A Private Equity company
making an impact in Southern Africa

Scandinavian values & business culture mixed with local African knowledge

SPEAR Capital

SPEAR Capital has a management team and advisors with investment and industry experience from Africa and Europe that provide technical, strategic, operational and financial support. An Independent Investment Committee (IC) comprised of highly experienced investors vets all investment decisions. The SPEAR Capital team operates from offices in Cape Town, Harare and Oslo.

SPEAR has raised capital through investment firms, family offices and wealthy individuals. Our current base of investors is primarily from Scandinavia.


1. Provide growth capital through equity investments in private fast moving consumer goods (FMCG) or local manufacturing SMEs in Southern Africa.

2. Partner with leading entrepreneurs and their management teams to grow successful businesses together.

3. Provide return on investments through the development of SMEs in Southern Africa


To be a world class investment destination for global investors seeking African exposure.


SPEAR Capital is a Private Equity advisor specializing in profitable later growth stage SME opportunities across Sub-Saharan Africa.
SPEAR Capital advises the investment holding company SPEAR Africa Holdings (SAHL), an alternative investment fund registered as a company in Mauritius.

Investment philosophy

SPEAR provides expansion capital to well-managed businesses with a target IRR in excess of 20%.
SPEAR has made a deliberate choice to invest in the FMCG, manufacturing and processing sectors as opposed to other sectors where there is significant political risk or other types of interference. SPEAR has a hands-on approach to ensure operational and strategic influence.

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.

Geographic focus:

South Africa
Population: 60 mill
Purchasing Power Parity (PPP), doubled from 1990 to 2015.

Population: 16 mill
GDP: IMF forecast 2017 revised from -2,5% to 2%

Population: 14 mill
PPP more than doubled from 1990 to 2015.

Population: 17 mill
PPP more than doubled from 1990 to 2015.

Total population of 110 mill with extensive trade between the countries.


“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
The opportunity

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.

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."

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.


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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.

SPEAR understands that through its investments it has the ability to reduce the significant youth unemployment of 60%. (currently SPEAR’s investments 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.


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


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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Our team members

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
Managing Partner & Director
Christian is the founding partner of SPEAR Capital and has more than 20 years' experience from the Finance, Telecom, Media and Consumer sectors. Christian holds an MBA from Norwegian School of Economics (NHH).
Martin Soderberg
Partner & Chairman
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 & Director
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 & Director
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.
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.
Arne-Petter Sanne

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.

South Africa
Tim Leclercq
+27 21 001 2359


Great Westerford 240
Main Road Newlands , 7725

Martin Soderberg


5 Grasmere Lane


Christian Victor Bernau
+47 4104 4000


Drammensveien 35



Complaints/grievances can be submitted to info@spearcapital.co.za.
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Authorised Financial Services Provider. FSP No. 48841
Member of SAVCA