Backing What Matters

Paradigm aims to build a portfolio of approximately 5,000 towers across Sub-Saharan Africa over the next five years through the acquisition of operating tower companies and the rollout of new build-to-suit tower opportunities in markets with high demand for digital infrastructure.

Emerald Renewables is developing Eswatini’s first large-scale wood pellet manufacturing plant, converting sustainably sourced pine and eucalyptus sawmill residues into certified renewable biomass fuel for international energy markets.

By transforming waste materials into high-quality industrial-grade pellets, the project enables coal displacement at utility-scale power plants, delivering significant carbon emission reductions. The plant benefits from a long-term, bankable offtake agreement with an established European biomass operator, ensuring revenue certainty from the outset.

Developed through a strategic partnership between Emerald, Lesedi Nuclear Services, and Usutu Forest Products, and supported by funding from RUNNERSTONE FUND II, the project is anchored by experienced partners and strong market fundamentals.

Mawingu Networks Limited (Mawingu) is Kenya’s largest peri-urban internet service provider (ISP), delivering connectivity to underserved and hard-to-reach areas through a hybrid wireless and fibre-optic network. The company deploys cost-efficient wireless infrastructure to establish initial market presence, and transitions to fibre once customer density reaches scale, enhancing service quality, reducing latency, and supporting long-term customer retention.

PRIF Africa Holdings Limited (PAHL) is an investment holding company established to invest in data centre assets across Africa in partnership with Digital Realty. Its portfolio includes the former iColo operations in Kenya and Mozambique, now operating under the Digital Realty brand, and Digital Africa, which operates in Nigeria and Ghana. These companies specialise in designing, building and operating state-of-the art carrier-neutral data centres across east and west Africa.

‍

GridX Africa develops and finances solar and battery storage solutions for commercial and industrial clients across sub-Saharan Africa, delivering cleaner, more reliable, and cost-effective power. The platform serves a diverse range of sectors, including hospitality, agribusiness, and industrial operations, with an established operating footprint across East and Southern Africa.

RUNNERSTONE FUND I’s investment supports the rollout of GridX Africa’s pipeline of solar and storage projects, enabling the platform to scale its operations and advance its pan-African growth strategy within the distributed energy sector.

Lumos Global provides affordable, off-grid solar home systems to households and small businesses with limited or unreliable grid access across West Africa. Its solutions enable customers to replace diesel generators and kerosene lighting with cleaner, safer, and more cost-effective electricity, significantly reducing carbon emissions.

Through strategic partnerships, Lumos has established a scalable distribution model and is well positioned to expand its footprint into additional high-growth markets with constrained access to reliable electricity.

Railco Africa is a rail leasing and logistics platform formed through the merger of GPR Leasing Africa and Africa Rolling Stock Solutions, creating a scaled operator with a diversified fleet and broadened African footprint. The company provides flexible, fit-for-purpose rolling stock solutions, including locomotives and wagons, supported by maintenance, financing, and operational services.

With a well-maintained fleet operating across multiple markets, Railco enables efficient and cost-effective freight logistics, particularly for bulk and mining sectors. The platform is further supported by access to experienced rail operators and integrated logistics expertise, positioning it as a key enabler of reliable and sustainable freight transport across the region.

Zimborders is a Public-Private Partnership (PPP) established to upgrade and modernise the Beitbridge Border Post, the busiest land border crossing in Southern Africa and a critical gateway for regional trade. Delivered through a long-term public-private partnership, the project has transformed border infrastructure, significantly improving capacity, efficiency, and security for freight and passenger movements.

The upgraded border post enhances regional trade and logistics by reducing congestion, lowering transit times, and improving the movement of goods across the region. The project also includes complementary community infrastructure, positioning Zimborders as a flagship example of infrastructure-led trade facilitation and public-private partnership delivery in Africa.

The Fund successfully exited the investment in June 2026.

Gas HoldCo is a natural gas infrastructure platform focused on delivering cost-effective energy solutions to industrial users in South Africa. In partnership with Energy Group, the platform developed, owns, and operates natural gas transmission pipelines to support reliable and efficient energy supply for manufacturing operations.

The investment forms part of a broader strategy to expand gas infrastructure as a lower-cost and lower-emission alternative within the regional energy mix.

The Fund successfully exited the investment in November 2025.

SolarSaver is a distributed solar platform providing rooftop photovoltaic solutions to commercial and industrial clients across Southern Africa. Using a proprietary zero-capital, rent-to-own model, the platform enables businesses to reduce electricity costs by generating on-site renewable energy without upfront investment or operational complexity.

With a diversified portfolio of over 700 installations across multiple markets, SolarSaver scaled a flexible and capital-efficient model supporting both small and large energy users.

The Fund successfully exited the investment in November 2025.

ETG is one of Africa’s leading vertically integrated agribusinesses, operating across the agricultural value chain through procurement, warehousing, processing, distribution, and merchandising. The company serves thousands of smallholder farmers and employs more than 7,000 people across Africa, the Middle East, North America, and Asia.

Through an extensive network of warehouses and processing facilities, ETG is a market leader in key agricultural commodities, including maize, pulses, sesame, cashew nuts, and fertiliser. Its integrated platform and long-term investment in logistics and infrastructure enable efficient market access for farmers while supporting food security and agricultural development across the regions in which it operates.

The Fund successfully exited the investment in December 2020.

RSAWEB is a full-service internet service provider offering cloud infrastructure, enterprise connectivity, mobile data management, and fibre broadband solutions. The company has built a strong presence in South Africa, supported by owned data centres and international points of presence, enabling reliable and scalable connectivity solutions.

RUNNERSTONE FUND I’s investment supported RSAWEB’s infrastructure expansion and growth.

The Fund successfully exited the investment in December 2020.

Octotel is an open-access Fibre To The Home (FTTH) and Business (FTTB) network operator providing connectivity in Cape Town, enabling customers to access services from a wide range of independent internet service providers.

RUNNERSTONE FUND I’s investment supported Octotel’s growth into one of South Africa’s leading independent fibre network operators.

The Fund successfully exited the investment in December 2020.