Updated: Africa-focused Silverlands II eyes second deal after hitting $60m third close

The vehicle, which has a $325m hard-cap, is aiming for mid-teen net IRRs.


SilverStreet Capital has reached a $60 million third close on Silverlands II, a vehicle focused on Sub-Saharan Africa.

The fund, which had raised $45.5 million as of June 2017, has a $300 million target and a $325 million hard-cap, a spokeswoman for the firm told Agri Investor. It is aiming for mid-teen net IRRs through an unleveraged strategy, she added.

Launched last year, Silverlands II invests in the agricultural and food production sectors. It made its first acquisition in September 2016, in a table grape farm located in Aussenkehr, Namibia.

Its LP base is largely made up of institutional investors and family offices, the spokeswoman said. Outside investors are required to invest a minimum $2.5 million in the vehicle, according to a SEC filing.

SilverStreet expects to hold a final close on the fund in the first quarter of 2018. Both its strategy and prospective size are similar to that of the firm’s $320 million debut fund, which has made eight investments across six countries and is now 98 percent deployed.

Gary Vaughan-Smith, SilverStreet’s chief investment officer and founding partner, said Fund II was “close” to completing its second deal.

The news comes after the firm hired Sally-Jane Miller, as general counsel, and Charlie Haywood, as financial accountant, in January.