Proposed Fund I — a US LP-style term sheet.
Dark Pools Africa Opportunities Fund I, LP — a Delaware limited partnership with a Cayman feeder for non-US LPs. Terms below are proposed and subject to definitive documentation.
Where the return actually sits.
The pooled fund targets a 2.0–2.5× net MOIC — 18–24% net IRR. But that is the blended, after-fee figure. The single-asset deals beneath it aim higher: processing co-investments at 20–28%, concession SPVs at 18–25%.
Indicative target net IRR (USD), per the proposed vehicle terms. Single-asset co-investments into processing and concessions target the highest returns; the pooled Fund I blends those with lower-risk credit and trade finance, landing at 18–24% net after fees and carry. Forward-looking and not guaranteed.
The term sheet.
- Fund name
- Dark Pools Africa Opportunities Fund I, LP (proposed)
- Fund vehicle
- Delaware limited partnership (Cayman feeder for non-US LPs)
- General Partner
- Dark Pools Africa GP, LLC (Delaware)
- Investment Manager
- Dark Pools SA (Pty) Ltd — sub-advised by Sable Bridge Capital
- Target fund size
- USD 50,000,000 (hard cap USD 75,000,000)
- Minimum LP commitment
- USD 1,000,000 (waived at GP discretion for strategic LPs)
- GP commitment
- Not less than 2.0% of total commitments
- Management fee
- 2.0% on commitments during investment period; 2.0% on NAV thereafter
- Carried interest
- 20% over an 8% preferred return, with 100% GP catch-up
- Distribution model
- European-style waterfall — fund-level, fully cross-collateralised
- Investment period
- 5 years from final close
- Fund life
- 10 years, with two 1-year extensions at GP discretion (LPAC consent)
- LP Advisory Committee
- 5 members drawn from largest LPs · governs conflicts, key man, valuation
- Reporting
- Audited annual financials (IFRS) · quarterly unaudited NAV · annual LP meeting
- Governing law
- State of Delaware (LPA); New York (subscription)
How returns flow to LPs and the GP.
A European-style waterfall with full GP catch-up. Select a stage to see how proceeds are allocated between limited and general partners.
USD 10M LP commitment, fully drawn, full return at 2.2x gross
- Return of capitalUSD 10.0M→ LP
- Preferred return @ 8% over 5yUSD 4.7M→ LP
- GP catch-upUSD 1.2M→ GP
- Carry split (80/20)USD 4.9M / 1.2M→ LP / GP
Total to LP ≈ USD 19.6M (1.96x net)
Applied at the proposed Fund I (US LP) level; SPV-level economics governed by per-deal documentation.
How investor capital is structured into assets.
| # | Vehicle | Hosted at | Target Net IRR | Tenor | Liquidity |
|---|---|---|---|---|---|
| 01 | Concession Acquisition SPV | Dark Pools SA | 18 – 25% | 5 – 7 yr | Tied to exit |
| 02 | Processing JV Co-Investment | Dark Pools SA | 20 – 28% | 5 + 1 yr | Operating exit |
| 03 | Mezzanine & Senior Debt | Dark Pools SA | 12 – 16% | 18 – 60 mo | Coupon + amort |
| 04 | Trade Finance Facility | Dark Pools SA | 9 – 13% | 60 – 180 d | Self-liquidating |
| 05 | Sable Bridge Advisory Mandates | Sable Bridge ZW | Fee-based | Project | N/A |
| 06 | Dark Pools Africa Fund I, LP | Delaware LP (proposed) | 18 – 24% | 10 + 2 yr | Distributions |
All capital-bearing vehicles are hosted at the South African layer. Sable Bridge Capital operates exclusively as origination and advisory.