A Private Equity company
making an impact in Southern Africa

Scandinavian values & business culture mixed with local African knowledge


SPEAR Capital

SPEAR Capital provide a balance of Scandinavian and African heritage and hold complimentary skills and experience across different industries. We provide partnerships that leverage Scandinavian business ethics/culture and local African knowledge to grow successful businesses. SPEAR provides growth capital to SMEs focused on fast moving consumer goods (FMCG) and local production in a few carefully selected countries. The engagement of DFIs and institutional investors ensures that ESG issues are the value drivers. We are located in Cape Town, Harare and Oslo.


Providing growth capital through equity investments to SMEs in Southern Africa focused on private FMCG or local manufacturing & processing - partnering with leading entrepreneurs and their management teams to grow successful businesses.


– To be the preferred investment vehicle for global investors seeking African exposure –


We always prioritize what is best for our Investors and portfolio companies.


SPEAR's investment strategy is to acquire meaningful stakes in companies with competitive advantages, strong management teams, and access to a defendable growing market.


Africa as an investment destination

Africa is a continent that provides the most potential for growth over the next 10-20 years. According to the IMF, Sub-Saharan Africa will have seven of the top ten fastest growing economies in the next 5 years. This long-term growth trajectory is sustainable through increased stability, abundance of natural resources, increase in labour force and influx of capital.

SPEAR has chosen these countries based on:

Team experience and network.

Access to pipeline.

English language and consistence in legal system.

Attractive demographics, rapid urbanization and a rising middle class - structural factors leading to high growth.


SPEAR provides between USD2-10m in growth capital to consumer based businesses supported by population growth and urbanization and hence the spending of the African Middle class, as well as local manufacturing and processing industries.

Food & Beverage

Retail & Wholesale

“Investors who remain set in their ways may be missing a giant business opportunity if they fail to pay attention to the changes a foot in Africa.”
- Paul Collier, Harvard Business Review

SPEAR has access to a significant pipeline through its African network of advisors, investment committee members and executive team. SMEs in Africa are largely constrained by factors including limited affordable finance, skills and access to international financial markets. SPEAR provides SMEs with expansion capital to support growth and create sustainable and competitive advantages that provide significant impact effects wherever SPEAR invests.

Ernst & Young: Significant structural reforms have occurred

"Our view remains that Africa's rise over the past 15 years is real; what we have witnessed has been a structural evolution rather than the cyclical change that has marked previous boom and bust periods in Africa's post-colonial history."

UN report: African population in rapid growth

"More than half of global population growth between now and 2050 is expected to occur in Africa. Of the additional 2.4 billion people projected to be added to the global population between 2015 and 2050, 1.3 billion will be added in Africa."


The investment portfolio includes Metro Commodities (Zimbabwe's largest wholesaler), Dendairy (Zimbabwe's leading dairy), Polymeric Africa (South African ink manufacturer), and Jincom (communications).



What to - and what not to invest in
SPEAR invests in consumer-based businesses supported by the spending of the African middle class. This includes local manufacturing and processing industries.
- Food & Beverage
- Retail/Wholesale
- Pharma
SPEAR Capital has made a deliberate choice not to invest in sectors where there is significant political risk or other types of interference.
- Mining & Resource Exploitation
- Oil & Gas
- Agriculture (Farming)

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SPEAR Capital prides itself on the impact its investments have in the countries in which it invests.

SPEAR invests is primarily in manufacturing, service or retail oriented businesses, which are desirable in the African context due to their level of labour dependence and resultant job creation. Currently SPEAR’s investment portfolio employ over 1.300 people in Zimbabwe alone.

Environmental, social and governance (ESG)

A fundamental element of our investment strategy is a commitment to sustainable development. SPEAR's portfolio companies use IFC Performance Standards to guide their operations. SPEAR has partnered with IBIS, one of Africa's leading ESG consulting firms to oversee the implementation and maintenance of these standards.

Social-economic impact of SPEAR investments

SPEAR aims to impact positively the community and environment in which its investments operate. The goal is to generate jobs through the expansion of the manufacturing and production base. Greater transparency and accountability with equal opportunity employment are critical success factors.


