Track record
One signed US$1 billion partnership, four projects in active development and two early-stage leads. Projects are described by role, sector, country, stage and size band; counterparties are named only with their permission. Figures as of October 2026, refreshed quarterly.
Projects in active development
Active · 2026
Sponsor and lead adviser (Kenya)
Sector: Infrastructure and housing; pooled investment vehicle
Country: Kenya
Stage: 1 · Identification and sharing
Size band: US$1bn (proposed fund size)
Status: EOI and concept note submitted to the National Treasury, September 2026
Client: confidential
Active · 2026
Adviser to consortium lead
Sector: Transport: toll-road PPP, DBFOM
Country: Tanzania
Stage: 1 · Identification and sharing
Size band: US$300m to US$500m
Status: Expression of interest prepared for the government counterparty
Client: confidential
Active · 2026
Adviser to consortium lead
Sector: Hospitality: airport four-star hotel, DBFOMT
Country: Tanzania
Stage: 1 · Identification and sharing
Size band: US$20m to US$50m
Status: Expression of interest prepared; operator and contractor sought
Client: confidential
Active · 2026
Adviser to consortium lead
Sector: Real estate: airport commercial complex, DBFOM
Country: Tanzania
Stage: 1 · Identification and sharing
Size band: US$20m to US$50m
Status: Expression of interest prepared; developer-operator sought
Client: confidential
Early stage
Facilitator
Sector: Mining and mineral beneficiation
Country: Kenya
Stage: 0 · Lead
Size band: Not yet sized
Status: Concept stage; technical partner sought
Client: confidential
Early stage
Facilitator
Sector: Agri-processing with export offtake
Country: Kenya
Stage: 0 · Lead
Size band: Not yet sized
Status: Concept stage; offtaker sought
Client: confidential
Case study: US$1 billion investment partnership, Zimbabwe, 2018
The ask
Hondius Capital Management, a New York investment firm, wanted a government counterparty and a bankable route into Zimbabwe’s mining and infrastructure pipeline. The Infrastructure Development Bank of Zimbabwe (IDBZ) wanted long-term private capital for its project pipeline without a new sovereign borrowing.
Ephesus’s role
Lead Zimbabwe adviser. We introduced the parties, prepared the government side for the investor’s questions, coordinated the negotiation sequence and organised the investor team’s due-diligence visit to Zimbabwe, working alongside the fund manager and its institutional investor partners.
The process
High-level negotiations involving the Office of the President and Cabinet, the Ministry of Finance and Economic Development, IDBZ and the One-Stop Investment Services Centre, followed by a New York due-diligence round and the investor delegation’s visit to Harare.
The outcome
A US$1 billion investment partnership between Hondius Capital Management and IDBZ, signed in 2018 to mobilise funding for mining and infrastructure development projects.
Basis of the headline figures
- US$1bn investment partnership supported to signature: the 2018 Hondius Capital–IDBZ agreement described above.
- 4 projects in active development: the Kenya fund and the three Tanzania concessions in the grid, each with an expression of interest submitted or prepared.
- c. US$1.4bn indicative capital value: the sum of the proposed fund size and the three Tanzania projects’ study-basis costs (about US$330m, US$22m and US$25m). Indicative; not a measure of funds raised or committed.
- 3 markets: Kenya and Tanzania (current projects) and Zimbabwe (2018 partnership and company registration).
Ephesus is not a fund manager or placement agent and does not report assets under management. Figures are reviewed quarterly against a single site-facts record.
Sectors and markets
See the sector groups we work in and the countries of current work.
