Jerry Parkes on How Injaro Investments Is Transforming Private Equity and Impact Investing in Africa

In this in-depth interview with Marcopolis, Jerry Parkes, CEO of Injaro Investments, discusses how the firm is shaping the landscape of private equity in Ghana and impact investing in Africa through a hands-on, development-driven approach. Founded with the goal of building sustainable African businesses, Injaro Investments is committed to generating social impact and economic value by supporting SMEs across West Africa, particularly in Ghana, Côte d’Ivoire, and Cape Verde.

Parkes explains that the company’s investment philosophy focuses on creating jobs, promoting financial inclusion, and strengthening industries such as agribusiness, education, healthcare, manufacturing, and industrial services. The Injaro Ghana Venture Capital Fund invests in best-in-class African SMEs that have the potential to add value locally and contribute to sustainable development. Typical investments range between $1 million and $2 million, with minority equity stakes (25–45%), emphasizing partnership rather than control.

A key part of Injaro’s impact investment strategy is its hands-on approach to value creation. Beyond providing capital, Injaro helps small and medium-sized enterprises improve governance, management efficiency, and operational performance. Examples include interventions that enhanced productivity in manufacturing plants and assistance with executive recruitment, ensuring that African businesses are positioned for long-term growth and sustainable profitability.

The firm also works closely with international investors and development finance institutions (DFIs), maintaining high standards of transparency, compliance, and reporting. By acting as a bridge between global capital and African opportunities, Injaro Investments attracts funding that fuels SME growth and fosters inclusive economic development across the continent.

Looking ahead, Injaro plans to launch a successor fund to the Injaro Ghana Venture Capital Fund and establish new technology investment funds in Cape Verde and Ghana, focusing on healthtech, edtech, agritech, and other innovations that can enhance quality of life and drive African entrepreneurship. These technology funds aim to support African startups with global market potential, reinforcing Injaro’s role as a catalyst for sustainable growth.

Parkes also shares his vision for mobilizing African pension funds to participate in private equity investments. Since regulatory reforms now allow such participation, Injaro is working to educate and engage institutional investors so that local capital can power Africa’s growth instead of over-reliance on foreign funds. The long-term goal is to see cross-border private equity investments among African markets, creating a self-sustaining investment ecosystem.

What is your core Investment philosophy and how do you differentiate yourself from the other Private equity and Impact investment firms that are operating in Africa?

Our investment philosophy is driven primarily by a desire to help develop the economy of Africa and to create employment opportunities for as many people as possible. The philosophy is fundamentally developmental. We look for industries that have the capacity to add or create value locally, as well as generate employment.

Our philosophy, as described on our website, is about building sustainable African businesses that create both social and economic value. When we look across the continent, there are still many basic services that are not fully available or accessible to the general public. Sectors such as healthcare, education, good quality food, agribusiness, financial inclusion, manufacturing, and industrial services remain underdeveloped. We aim to invest in these areas by targeting best-in-class companies within each sector during the period in which we hold those investments.

Another key element of our philosophy is the belief that value must be created before it can be distributed. We do not enter an investment expecting it to generate returns automatically. Instead, we identify what aspects of the business can be improved, quantify how those improvements will translate into value, and then work closely with the company’s management to implement them.

In summary, our approach focuses on promoting development, targeting best-in-class companies, and recognising that value creation must precede value extraction and distribution to investors.

How do you support small and medium-sized enterprises beyond providing capital?

Every business has growth targets and operates within a macroeconomic environment that presents both challenges and opportunities. Many businesses face similar challenges, such as human resources constraints, raising capital, and accessing quality clients.

When we invest in a small or medium-sized business, we begin by identifying gaps in execution and then work with management to address them. For example, in one company, we carried out a very practical intervention by flying in engineers from the manufacturing firm in Switzerland to repair equipment that had been purchased but was not being properly utilised. The engineers not only repaired the machinery but also provided guidance on optimal spare part order quantities and created instructional videos for basic maintenance. This single improvement reduced plant downtime from approximately 30%to about 2%. The increased uptime led to higher capacity utilisation, which translated into improved profitability.

In other instances, we have assisted companies in recruiting high-quality senior management, addressing one of the most persistent challenges in the human resources space. In one particular case, we worked with a company for about eight months to identify and appoint a new Chief Executive Officer to drive its strategic objectives.

We also leverage our personal and professional networks to support our portfolio companies in entering new markets, resolving regulatory challenges, and addressing client-related issues. Our goal is to provide hands-on, practical support that strengthens their operations, enhances performance, and positions them for sustainable growth.

What current and upcoming initiatives are you working on?

Injaro is a regional operator with operations in Ghana, Côte d’Ivoire, and Cape Verde, and a representation in Nairobi. In Ghana, we manage the Injaro Ghana Venture Capital Fund, a multi-sector SME fund that invests in healthcare, education, agribusiness, financial inclusion, manufacturing, and industrial services. The fund is currently closed, with investors already identified, and we are in the process of deploying capital.

This fund has investments in companies such as Zeepay, Cofat Technologies, and DDP, as well as an investment in Côte d’Ivoire called NME. We plan to complete the portfolio with two or three additional investments. By 2026, we expect to raise a successor fund to this first fund.

