Long-duration capital
for the operating companies
building the continent.
OTJ Capital allocates concentrated, patient capital across African operating companies, infrastructure, and private credit. We underwrite for decades — not quarters — alongside founders and operators who run the businesses Africa runs on.
Patient capital,
priced for the continent.
We invest where the capital cycle is structurally short and the demographic cycle is structurally long. The mismatch is the opportunity.
Our job is to underwrite Africa on its own terms — without imported assumptions about exit windows, dollar liquidity, or governance pace.
Demographic compounding
Africa adds a million working-age consumers every nine days. Companies built around that base do not need to win share — they need to keep up. The demographic delta funds the cash flow.
Capital scarcity premium
Africa receives less than 1% of global private capital and roughly 4% of global venture flows. Underwriting standards reflect that scarcity. Real assets clear at unlevered yields most developed markets cannot price.
Operator alignment
Through OTJ Holdings, our LPs sit alongside operators who already run businesses on the continent. We co-invest, we share board seats, and we extend the holding period as long as the unit economics justify it.
What we underwrite.
Operating companies
Series B – D
Profitable or near-profitable businesses serving African consumers and SMEs at scale. We lead or co-lead, and we hold for 7–10 years.
Infrastructure
Project finance · brownfield
Hard assets with contracted revenue: power, transport, digital infrastructure, agro-logistics. Long-duration cash yields, USD-linked where possible.
Private credit
Senior · mezzanine
Bilateral senior and mezzanine facilities to operating companies inside the OTJ network. Covenanted, secured, written for 3–5 years.
The companies and assets we underwrite — alongside operators we trust.
A representative sample of current and realised positions. Specific names are disclosed under NDA to qualified investors. Position sizing, board representation, and ownership detail are available in the LP data room.
AXK Network
Defense infrastructure
Axiomworld
Sovereign cloud
OTJ App
Investor portal
Afrikabal
Holding parent
Confidential A
Logistics
Confidential B
Power
Confidential C
Consumer health
Confidential D
SME credit
Confidential E
Fintech
Confidential F
Logistics
Confidential G
Agri-processing
Confidential H
Digital infrastructure
Six tests, before any term sheet.
Every opportunity is screened against the same six criteria — irrespective of sector, geography, or sleeve. The pipeline is ruthless because the holding period is long.
We say no to roughly 96% of files we open. The 4% that survive earn concentrated, conviction-weighted positions.
Cash-generative or imminently so
We underwrite to unit economics, not to narratives. Companies should clear contribution margin within 18 months of investment, or be there already.
Operator-led
We back founders and managers who have run the business for at least three years. Domain depth compounds — capital does not substitute for it.
Capital efficient
Burn-to-revenue ratios that reflect African unit costs, not Silicon Valley benchmarks. We are sceptical of growth that requires perpetual subsidy.
Governance ready
Audited accounts, independent board capacity, clean cap table, FATF-aligned KYC. Standards before scale.
Aligned holding period
We commit for 7–10 years on equity and 3–5 on credit. Founders who optimise for 18-month exits self-select out.
OTJ network adjacency
Preference, not requirement: businesses that benefit from the operating, talent, or distribution capacity inside OTJ Holdings and Afrikabal.
Operators and allocators. Same table.
Joseph Rukundo
Managing Partner
Capital allocation · OTJ Holdings
Founder of Afrikabal and OTJ Holdings. Allocator across operating companies, infrastructure, and credit. Based Nairobi.
Partner Two
Partner, Operating Co.
Operating companies · East Africa
Two decades of consumer and logistics operating experience across Kenya, Tanzania, and Uganda. Former CEO of a regional consumer business.
Partner Three
Partner, Infrastructure
Power · Digital · Project finance
Project finance and infrastructure investing background. Originated and led brownfield power and digital infrastructure transactions across West Africa.
Partner Four
Partner, Credit
Senior · Mezzanine · Restructuring
Private credit and special situations. Closed bilateral facilities across the OTJ network and outside it. Frankfurt and Lagos earlier in career.
Senior Advisors
Advisor One
Capital markets · sub-Saharan Africa
Advisor Two
Compliance · AML · regulatory
Advisor Three
Operating chair · consumer sector
Advisor Four
Operating chair · industrial sector
Open file.
We will respond.
We screen carefully and we say no often, but every introduction receives a written response. If you are reaching out for the first time, a one-page teaser is enough to start the conversation.
LP Relations
ir@otjcapital.comInstitutional LPs, family offices, fund-of-funds. Confidential PPM, audited statements, and the data room are released to qualified investors after a brief introduction.
Portfolio Partners
partners@otjcapital.comFounders, operators, and project sponsors seeking equity, infrastructure capital, or private credit. Send a teaser. We respond to every inbound, in writing, within ten business days.
Co-investors
coinvest@otjcapital.comStrategic co-investors and syndicate partners. We routinely co-underwrite alongside development finance institutions, family offices, and other African allocators.