Opportunity set

INOKS Capital enables investors to capture sustained value from a combination of strategic and tactical market opportunities:

  • World population is increasing
  • Food prices tend to rise for essentials
  • Big financing gap to reach SDGs Goals
  • Limited fertile and usable land for agriculture production
  • Traditional “financiers” are capital constraint
  • Selected EM countries are world leaders in the production of Agri products (i.e. Brazil No 1 producer for Soybeans or Ivory Coast No 1 producer of Cocoa).




  • The strategy focuses on Agri/Food transactions which are profiting from inelastic demand characteristics and serving people’s basic nutritious needs (wheat, corn, rice, cocoa, sugar, vegoils, etc.).

Fodder Crops, Fresh Produce, Grains, API Bio Pharma, Crop Inputs, Meat, Oilseeds and By-Products, Processed Food, Softs Edible, Soft Non-Edible

  • Facilities are structured according to a specific funding rationale matching the natural cash cycle of the activity. Financing agreement is entered only if several steps are financed.

  • The strategy is non-directional and seeks to mitigate market and non-market risks with mitigants and transfers overlays. This is coupled with direct top-down research driven sourcing, hands-on pre-investment due diligence and post-investment transaction monitoring.

  • INOKS Capital invests (i) responsibly by seeking its investments’ ESG compliance with IFC Performance Standards, (ii) and impactfully by aiming at positive externalities along 4 Impact Themes covering 6 Sustainable Development Goals (https://www.inokscapital.ch/impact-at-inoks/).

  • This unique unleveraged approach targets resilient, low volatile and uncorrelated returns. It is thus an attractive tool for enhanced portfolio diversification and stabilization within a well-balanced portfolio.


Underlying Business & Financing Transaction

Business: Rice Processing

Country: Ivory Coast

Financing Transaction:

  • The funding supports the purchase of paddy rice from local farmers and/or co-operatives in Ivory Coast, the storage and processing of raw materials, as well as distribution and sales of retail goods to local buyers.

Key Criteria/Terms

  • USD7.5M Exposure
  • 360 days maximum commitment
  • 12% Gross Margin
  • 120% Cover Ratio
  • Payment of COGS (i.e. cost of producing to delivery) as and when occurring in the value chain
  • Commodity Price and FX risk mitigated (not directional)

Risk Management Toolset (amongst other)

  • Independent Collateral Monitoring/Management Company
  • Crops are pre-sold
  • Collateral package of fixed assets, crops, inventories and resulting assigned receivables under the direct control of the Fund
  • Insurances used to protect the crops (weather/peril) and the assets (fixed asset and Inventory) amongst other risk transfers (theft, war, riot, social unrest, etc..)

Impact Targets

  • Improve local Ivorian rice availability
  • Boost local transformation
  • Contribute to the creation of 80 cooperatives with approximately 50,000 farmers
  • Multiply farmers’ yields by 2.5
  • Support 4 rice facilities employing 320 factory workers
  • Achieve 88,000 MT paddy rice processed and sold locally
  • Improve access to seeds and inputs
  • Increase the adoption of modern agriculture and irrigation techniques
  • Reduce manual labour through mechanisation
  • Provide training for smallholder farmers
  • Sell half of its rice volumes to 30 women-led cooperatives which manage the distribution of rice to school canteens
  • Reduce child hunger at school and deschooling, improve school success, child health and reduce inequalities