Frontier Africa’s Equity Rally: Structural or Cyclical? – Tim Staermose

What does it take to run a rail logistics business in Southern Africa? And where do the most compelling investment opportunities lie? In this episode, Arnaud Valentin, Chief Financial Officer of African Rail Company (ARC), makes the case for investing in African rail. He argues that optimising existing infrastructure can deliver greater returns than building new lines. He also explains ARC’s approach to capital allocation, why partnerships with state railway operators are central to its business model, and what investors often misunderstand about African rail logistics. Enjoy!Learn more about Arnaud Valentin | African Rail Company Twitter: Arnaud ValentinWebsite: African Rail CompanyLearn more about Chipo Muwowo | Allocator Media PodcastLinkedIn: Chipo MuwowoWebsite: Allocator Media Hosted on Acast. See acast.com/privacy for more information.

Has frontier Africa's equity rally further to run? And is the resurgence driven by structural transformation or simply another cyclical boom? In this episode, Tim Staermose, Founder & Portfolio Manager of African Lions Fund Ltd, explains why he believes this market remains attractively valued despite significant re-rating. Earnings growth, rather than multiple expansion, has been the main driver of his fund's returns. He also discusses his benchmark-unaware investment approach, why he considers telecoms particularly attractive, and what international investors are overlooking about Tanzania. Enjoy!Learn more about Tim Staermose | Africa Global Funds LtdTwitter: Tim StaermoseWebsite: African Global Funds LtdLearn more about Chipo Muwowo | Allocator Media PodcastLinkedIn: Chipo MuwowoWebsite: Allocator Media Hosted on Acast. See acast.com/privacy for more information.

Could climate investing produce Africa’s next generation of billion-dollar businesses? And does the traditional venture capital model have what it takes to build them? In this episode, Kemi Olajide, Principal at Africa Climate Ventures, explains the commercial opportunities emerging from Africa’s climate transition and the challenges of turning them into scalable, globally competitive businesses. She also discusses where she sees the greatest investment potential, the limitations of traditional VC structures, the case for hands-on venture building, and the risk of Africa becoming a consumer rather than a producer of climate solutions. Enjoy!Learn more about Kemi Olajide | Africa Climate Ventures LinkedIn: Kemi OlajideWebsite: Africa Climate VenturesLearn more about Chipo Muwowo | Allocator Media PodcastLinkedIn: Chipo MuwowoWebsite: Allocator Media Hosted on Acast. See acast.com/privacy for more information.

Copperbelt Energy Corporation Plc is one of Zambia's most important companies – and a critical part of the infrastructure behind the region’s copper boom. It generates power, owns and operates critical transmission infrastructure, and trades electricity across borders, linking Zambia, the DRC and the wider Southern African power market. Copper mines in both countries are among its key clients. With a market capitalisation of ~US$1.3 billion, CEC Plc is one of the largest companies on the Lusaka Securities Exchange. In this episode, Chief Financial Officer Mutale Mukuka explains how CEC Plc is positioning itself for rising power demand across the Zambia-DRC copper corridor, why transmission could become one of Africa’s biggest infrastructure opportunities, and how the company allocates capital across renewables, cross-border trading, new mining connections and regional infrastructure. Enjoy!Learn more about Mutale Mukuka | Copperbelt Energy Corporation Plc LinkedIn: Mutale Mukuka Website: Copperbelt Energy Corporation Plc Learn more about Chipo Muwowo | Allocator Media PodcastLinkedIn: Chipo Muwowo Website: Allocator Media Hosted on Acast. See acast.com/privacy for more information.

What becomes investable when your time horizon is 20 or 30 years, rather than two or three? That’s the underlying question in this conversation with Mwiya Musokotwane, co-founder and CEO of Thebe Investment Management. Thebe is a Zambia-based real assets investor and developer with interests spanning real estate, infrastructure, energy, agriculture and forestry. Its projects include Nkwashi, a privately-funded town 36 kilometres (22 miles) east of Lusaka, alongside solar and carbon developments elsewhere in the country. In this episode, Mwiya explains how long-duration capital changes the investment opportunity set, what building Nkwashi has taught him about resilience, sequencing and navigating macro volatility, and why Zambia’s energy market is attracting significant private capital. Enjoy!Learn more about Mwiya Musokotwane | Thebe Investment Management LinkedIn: https://www.linkedin.com/in/mwiyamWebsite: https://thebe-im.comLearn more about Chipo Muwowo | Allocator Media PodcastLinkedIn: https://www.linkedin.com/in/chipomuwowo/Website: https://allocator.media/ Hosted on Acast. See acast.com/privacy for more information.