In addition, we manage a fund in Cape Verde in partnership with the Cape Verdean government. It is also a multi-sector fund, very similar to the Ghanaian one. Following the success of this partnership, we have another fund in the pipeline, which I cannot announce publicly at the moment. This new fund will also be in partnership with the Cape Verdean government and an international development finance institution, focusing on technology investment in Cape Verde.

In Ghana, alongside the successor fund to the Injaro Ghana Venture Capital Fund, we are also designing another potential technology fund, which remains in the early stages of development. These initiatives form the core of our pipeline for 2026.

When we refer to technology, this encompasses solutions that enhance quality of life across various sectors. It may include health technology, education technology, or innovations in transport, as well as technology developed in Africa that can serve global markets. We encourage African entrepreneurs to be ambitious and to build products with international potential.

What is your typical investment size and equity stake in portfolio companies?

For the Injaro Ghana Venture Capital Fund, our investments range between $500,000 and $3,000,000. However, the most typical investment amount is between $1,000,000 and $2,000,000

In terms of equity stake, we target minority holdings usually between 25%and 45% depending on the nature and capital requirements of the business. Our approach is to partner with existing founders and management teams rather than to take control positions.

We view our role as helping to build value in these companies through governance support, financial discipline, strategic direction, and by unlocking growth opportunities that may not have been previously accessible.

How do you identify and select the companies you invest in? What is your due diligence process like?

Our investment selection process begins with identifying sectors that align with our core philosophy of creating jobs and generating sustainable economic growth in Africa. Within those sectors, we look for businesses that have strong management teams, proven business models, and clear growth potential.

Once a company meets these initial criteria, we undertake a rigorous due diligence process. This includes financial analysis, legal review, market assessment, and environmental and social impact evaluation. We also assess governance structures and operational efficiency to ensure the company is well-positioned for long-term success.

Beyond the numbers, we seek alignment with the founders’ vision and commitment. We only invest when we are confident that the partnership will deliver both financial returns and measurable social impact.

How do you approach value creation and exits in your investments?

Our approach to value creation is hands-on. Once we invest, we work closely with the management team to identify specific areas for operational improvement. This may include enhancing governance structures, improving financial reporting, implementing better operational systems, or supporting expansion into new markets.

We believe that value must be created before it can be distributed. Therefore, we do not expect immediate returns. Instead, we focus on measurable improvements that translate into long-term value for the company and, ultimately, for our investors.

When it comes to exits, our strategy depends on the nature of the investment and market conditions. We typically aim for exits that ensure the sustainability of the business while providing a fair return to our investors.

How do you engage with international investors and development finance institutions (DFIs)?

We maintain strong relationships with international investors and DFIs, as they have been instrumental in supporting the growth of our funds. Many of our investors come from these institutions, and we work to ensure that our operations meet their stringent governance and compliance standards.

Our engagement is built on transparency and alignment of objectives. We provide regular updates, financial reports, and impact assessments to demonstrate both financial performance and social impact. We also see ourselves as a bridge between international capital and African opportunities.

Through these relationships, we continue to attract capital that contributes to the growth of small and medium-sized enterprises across the continent.

How do you see Injaro developing over the next three years?

Everything we do is aimed at creating a positive impact on the ecosystem in which we operate. When we established Injaro in 2009, it was not possible for Ghanaian pension funds to invest in private equity because the laws did not permit investments in alternative asset classes.

By 2017–2018, the regulations changed to allow such investments, but the pension funds remained hesitant because they did not fully understand the asset class. At Injaro, we saw our role as that of a catalyst to open up the market by creating awareness and educating pension funds on what is possible within private equity.

We have spent considerable time engaging pension funds, building their understanding, and, through our early funds, demonstrating financial performance that encourages greater participation.

In the medium term, our objective is for about 10%of Ghana’s pension assets to be invested in private equity, including funds managed by Injaro. Consistent with Ghana’s reputation as a leader within Africa, we hope that once this model succeeds here, others in Nigeria, Kenya, and beyond will follow, investing local capital into their own economies through private equity.

Ultimately, we envision a future where pension funds across the continent can invest cross-border into each other’s markets, building a stronger African investment ecosystem driven by domestic capital rather than over-reliance on foreign funds.

How do you compete with other funds, and what makes Injaro different?

Although there are several players in the market, the demand for capital far exceeds the supply, so competition is limited. However, that does not stop us from maintaining the highest professional standards in everything we do.

Before establishing Injaro, I worked in London as an investment banker and a principal investor. From the beginning, my goal was to ensure that operating in Africa would never mean compromising on quality. Therefore, every aspect of our work from analysis and documentation to compliance and execution is held to global best-practice standards.

We also invest heavily in developing our people. Many of our team members are graduates from Ghanaian universities who, within a few years, become highly sought after by international firms. Although that can create a retention challenge, it is also a source of pride because it reflects the strength of our training and the calibre of our professionals.

Finally, we never rest on our achievements. We continuously look for ways to improve, knowing that competition is always advancing. This commitment to excellence, talent development, and continuous improvement defines Injaro’s competitive edge.

What would you say is your personal philosophy in life?

My philosophy is rooted in the belief that I was placed in Africa for a purpose. The fact that I was born on this continent gives me an obligation to dedicate my life to contributing to its development. It is not that I could not work elsewhere, but I believe Africa needs my skills and experience the most.

Therefore, my mission is to do everything within my ability to help make Africa a better place through building businesses, creating opportunities, and supporting sustainable economic growth.