Updated:
XSML
๐๐ป๐๐ฒ๐๐๐ถ๐ป๐ด ๐ถ๐ป ๐๐ป๐๐ฟ๐ฒ๐ฝ๐ฟ๐ฒ๐ป๐ฒ๐๐ฟ๐ ๐๐ผ ๐ฆ๐ฐ๐ฎ๐น๐ฒ ๐ง๐ต๐ฒ๐ถ๐ฟ ๐๐๐๐ถ๐ป๐ฒ๐๐๐ฒ๐ XSML Capital is now investing through our fourth fund,...
XSML
๐๐ป๐๐ฒ๐๐๐ถ๐ป๐ด ๐ถ๐ป ๐๐ป๐๐ฟ๐ฒ๐ฝ๐ฟ๐ฒ๐ป๐ฒ๐๐ฟ๐ ๐๐ผ ๐ฆ๐ฐ๐ฎ๐น๐ฒ ๐ง๐ต๐ฒ๐ถ๐ฟ ๐๐๐๐ถ๐ป๐ฒ๐๐๐ฒ๐ XSML Capital is now investing through our fourth fund, African Rivers Fund IV, providing tailored debt, equity, and mezzanine financing โ plus hands-on support โ to enable SMEs to scale in Angola, the DRC, Kenya, Uganda, and Zambia. Since 2010, weโve invested in around 100 companies, delivering strong returns for investors while driving job creation and expanding access to goods and services in underserved markets. ๐๐ถ๐น๐น๐ถ๐ป๐ด ๐๐ต๐ฒ ๐๐ฟ๐ฒ๐ฑ๐ถ๐ ๐๐ฎ๐ฝ Small and medium-sized enterprises (SMEs) are the backbone of economies worldwide โ and Africa is no exception. Yet many African entrepreneurs lack access to affordable growth capital, limiting their ability to scale their businesses and help to foster economic growth. ๐๐ผ๐ฐ๐ฎ๐น ๐ฃ๐ฟ๐ฒ๐๐ฒ๐ป๐ฐ๐ฒ, ๐ฅ๐ฒ๐ด๐ถ๐ผ๐ป๐ฎ๐น ๐ฅ๐ฒ๐ฎ๐ฐ๐ต For fifteen years, XSML (eXtra, Small, Medium, Large) has invested in SMEs in challenging markets. Our teams on the ground in Kampala, Kinshasa, Luanda, Lusaka, and Nairobi work directly with entrepreneurs to provide customised financing and strategic support, guiding businesses from small to medium and large enterprises. ๐ ๐จ๐ป๐ถ๐พ๐๐ฒ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฃ๐ผ๐๐ถ๐๐ถ๐ผ๐ป We combine debt, equity, and mezzanine solutions to meet each companyโs needs, often filling a gap for investments between US$ 300k and 10m. ESG standards, sustainability support, and gender equality are central to our approach. ๐ฃ๐ฟ๐ผ๐๐ฒ๐ป ๐๐บ๐ฝ๐ฎ๐ฐ๐ ๐ฎ๐ป๐ฑ ๐ฆ๐๐ฟ๐ผ๐ป๐ด ๐ฅ๐ฒ๐๐๐ฟ๐ป๐ Since 2010, we have invested in around 100 enterprises, building deep market knowledge, sourcing the best opportunities, and staying close to our investments โ generating attractive financial returns for our investors, including leading development finance institutions and dedicated impact investors. With ARF IV, we are scaling our impact, following investees into new markets, and continuing to back entrepreneurs who fuel growth in frontier
General information
Firm type
Generalist
Year founded
2008
Location
Region
Europe
Country
Netherlands
City
Amsterdam
Corporate office
Amsterdam, Netherlands
Additional offices
Kampala, Uganda ยท Kinshasa, DRC
Principals
Jarl Heijstee
Managing Partner
Barthout van Slingelandt
Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at XSML?
Managing Partners Jarl Heijstee and Barthout van Slingelandt co-lead the firm and sit on the investment committee. Day-to-day investment decisions are made by the firm's country directors in Kampala and Kinshasa, who hold meaningful carry and board authority. This local delegation of authority is a deliberate structural feature, not a reporting line, and distinguishes XSML from fund managers who centralize all IC decisions in a European headquarters.
How does XSML structure its African investments?
XSML uses a mix of common equity, convertible notes, mezzanine debt, and revenue-linked structures, with a preference for active minority and control positions. Ticket sizes range from roughly $100,000 at the seed stage to $5 million for expansion and restructuring rounds. The firm can deploy follow-on capital across multiple rounds within the same portfolio company.
Is XSML a single-family office or a fund manager?
XSML is a pure fund manager. It raises capital from development finance institutions, institutional investors, and retail impact vehicles โ not from a single-family balance sheet. All investments are made through its series of African Rivers Funds and parallel geographic vehicles.
Which geographies does XSML actually invest in?
The firm concentrates on Central and East Africa, with the heaviest deployment in the Democratic Republic of Congo and Uganda. It has also invested across Francophone West Africa. Offices in Amsterdam, Kampala, and Kinshasa anchor the origination and portfolio-support functions.
What investment stages does XSML target?
XSML covers the full SME lifecycle: early-stage startups, late-stage expansion, growth equity, and distressed or restructuring situations. The unifying thread is the size of the enterprise โ businesses too small for traditional private equity but too large or complex for microfinance lenders.
Does XSML co-invest alongside other fund managers?
Yes, though the firm typically leads or co-leads rounds rather than participating as a passive co-investor. The firm has partnered with development finance institutions like the Dutch Good Growth Fund and occasionally syndicates larger rounds with Africa-focused impact GPs where the combined capital structure exceeds XSML's single-deal limit.
Does XSML have a philanthropic or foundation arm?
XSML does not operate a separate philanthropic foundation. The firm's impact thesis is embedded within its commercial fund structure โ it measures and reports on job creation, local procurement, and tax revenue generation as core portfolio KPIs rather than through a parallel grant-making entity.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on asset managers?
Altss delivers:
Prefer a guided tour?
Weโll walk you through: