XSML Capital closes African Rivers Fund IV at $142m
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XSML Capital said on Jan. 28, 2026 it reached a final close of its fourth vehicle, ARF IV, with total commitments of $142 million, above its initial $135 million target. The firm said the fund is structured to finance around 50 small and medium-sized enterprises operating in segments where long-term funding remains limited.
XSML said priority markets include Eastern Africa, Angola and the Democratic Republic of Congo, where it has an established local presence. Managing partner Barthout van Slingelandt said the fund’s oversubscription despite a challenging fundraising environment reflects continued investor support for its SME-focused strategy.
The firm said individual investment tickets will range from $300,000 to $10 million. XSML added that financing will combine private debt with minority equity stakes, a structure it said can fund growth while allowing business owners to retain control.
XSML said that since a first close in March 2024, when $98.7 million was raised, ARF IV added three development finance institutions and two German family offices as investors. The firm said the additions diversified the fund’s investor base.
By the end of December 2025, XSML said ARF IV had committed $85 million, representing 60% of its investment capacity. It said the portfolio allocation was concentrated in the DRC (47%), followed by Angola (22%), Uganda (17%) and Zambia (14%), with target sectors including manufacturing, distribution, beverages, agribusiness and pharmaceuticals.
