Mauritius has a long history as Africa’s leading fund management location; but what happened when we brought the Fund Manager Masterclass to Mauritius?
By: Chris Rangen
“I had no idea about venture capital funds when we started”, said one of the participants, reflecting on the immense progress made in just three days. As the winning team, they had just managed, not just one, but two funds to outlier returns in the Fund Manager! Masterclass, the first ever in Mauritius
Rewind back to 10 months earlier. It was a completely random meeting. In Cape Town, at the Visa accelerator demo day. I had never expected to run into Fabrice, GP and founder of Equitable Ventures. But here we were. We got talking. Caught up. “We should bring the Fund Manager! Masterclass to Mauritius”, we agreed. “What happens if we bring 20+ GPs, investors, LPs, ecosystem developers, fund administrators and future fund management talent together for a true venture capital deep dive?”, we asked. “What happens if we put some serious energy into exploring the potential of Mauritius’ venture ecosystem?”
The Challenge
Mauritius faces unique challenges in developing its venture capital ecosystem. As a small island nation with a population of just 1.3 million, the country has long served as a back-office financial hub for Africa and Asia. However, the VC ecosystem remained underdeveloped, with limited local funds, a shallow knowledge base, and few opportunities for aspiring fund managers to gain practical experience.
While Mauritius has successfully positioned itself as a gateway to African and Asian markets, most of this activity centered on fund administration and regulatory services rather than actual venture capital investment and management. The talent was there, the infrastructure was in place, but the practical expertise and networks needed to build world-class VC funds were missing.
The Solution
What if we could find a way to accelerate the long-term development of the ecosystem? What if we kickstarted strategies, networks, and expertise with the Fund Manager! Masterclass in Mauritius?
The VC Fund Manager! Masterclass was just the beginning, but a powerful beginning. Over three intense days, four teams set up four GP companies, raising 8 funds:
• Fun’d Times raised two funds, both early-stage, global tech funds out of Mauritius
• Alumni Ventures, building on their unique networks, raised $630M across two funds, both with global mandates
• Dragon Ventures secured half a billion across two funds to back global tech companies with an African connection
• Horizon Capital went in search of pre-seed to Series B companies with strong tech and global potential, raising $1.2BN to deliver on the 10X return promise they gave their LPs
This could have been in New York, Frankfurt, or Abu Dhabi, but it was in Mauritius. The program was not for Silicon Valley VCs. It was for developing a new generation of LPs, GPs, and ecosystem backers—for Africa, in Africa.
Impact & Outcomes
The Fund Manager! Masterclass in Mauritius delivered transformative results that extended far beyond the three-day program:
• Immediate capability building: Participants moved from “knowing little about venture capital” to confidently managing virtual funds worth billions in DPI (Distributions to Paid-In capital), demonstrating mastery of fund strategy, portfolio construction, LP relations, and exit optimization
• Network development: 20+ ecosystem stakeholders—including GPs, LPs, fund administrators, and aspiring fund managers—built lasting professional relationships that strengthened Mauritius’ position as a venture capital hub
• Strategic positioning: The program demonstrated that Mauritius could serve not just as a back-office for African and Asian funds, but as a home for sophisticated GP teams making high-impact investment decisions
• Knowledge transfer: Participants gained hands-on experience with complex VC concepts including power law dynamics, syndication structures, partial secondary transactions, and long-term portfolio value creation
• Ecosystem confidence: The success of the masterclass validated Mauritius’ potential to develop a full-fledged venture capital ecosystem, moving beyond its traditional role as a financial services hub
“This Masterclass has shown that we have the talent and capabilities to invest in and build high-growth, high-return global companies,” shared one participant, capturing the transformative impact of the program.
Conclusion
The Fund Manager! Masterclass in Mauritius proved that world-class venture capital expertise can be developed anywhere—even in a small island nation thousands of miles from traditional VC hubs. By bringing together ecosystem stakeholders and immersing them in an intensive, simulation-based learning experience, the program demonstrated a scalable model for accelerating VC ecosystem development.