After studying history at Yale, Ryan Floyd moved to Mumbai to work at Mahindra & Mahindra. His time in India convinced him that he wanted a career allocating capital in developing markets, places that still felt unfamiliar, and even scary, to many American investors. On returning to the US, he joined Auerbach Grayson, training in New York and travelling extensively across Africa and South Asia. He founded Barca Capital, an investment adviser, in 2008. In this episode, Ryan explains Barca's core investment thesis, how he approaches market mispricing, why curiosity may be an investment advantage, and what lacrosse can teach you about markets. Enjoy!Learn more about Ryan Floyd | Barca Capital LinkedIn: https://www.linkedin.com/in/ryanf2Website: https://www.barcacapital.comLearn more about Chipo Muwowo | Allocator Media PodcastLinkedIn: https://www.linkedin.com/in/chipomuwowo/Website: https://allocator.media/ Hosted on Acast. See acast.com/privacy for more information.

Sir John Lazar was born in Johannesburg, South Africa. A classic engineer by training and mindset, today he is helping shape how Enza Capital, the venture firm he co-founded, thinks about the next major technological cycle: artificial intelligence. In this episode, Sir John explains why Africa should be a “maker, not just a taker” in AI, and why some of the continent’s biggest constraints could become competitive advantages. Besides his work at Enza, he also serves as President of the UK’s Royal Academy of Engineering and as Chair of the Raspberry Pi Foundation, a UK-registered charity that helps young people learn computing and digital skills. He co-founded Enza with Mike Mompi, Managing Partner, and David Cohen, a long-time friend. Enjoy!Learn more about Sir John Lazar | Enza Capital LinkedIn: https://www.linkedin.com/in/john-lazar-3015372Website: https://enza.capitalLearn more about Chipo Muwowo | Allocator Media PodcastLinkedIn: https://www.linkedin.com/in/chipomuwowo/Website: https://allocator.media/ Hosted on Acast. See acast.com/privacy for more information.

eFinance Investment Group has become part of the financial plumbing of Egypt’s economy. Its systems sit beneath a significant share of the country’s government and financial transactions, supporting the collection and movement of money across tax, customs, subsidies, public payroll and other critical services. But once a company becomes that embedded, where does the next phase of growth come from? In this episode, Ahmed Sobhy, Deputy CEO, explains how the firm plans to use the data flowing through its infrastructure to enable new financial products, the rationale behind the recent acquisition of Tamweely Financial Services, and how management approaches capital allocation. Enjoy!Learn more about Ahmed Sobhy | eFinance Investment Group LinkedIn: https://www.linkedin.com/in/ahmed-m-sobhy-67b30b6Website: https://www.efinanceinvestment.comLearn more about Chipo Muwowo | Allocator Media PodcastLinkedIn: https://www.linkedin.com/in/chipomuwowo/Website: https://allocator.media/ Hosted on Acast. See acast.com/privacy for more information.

Africa’s venture capital ecosystem is still evolving, and Laura Davis, Co-CEO & Managing Partner at Renew Capital, believes solving the continent’s capital distribution challenge will be critical to what comes next. Renew Capital backs technology companies that hold valuable data on SMEs and helps them build lending products or partner with lenders to improve financing access for underserved SMEs. Laura also shares why founder resilience matters so much to her, and how venture debt could play a much larger role in Africa’s VC ecosystem. Enjoy!Learn more about Laura Davis | Renew Capital LinkedIn: https://www.linkedin.com/in/laura-davis-25764430Website: https://www.renewcapital.comLearn more about Chipo Muwowo | Allocator Media PodcastLinkedIn: https://www.linkedin.com/in/chipomuwowo/Website: https://allocator.media/ Hosted on Acast. See acast.com/privacy for more information.

African frontier public equity markets remain deeply under-researched, but that is precisely where Greg Barker sees opportunity. In this episode, Barker, Co-Founder of Sustainable Capital, explains how his firm uses concentrated portfolios, fundamental analysis and deep on-the-ground research to identify mispriced businesses within this asset class. We also discuss why valuation sits at the heart of the process, how Sustainable moved away from “deep value” investing, what it takes to build conviction when the market disagrees with you. Enjoy!Learn more about Greg Barker | Sustainable CapitalLinkedIn: https://www.linkedin.com/in/greg-barker-411a473b4/Website: https://www.sustainablecapital.muLearn more about Chipo Muwowo | Allocator Media PodcastLinkedIn: https://www.linkedin.com/in/chipomuwowo/Website: https://allocator.media/ Hosted on Acast. See acast.com/privacy for more information.