Eos Capital has exited its investment in luxury hospitality operator The Mushara Collection in a transaction valued at more than N$200 million, making it the largest reported exit in Namibia’s unlisted private equity market, subject to outstanding regulatory approvals.
The transaction marks the successful exit of the Allegrow Fund’s investment in Mushara, a collection of luxury lodges located near Etosha National Park.
Eos Capital said all operational, legal and compliance requirements have been completed, with only statutory approvals outstanding before the deal is finalised.
The fund manager said the investment generated an internal rate of return (IRR) of about 40% and delivered 4.4 times the original investment to shareholders.
The exit comes amid subdued liquidity and limited exit opportunities in Namibia’s private capital market, which Eos said underscores the value of disciplined investment selection and active portfolio management.
The firm said its investment in Mushara formed part of its strategy to support the recovery and long-term growth of Namibia’s tourism sector while backing high-quality assets with strong commercial potential.
During the investment period, Mushara expanded its operations, strengthened its hospitality offering and continued contributing to Namibia’s tourism industry.
Eos Capital Managing Director Elzine Mushambi said the transaction reinforces the firm’s track record of delivering strong returns for investors.
“This exit represents the largest transaction recorded in Namibia’s unlisted private equity market to date. It reaffirms the position Eos Capital has built over the years as a fund manager capable of delivering strong, risk-adjusted returns for our investors,” she said.
Mushambi said Eos Capital would continue investing in and growing high-quality Namibian businesses while creating long-term value for investors.
Board Chairperson Ismael Gei-Khoibeb said the transaction reflected the team’s disciplined approach to identifying, developing and successfully exiting investments.
The company said proceeds from the exit will be recycled into new investments across priority sectors to support employment creation, economic growth and export development.
Eos Capital currently manages more than N$1.2 billion in assets across its Allegrow, Euphrates and Namibia Infrastructure Development and Investment Fund (NIDIF) portfolios and is raising capital for successor funds.
