XSML Capital closes African Rivers Fund IV at $142m
XSML expects ARF IV to build a portfolio of more than 50 companies.
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XSML Capital, a provider of growth capital to SMEs in African frontier markets, today announced the final close of its African Rivers Fund IV (ARF IV) fund at $142 million, exceeding its hard cap of $135 million.
XSML Capital has local offices in Angola, the Democratic Republic of the Congo (DRC), Kenya, Uganda, and Zambia.
Since the first close, three additional development finance institutions along with two German family offices have joined ARF IV.
“Exceeding our target size and hard cap for Fund IV in a challenging fundraising environment demonstrates that investors support our approach to investing in SMEs,” said Barthout van Slingelandt, managing partner of XSML Capital.
“We have a strong conviction that private credit, in combination with hands-on business support, is often a great fit for local SMEs,” adds van Slingelandt. “It allows entrepreneurs to grow without giving up ownership, while giving their businesses the long-term, flexible funding needed to finance their expansion. Investors value both the practical support we provide to entrepreneurs beyond capital, and our ability to offer liquidity earlier in the investment cycle, which remains scarce in African markets.”
XSML expects ARF IV to build a portfolio of more than 50 companies. As of December 2025, the fund had committed $85 million, representing 60% of total investment capital. Investments to date are concentrated in the DRC (47%), Angola (22%), Uganda (17%), and Zambia (14%), across manufacturing, retail, beverages, food processing, and the pharmaceutical sector.
* Read How we made it in Africa’s interview with XSML managing partner Barthout van Slingelandt: Investment adventures in Africa's frontier markets
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