Fund I · Fact sheet

Africa Opportunities Fund I

Proposed term sheet at a glance. All figures are indicative and subject to final fund documentation. This is not an offer to sell any security.

Proposed · Not yet launched

Fund name

Sable Bridge Africa Opportunities Fund I, LP (proposed)

Vehicle

Delaware LP (Cayman feeder for non-US LPs)

Target size

USD 50M

Hard cap

USD 75M

Minimum commitment

USD 1M

GP commitment

2% of fundSkin-in-the-game alongside LPs

Management fee

2% p.a.On committed capital during investment period; on NAV thereafter

Preferred return (hurdle)

8% p.a.Accrued, compounded annually

Carried interest

20%GP carry after preferred return and catch-up

Waterfall structure

European-styleEuropean-style — fund-level, fully cross-collateralised, 100% GP catch-up

GP catch-up

100%GP catches up to 20% of total profits before LP/GP split resumes

Investment period

5 years

Fund life

10 + 2 years5-year investment + 5-year harvest + 2-year extension

Target net MOIC

2x – 2.5xIllustrative — not a guarantee

Target net IRR (USD)

18% – 24%Illustrative — not a guarantee

Vintage

2027

Waterfall mechanics · European structure (fund-level)

Return of capital

100% of contributed capital returned to LPs before any profit allocation.

Preferred return — 8% p.a.

Accrued, compounded annually on contributed capital. Paid to LPs in full.

III

GP catch-up (100%)

GP receives 100% of distributions until it has received 20% of total fund profits to date.

Carried interest — 80/20

Remaining profits split 80% LP / 20% GP on a fully cross-collateralised, fund-level basis.

Indicative term sheet only. Final economics are subject to LPA negotiation and applicable regulatory requirements. Investments in Zimbabwean and emerging-market assets carry significant risks. Past performance is not indicative of future results.

Open returns illustrator →Express interest