Norsad Capital

Vusi Raseroka serves as Chief Executive Officer, leading the investment team from the Gaborone headquarters. The team includes two Portfolio Directors, Carol-Jean Harward and John Rossouw, who oversee deployment across the firm's four sector themes. The firm's website does not specify an investment committee structure, indicating Raseroka and the senior team carry primary decision authority.

Norsad Capital operates as a corporate investor deploying proprietary capital rather than managing third-party limited partner commitments. This balance-sheet structure eliminates fund-life constraints and allows the firm to offer bespoke private credit terms. The firm does not solicit external LP capital.

Norsad structures stretch senior, unitranche, second-lien and mezzanine financing, typically targeting opportunities above $5 million. The firm positions itself as a pure-play private credit provider to growth-stage mid-market companies. It does not take equity positions, functioning exclusively as a creditor.

The firm publicly lists four targeted sectors: Financial Institutions, Food Value Chain, Soft & Social Infrastructure, and Manufacturing. It does not mention healthcare, consumer goods, or extractive industries as focus areas, suggesting a deliberate exclusion of those verticals. No explicit negative list is published, but the omission implies sector concentration within its stated themes.

Norsad targets companies that can demonstrate positive social or economic impact alongside financial returns, framing this as "profit with purpose." The firm has set a public goal to positively affect the lives of 100 million Africans by 2030. Specific impact metrics per investment are not disclosed on its public website.

Norsad covers sub-Saharan Africa, with its principal operational area in Southern Africa. It maintains offices in Gaborone, Botswana and Johannesburg, South Africa. The firm's portfolio includes investments in Zimbabwe and Zambia, validating its cross-border sub-Saharan reach.

All available evidence indicates Norsad deploys capital exclusively through direct structured-debt transactions with operating companies. The firm's language — "tailor-made debt finance solutions" and "partnering to create industry champions" — describes bilateral lending relationships. It does not present itself as a fund-of-funds or LP in third-party vehicles.