# XSML

XSML is an Asset Manager based in Amsterdam, Netherlands.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Amsterdam, Netherlands
- **Region:** Europe
- **Address:** Amsterdam, Netherlands
- **Founded:** 2008
- **Assets under management:** Undisclosed
- **Website:** www.xsmlcapital.com
- **LinkedIn:** https://www.linkedin.com/company/xsml

## Regulatory record

- **Reports private funds:** No

## About

𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝗶𝗻 𝗘𝗻𝘁𝗿𝗲𝗽𝗿𝗲𝗻𝗲𝘂𝗿𝘀 𝘁𝗼 𝗦𝗰𝗮𝗹𝗲 𝗧𝗵𝗲𝗶𝗿 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀𝗲𝘀 XSML Capital is now investing through our fourth fund, African Rivers Fund IV, providing tailored debt, equity, and mezzanine financing — plus hands-on support — to enable SMEs to scale in Angola, the DRC, Kenya, Uganda, and Zambia. Since 2010, we’ve invested in around 100 companies, delivering strong returns for investors while driving job creation and expanding access to goods and services in underserved markets. 𝗙𝗶𝗹𝗹𝗶𝗻𝗴 𝘁𝗵𝗲 𝗖𝗿𝗲𝗱𝗶𝘁 𝗚𝗮𝗽 Small and medium-sized enterprises (SMEs) are the backbone of economies worldwide — 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. 𝗟𝗼𝗰𝗮𝗹 𝗣𝗿𝗲𝘀𝗲𝗻𝗰𝗲, 𝗥𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗥𝗲𝗮𝗰𝗵 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. 𝗔 𝗨𝗻𝗶𝗾𝘂𝗲 𝗠𝗮𝗿𝗸𝗲𝘁 𝗣𝗼𝘀𝗶𝘁𝗶𝗼𝗻 We combine debt, equity, and mezzanine solutions to meet each company’s needs, often filling a gap for investments between US$ 300k and 10m. ESG standards, sustainability support, and gender equality are central to our approach. 𝗣𝗿𝗼𝘃𝗲𝗻 𝗜𝗺𝗽𝗮𝗰𝘁 𝗮𝗻𝗱 𝗦𝘁𝗿𝗼𝗻𝗴 𝗥𝗲𝘁𝘂𝗿𝗻𝘀 Since 2010, we have invested in around 100 enterprises, building deep market knowledge, sourcing the best opportunities, and staying close to our investments — 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

## Sectors

- Enterprise Software
- Financial Services
- Healthcare Services
- AgriTech & FoodTech
- Energy Transition & Renewables

## Offices

- Kampala, Uganda
- Kinshasa, DRC

## People

- Jarl Heijstee — Managing Partner
- Barthout van Slingelandt — Managing Partner

## 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.

### 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 — businesses too small for traditional private equity but too large or complex for microfinance lenders.

## Related profiles

- [X/Seed Capital](https://altss.com/profile/x-seed-capital)
- [Xsolla Funding Club](https://altss.com/profile/xsolla-funding-club)

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

Canonical page: https://altss.com/profile/xsml

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