Mutapa Investment Fund Assets Valued At US$16 Billion - Mangudya
Zimbabwe’s sovereign wealth fund, the Mutapa Investment Fund (MIF), manages assets valued at US$16 billion, according to CEO John Mangudya.
According to the International Forum of Sovereign Wealth Funds, which monitors such funds globally, Ethiopian Investment Holdings is Africa’s largest sovereign wealth fund, with assets under management of US$150 billion.
The Ethiopian fund holds over 30 state companies, including flagship enterprises such as Ethiopian Airlines and Ethio Telecom.
In an interview with The Sunday Mail, Mangudya said that MIF completed a “comprehensive diagnostic assessment” of its portfolio which established that as of the end of June 2024, the market value of the assets managed by the fund stood at US$16 billion. He said:
The Mutapa Investment Fund has been able to undertake a comprehensive diagnostic assessment of all the portfolio companies under its ambit over the past five months.
On the basis of the assessment, the fund came up with six clusters of these entities for ease of management and for tracking performance.
The Mutapa Investment Fund holds state-owned interests across various sectors, including mining, agriculture, ICT, transport, banking, real estate, energy, and trading.
Companies under the Mutapa umbrella include the National Railways of Zimbabwe, Air Zimbabwe, TelOne, Cottco, and Defold Mine, which now oversees mining assets previously managed by the Zimbabwe Mining Development Corporation.
MIF controls key entities such as the National Oil Company of Zimbabwe, Petrotrade, POSB, ZESA, Fidelity (the country’s sole gold refinery), the Zimbabwe Power Company, PowerTel, Allied Timbers, Telecel, and Hwange Colliery.
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