four major investments: a 20-megawatt renewable energy project valued at up to N$320 million, a N$100 million retail infrastructure development, a N$250 million abattoir project, and a manufacturing investment in a shoe factory and tannery worth N$500 million.
“We want to raise this capital across the region, from institutional investors in both South Africa and Namibia, and deploy it into projects that will drive job creation and regional infrastructure development,” said Hei.
The fund is structured as an impact investment vehicle with a regional focus on energy security, food production and industrialisation.
“The Impact Fund is structured to respond to urgent needs in the region—power, agriculture, and industrialisation,” he said.
Capital mobilisation is ongoing, with investor engagements expected to intensify this month. Makalani is targeting commitments from the Government Institutions Pension Fund (GIPF), South Africa’s Public Investment Corporation (PIC), the Tshwane Municipal Provident Fund, and the KZN Municipal Pension Fund.
The fund was formally introduced at the Namibia Private Markets Forum 2025, attended by regional asset managers and investment executives including Kabelo Moja, CEO of Ascension Capital Partners; Hlengiwe Makhathini, Group Chief Investment Executive at IDF Capital; and Jesaya Hano-Oshike, Managing Director of Bellatrix Investment Managers.
Hei also commented on regulatory reforms under discussion, including a proposal to reduce the required co-investment by unlisted investment managers from 1% to 0.1%.
“This would lower entry barriers and broaden participation in the market,” he said.
Additional reforms include extending “fit and proper” requirements to portfolio managers, not just principal officers.
“These requirements involve due diligence checks into an individual’s integrity, track record, and regulatory standing. These reforms are critical for market credibility,” said Hei.
Another proposed amendment would prohibit unlicensed individuals or entities from operating as unlisted investment managers, a measure aimed at curbing unregulated market activity.
Hei said the combination of project readiness, investor interest, and regulatory clarity sets the stage for scaling up private market investment across the region.
