The FSD Africa team at InvestFest Zambia. From left: Juliet Munro, Director of Early-Stage Finance, Rodney Carew from FSD Africa Investments (FSDAi), Kevin Simmons, and Mary Kashangaki. Photo FSD Africa
Lusaka, Zambia – InvestFest Zambia, convened by Impact Capital Africa to bring together investors, entrepreneurs, fund managers, and ecosystem enablers supporting Zambia’s investment ecosystem, took place in the capital city of Lusaka from 5–6 May 2026.
FSD Africa’s Early-Stage Finance team participated in the two-day conference alongside a three-day investor roadshow hosted by British International Investment (BII) and Impact Capital Africa. The engagements provided an opportunity to better understand the opportunities and constraints shaping Zambia’s early-stage finance ecosystem, while exploring how FSD Africa could support the growth of local investment ecosystems and capital providers.
Throughout the week, the team engaged with a range of ecosystem actors, including local fund managers, investors, entrepreneurs, legal experts, regulators, angel networks, and government representatives. Discussions focused on the practical challenges affecting local capital mobilisation, fund formation, and financing for small and growing businesses in Zambia.
Exploring what local fund ecosystems need to grow
FSD Africa and XSML, an investment firm focused on financing small and medium-sized businesses in frontier markets, co-facilitated a roundtable discussion on what is needed to support the growth and sustainability of local fund managers in Zambia.
Participants highlighted challenges including limited local institutional participation, low allocator familiarity with private capital, gaps in ecosystem coordination, and the difficulty first-time fund managers face in attracting anchor investors.
The discussions also pointed to growing interest in building stronger market infrastructure to support local private capital ecosystems, including fund manager incubation, investor education, local currency capital mobilisation, and stronger coordination between ecosystem actors.
Alongside the roundtable, FSD Africa co-hosted a practical bootcamp with Investisseurs & Partenaires (I&P) focused on “how to become a fund manager in Zambia.” The session explored the realities of fundraising, governance, deployment discipline, and building durable investment institutions in emerging markets.
The bootcamp generated strong interest from local participants and reinforced demand for more practical support for emerging fund managers.
A long-term approach to ecosystem building
During the conference, Juliet Munro delivered a pitch-style presentation highlighting FSD Africa’s approach to early-stage finance and inviting ecosystem partners to collaborate in strengthening Zambia’s investment ecosystem.
“We are interested in investing in first-time capital providers and helping build that market of first-time managers into an investable asset class,” she said. “But it’s not only about capital. We also provide non-financial support, research, market data, and ecosystem-building support because we take a systemic approach.”
The team also participated in investor engagements focused on Zambia’s wider economic and financing landscape, including a breakfast meeting held in Lusaka in May 2026 with Jito Kayumba, Special Assistant to the President for Finance and Investments.
Discussions highlighted Zambia’s long-term economic ambitions and the importance of building stronger financial systems, domestic capital mobilisation mechanisms, and investment infrastructure to support growth.
For FSD Africa, the week reinforced both the growing momentum within Zambia’s investment ecosystem and the need for locally rooted ecosystem-building approaches that help more capital reach small and growing businesses.
The conference and associated roadshow reinforced the importance of locally rooted ecosystem engagement…It provided a strong foundation for continued collaboration and exploration in Zambia’s early-stage finance market.
said Mary Kashangaki.
Several opportunities also emerged from the engagements, including potential pipeline opportunities for FSD Africa’s Manager Finance Facility, support for emerging fund managers, strengthening angel investor networks, and further collaboration around ecosystem development and investment readiness.
