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By: Nghiinomenwa Erastus

Total investments in unlisted companies as of 30 June 2021 stood at N$2,21 billion. However, the country has committed capital of N$4,4 billion from its savings for unlisted projects.

This is according to Namfisa’s quarterly report for the second quarter of 2021.

Unlisted Investment represents the capital/funding channelled to a company or financial instrument/projects not listed on a registered Stock Exchange. 

As a developing economy, with entrepreneurship still taking its roots, the economy has more unlisted projects and companies than the few listed on the Stock Exchange.

According to the Namfisa analysis of the unlisted investments industry for 01 January 2021 to 30 June 2021, the industry struggled to find bankable/viable projects to draw down on the committed amount.

During the period under review, total committed capital slightly increased by 1,4% from N$4,3 billion as of 31 December 2020 to N$4,4 billion as of 30 June 2021. 

Namfisa analysis highlighted that the increase in committed capital reflects that pension funds continue to adhere to the regulations.

Regulation 13 requires the pension funds to allocate some of the retirement savings to be grown through Investment on unlisted projects through special purpose vehicles that invest on behalf of unlisted funds managers.

However, despite the commitment from those collecting the country’s savings that require growth, those with the mandate (special purpose vehicles) to invest the capital in various projects only drew N$2,21 billion – leaving a gap between committed capital and invested amount N$2,2 million.

Draw-down is a capital call on the commitment made by an investor.

In this regard, drawdowns, or capital calls, are issued to institutions such as pension funds after the unlisted fund managers have identified a new investment opportunity.

Draw-down can take time, as viable projects in specific sectors need to be found and assessed before deciding.

However, the country has the highest import bill for food, finished products, and affordable housing backlog and its export of almost its raw materials- in some economic observer’s perspective, representing the funding gap/investment opportunities.

Moreover, the country faces energy insecurity and depends on the government for employment creation.

For the period, total investments by the unlisted space acquired equity in the respective projects (70%) while the rest of the assets were made through debt funding.

The manufacturing industry, renewable energy and agricultural industries continue to be the major sectors invested in as they accounted for 17,8%, 19,5% and 15,9% of the total investments in unlisted investments. 

Namfisa analysis has indicated that there have been increases in investments in renewable energy, farming, and agricultural sectors during the period ended 30 June 2021, compared to 31 December 2020.

However, investments in the manufacturing sector fell by 14%. 

The increased investments in the farming and agricultural sectors reduced imports of food products, thus increasing interest in local food production and food security.

While for energy, the partial demonopolizing of the energy generation sector has opened up the industry for private investments.


The analysis has also highlighted an increase in the jobs created through investments in unlisted companies during the period under review, despite the negative impact Covid-19.

Unlisted investments created 5 425 jobs (4 084 and 1 341 permanent and temporary jobs, respectively).

Compared to the period ended 31 December 2020, 4 624 jobs.

The analysis revealed that job gains and growth by portfolio companies due to Covid-19 as a result of economic activities recoveries could be the attributing factor to the increase in permanent jobs.

The manufacturing industry employs the highest number of employees in portfolio companies, 794 employees, followed by the construction and retail sectors, which employ about 789 and 740 employees. Email:


Julia Heita

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