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Ibis Consulting    Riscura    CLP               

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SPEAR's team has transacted and travelled around many parts of Africa over the past 15 years. Through this personal network, SPEAR has access to a significant project pipeline.

Christian Victor Bernau
Partner and CEO | Member of IC
Christian is the founding partner of SPEAR Capital and has more than 20 years’ management experience from the Finance, Telecom, Media and Consumer sectors. Christian holds an MBA from the Norwegian School of Economics (NHH) in Bergen.
Martin Soderberg
Partner and COO | Member of IC
Martin has 20 years of experience in Africa and has worked in more than 30 countries across the continent. where he has been involved in Private Equity, Venture Capital and other business ventures. Martin has his degree in Economics from the University of Gothenburg.
Tim Leclercq
Partner and CIO
Tim is a qualified Chartered Accountant, with 21 years of Financial Services experience, 8 of these based in London. On his return to South Africa Tim travelled extensively within Africa, originating and transacting in Debt, Private Equity and Venture Capital sectors.

Bryan Turner
Partner and CFO
Bryan is a qualified CFA, CGMA and CAIA with 14 years of Financial services experience. During his banking career in London, Bryan has developed skills in portfolio management, valuation, risk management and structuring.
Arne-Petter Sanne

Partner and ESG Officer
Arne-Petter holds an MBA from Norwegian School of Economics (NHH) and a MSc from SDA Bocconi. He has 25 years’ management experience mainly from the health sector - both private and public. Arne-Petter has lived and worked in Malawi and has a particular responsibility for ESG.

Shaw Mabuto

Shaw holds an MBA from the University of Pretoria's GIBS Business School and a Bachelor of Commerce (Accounting) from Rhodes University. He has extensive international and regional financial services and private equity experience. Prior to SPEAR, Shaw held positions with Takura Capital Partners and KPMG in South Africa, Zimbabwe and the Netherlands.

Garth Arenz

Garth is a qualified Chartered Accountant from Deloitte with manufacturing and retail sector audit experience. He has passed all three levels of the CFA Program. Prior to SPEAR, he served as an equity analyst at Avior Capital Markets. Garth is based in Cape Town.

Tapiwa Chiwaridzo

Tapiwa holds an MSc in Economics and Finance and a BEng in Automotive Engineering both from Loughborough University (UK). He has passed the Level 1 CFA Exam and is currently pursuing Charterholder status. He began his career in Audit and Assurance at Deloitte Zimbabwe before moving on to the Financial Advisory practice. Tapiwa is based in Harare.

Caryn Leclercq
Caryn serves as SPEAR's in-house counsel in an independent capacity. Caryn specializes in Mergers and Acquisitions, Banking and Finance, Private Equity, Venture Capital, BEE, General Corporate and Commercial Law.

Kjetil Holta

Member of IC
Kjetil is the owner and chairman of Holta Invest AS, a Norwegian Investment company with more than USD 1 bn under mgmt. He holds a Master in business and administration from the Norwegian Business School (BI).Previously worked as investment director for Hoegh Capital and has served on several boards including Tinfos AS and Tennant Insurance Group AB.

Cathy Goddard

Member of IC
Cathy is a registered senior business rescue practitioner and has extensive experience in working with distresses assets and turnarounds. She is a board member of the South African Venture Capital Association (“SAVCA”) since September 2016. Cathy was at PE investment firm Vuwa Investments Pty Ltd for eight years.

Jaconette de Beer

Compliance officer
Jaconette is our external compliance officer for Category I, II, IIA & IV Financial Services Providers by the South African Financial Sector Conduct Authority. She has 18 years experience in the financial services industry, with 14 of those spent as a Compliance Officer. Jaconette, an attorney by profession, holds a law degree as well as post graduate qualifications in financial planning and compliance management.

South Africa
Tim Leclercq
+27 21 001 2359


Great Westerford 240
Main Road Newlands , 7725

Shaw Mabuto
+263 779 396 764


5 Grasmere Lane


Christian Victor Bernau
+47 4104 4000


Fridtjof Nansens plass 4




Authorised Financial Services Provider

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