What made this initiative particularly powerful was its focus on practical, hands-on learning rather than pure theory. Participants didn’t just learn about venture capital—they lived it, making real decisions under pressure, experiencing the full lifecycle of fund management, and understanding viscerally what it takes to deliver returns to LPs.
For Mauritius, this represents more than just a successful training program. It’s a strategic step toward repositioning the country from a back-office service provider to a genuine venture capital hub capable of backing the next generation of African and global tech companies. As one participant put it: “Backing vision is building Africa’s future.”
Key Insights
• Simulation-based learning compresses years into days: The Fund Manager! simulation allows participants to experience a 10-15 year fund lifecycle in just three days, providing experiential learning that traditional classroom teaching cannot match
• Geography is no barrier to VC excellence: Small markets like Mauritius can develop sophisticated venture capital capabilities when given the right tools, training, and ecosystem support
• Ecosystem development requires hands-on engagement: Bringing together diverse stakeholders—GPs, LPs, administrators, and aspiring managers—creates network effects that strengthen the entire ecosystem
• Power law dynamics must be experienced, not just taught: Participants gained deep understanding of concepts like portfolio construction and outlier returns by actually living through these dynamics in the simulation
• Africa needs its own VC capacity: Rather than relying on external capital and expertise, developing local VC capabilities ensures that African innovation is backed by investors who understand the context and commitment required
"It's really impressive how the Fund Manager! simulation closely mimics the real life experiences of fund managers in Africa so this session makes up for a great learning experience. The facilitator's experience, particularly their global insights, are a very rich addition to the whole experience. I would highly recommend this training to anyone working in Africa's venture capital ecosystem."- Cikü Mugambi, Investment Director, DOB
Facilitator Notes
Having run over 50 VC Fund Manager Masterclasses, we remain stunned by how much content we can cover in just three days. From fund strategies and portfolio construction, to syndicated deal structures to partial secondary transactions, teams move from “we don’t know much about venture capital” to “wow, look at what we have learned and look at how we have performed”, in just three days.
As we scale this to 10,000+ participants, we believe we will bring a lasting, professional development of the landscape, from LPs, to GPs to key ecosystem partners across Africa and beyond.
“A superb way to learn and build better venture ecosystems” — Scott B. Newton, Facilitator
About the Partners
Equitable Ventures
Equitable Ventures is a venture capital fund based in Mauritius that provides a distinct opportunity to access the most promising early-stage fintech startups in Africa. Founded by Fabrice Boullé, a seasoned intrapreneur and venture capitalist with over 13 years of experience, Equitable Ventures focuses on financial inclusion across the continent.
Fabrice has been an integral part of the African VC ecosystem since its nascent stage in 2017 and is well known among key players. His experience includes founding Compass Venture Capital, leading Katapult’s African investments, and a tenure at MCB Equity Fund. Having evaluated over 2,000 ventures and led investments in 25+ firms, Fabrice’s track record underscores his dedication to enabling growth in Africa’s startups.
Equitable Ventures is entrepreneurs-first, emphasizing strategic focus, customer feedback, and data-driven decisions. The firm provides hands-on guidance to help startups achieve profitability, scalability, and capital efficiency, supported by a network of venture capitalists, entrepreneurs, mentors, and executives.
Simera Training
Simera Ltd is a professional training and consulting organization based in Mauritius, founded in 2013 by Thierry Boullé. Initially focused on Supply Chain Management consulting and training, Simera is registered with the Mauritius Qualifications Authority as a training institution.
In January 2017, Simera expanded to launch Simera Inspired Orators, offering clients a diverse selection of experienced professional speakers tailored to their needs. The organization brings together consultants, speakers, and trainers—both local and international—who are meticulously selected based on their expertise and the specific challenges clients face.
Simera’s mission is to support employees in developing their skills to contribute to company growth, offering programs including team buildings, seminars, corporate events, and professional conferences. As the exclusive representative of APICS (Supply Chain and Operations Management) and The Trusted Agency in Mauritius, Simera provides internationally recognized certifications.
Join us in 2026?
The Fund Manager Masterclass will return to Mauritius in May 2026. Get in touch for details.