In the Press: AHL on Choosing Debt in African Markets
09 April 2026
Earlier this month, AHL Venture Partners sat down with TechCabal to talk candidly about how our investment strategy has evolved and why we’ve chosen to focus on debt in African markets.
In the interview, Rosanne Whalley and Kerry Nasidai reflect on what we’ve learned from more than a decade of investing across the continent, sharing practical perspectives on fund economics, risk, and what it really takes to support growing businesses over the long term.Key themes from the interview
1. Why AHL shifted from equity to debt
After years of working across equity, funds, and hybrid structures, AHL became increasingly focused on what actually works in African markets. The interview explores how debt allows capital to recycle faster, creates more predictable outcomes, and enables AHL to support more businesses over time; without relying on rare, high‑multiple exits.
2. Fund economics matter more than narratives
Rosanne and Kerry speak openly about how fund size, cost of capital, and return expectations shape who gets funded and who gets left behind. For AHL, being disciplined about fund economicsisn’t at odds with impact. In fact, it’s what makes long‑term, repeat financing for SMEs possible.
3. Supporting SMEs through cycles, not just growth moments
The conversation highlights why AHL prioritises strong cash flows, and open communication, especially when conditions get tough. Debt, when structured properly, can give growing businesses resilience through currency volatility amid market shocks, and uneven growth patterns.
4. Rethinking how impact is delivered
The interview challenges the idea that early‑stage businesses should carry heavy sustainability or reporting requirements before they have product–market fit. Instead, AHL argues for meeting companies where they are, and building impact progressively as businesses scale and stabilise.
Read the full conversation
Offering a closer look, the interview also talks about how AHL views risk and discipline, shaped by years of experience on the ground. It speaks to how we work with founders over the long term, particularly in markets where capital has to be patient and carefully structured.
It’s an honest conversation about what has worked, what hasn’t, and how AHL continues to refine its approach as the African private credit landscape evolves.
Read the full interview on »»» 🎙️TechCabal
