Our Pan-Africa long-bias strategy offers an opportunity to invest alongside us as we seek to benefit from Africa’s emerging middle class and its rapid growth in internet penetration.
The strategy invests in publicly listed and late-stage consumer and technology-enabled businesses that exponentially enrich the lives of Africans, directly or otherwise.
Our lives are dedicated toward the elimination of extreme poverty in Africa.
To achieve this goal, we seek to strengthen the breadth and depth of Africa’s capital markets.
Consequently, we intentionally invest in enterprises embracing technology to raise living standards by supporting job creation, increasing financial inclusion, improving standards of education and healthcare, transforming agricultural value chains, strengthening government efficacy, and providing consumer goods and services.
Put simply, we belive in doing good through capitalism.
Our Investment Philosophy
We believe African consumer and technology-focused companies offer a compelling investment opportunity due to a unique confluence of three pillars:
- A dramatically improved Regulatory and Business Environment that is promoting creative destruction and unleashing humankind’s entrepreneurial spirit.
- An Emerging Middle Class supported by Education, Industrialization, Demographics and Urbanization.
- A Lollapalooza Effect propelled by mobile phone penetration and rising internet use which are driving digital innovation in Agtech, Edtech, Fintech, Healthcare, Enterprise Software, Retail and Government.
Our Investment in Paga
Our Direct Investment in Paga is helping expand financial inclusion in Nigeria. Learn more here.
Recommendation To Policymakers
Read our recommendation to policymakers on share repurchase regulations in Kenya here.
Interview with MOI Global
Listen to Fred Steiner’s interview with John Mihaljevic and MOI Global sponsored by The Zurich Project here.
Did You Know?
Here are a few facts on the continent
A Young, Vibrant Population
60% of Africa’s population is under 25, the median age is 19 and the working-age population is expected to surpass both India and China by 20344
Massive Urban Migration
Between 2018-2025, 190 million Africans will relocate to urban centers where per capita consumption is 79% greater5
High Population Growth
Today, there are ~1.25 billion Africans. By 2050, that number is projected to increase to over 2 billion
With hundreds of millions of young, tech-savvy Africans adopting mobile handsets, Africa is leap-frogging traditional industries with novel digital products and services
Growing Internet Penetration
Internet penetration stands at 39% with the number of internet users in Africa growing by 40 million to 566 million as at end of 2019, up from 111 million in 20106
We employ traditional scuttlebutt research and fundamental analysis to discover and invest in business models built on a strong moat.
Meet The Team
Fred Steiner, CFAManaging Director, Portfolio Manager
Fred Steiner is responsible for security selection, risk management and portfolio construction for our Pan-Africa strategy. Prior to re-joining BCCM Advisors, Fred earned an MBA from the Carlson School of Management at University of Minnesota where he graduated with distinction and was a Curtis L Carlson Scholarship recipient. During the full-time business school program, Fred worked with a multi-family office, Sawmill Management as a Senior Analyst. There he oversaw approximately $1 billion in public securities. Prior to business school, Fred served as an Analyst and Associate at BCCM and worked in various roles at Signature Financial Partners. Fred studied at University of Cape Town in 2008, graduated from Union College in 2009 with a Bachelor’s degree in Economics and Minor in History and is a CFA charterholder. Fred is engaged in various charities and previously volunteered for Soccer 4 Hope while living in Cape Town, South Africa in 2010.
Evans Mugi, CAIAManaging Director, BCCM Advisors (Kenya) Limited
Evans serves as the Managing Director of BCCM Advisors Kenya, and supports Fred Steiner in research, security selection, portfolio construction and business development.
Prior to joining BCCM Advisors, Evans was the head of the investment team at Nabo Capital (the Public Markets arm of Centum Investment Company Kenya), and was responsible for the firm’s investment activities; including capital allocation and risk management — leading a team of associates and analysts.
From 2015 until he became the investment manager in 2017, Evans was a portfolio manager overseeing a diversified portfolio of equity and fixed income investments made in several markets across Africa.
From 2012 to 2015, Evans was an analyst and later an associate at Centum Investment Company (Kenya), responsible for researching and executing investments in North and West Africa.
Prior to joining Centum, Evans worked in the research department of Genghis Capital from 2011 to 2015 as a fixed income analyst and cross-asset strategist. Evans is a graduate of the University of Nairobi (2009) and also holds the Chartered Alternative Investment Analyst designation.
Manit RyeRisk Management Strategist
Manit Rye is responsible for risk management. Manit has more than 30 years’ experience in structuring and trading yield enhancement and hedging strategies on equities, interest rates, and currencies. Prior to joining Air T, Inc., Manit was CIO and founder of Asymmetric Capital Management and Thomas Funds Americas LLC and was Managing Director and board member of Merrill Lynch Alternative Investments Inc., where as CO-CIO he focused on investing $10 billion in hedge funds and managed accounts. Prior to Merrill, Manit held senior roles in emerging market risk management at UBS O’Connor, Goldman Sachs and Citi Bank. Manit earned a Bachelors of Commerce from Dehli University and holds a Masters in Finance from Claremont Graduate School and UC Berkeley.
Prashant JoshiTrading and Risk Analyst
Prashant is responsible for performing risk management, trade execution, and portfolio construction as well as managing middle office and marketing operations for the BCCM Advisors’ family of portfolios. Prashant began working with BCCM Advisors in 2018. Prior to joining the hedge fund industry, Prashant has had experience working in venture capital due diligence and revenue recognition with Applied Materials and Riverbed Technologies in the Silicon Valley. Prashant earned B.S. in Applied Economics and Business Management from the University of Minnesota.
Get in touch with us.
BCCM Advisors (Kenya) Limited
Landmark Plaza, 13th Floor, Suite 23
Argwings Kodhek Road
PO Box 856 00606
+254 20 3673592
5000 West 36th Street, Suite 200
St. Louis Park, MN 55416
+1 (612) 200-1740