# Agaciro Development Fund

Agaciro Development Fund is a Sovereign Wealth Fund based in Kigali, Rwanda.

## Overview

- **Organization type:** Sovereign Wealth Fund
- **Headquarters:** Kigali, Rwanda
- **Region:** Africa
- **Address:** Kigali, Rwanda
- **Founded:** 2012
- **Assets under management:** Undisclosed
- **Website:** agaciro.rw
- **LinkedIn:** https://www.linkedin.com/company/agaciro-development-fund

## Regulatory record

- **Reports private funds:** No

## About

Agaciro Development Fund was initiated in 2011 and launched the following year. The Government of Rwanda established it to build fiscal reserves and protect the national budget from external shocks. The fund holds Hotel Umubano in Kigali and mineral royalties. It also maintains a fixed-income portfolio denominated in Rwandan assets. Capital deployment occurs through direct ownership and project funding aligned with government priorities rather than external fund commitments. Scott T. Ford chairs the board while also leading Westrock Group. Tesi Rusagara serves as chief executive. The fund joined the International Forum of Sovereign Wealth Funds in 2018 and co-founded the African Sovereign Investors Forum. Ownership rests entirely with the Rwandan state, creating a direct link between investment decisions and national development mandates.

## Sectors

- Real Estate
- Natural Resources

## People

- Tesi Rusagara — Chief Executive Officer
- Scott T. Ford — Chairman of the Board of Directors
- Gilbert Nyatanyi — Former Chief Executive Officer

## Questions

### Who runs investment decisions at Agaciro Development Fund?

Tesi Rusagara serves as chief executive. Scott T. Ford chairs the board of directors.

### What asset classes does Agaciro Development Fund hold?

Confirmed holdings include Hotel Umubano in Kigali, mineral royalties, and a fixed-income portfolio in Rwanda.

### Is Agaciro Development Fund a member of any sovereign wealth forums?

It has been a full member of the International Forum of Sovereign Wealth Funds since 2018 and a co-founding member of the African Sovereign Investors Forum.

### How does Agaciro Development Fund deploy capital?

Trustees allocate to projects based on national priorities through direct ownership and domestic fixed-income positions.

## Related profiles

- [Afza Capital](https://altss.com/profile/afza-capital)
- [Agaeti Venture Capital](https://altss.com/profile/agaeti-venture-capital)

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Last updated: 2026-06-03T20:00:00.000Z

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