Governance, oversight, and accountability

Fund Management Agreement

Oakstone Capital manages Africa Renaissance Investment Fund under a formal Fund Management Agreement (FMA). The FMA defines OAC's responsibilities, accountability framework, fee structure, reporting obligations, and the basis on which it can be replaced if it fails to meet its obligations.

Investment Committee

Every investment and SPV deployment requires Investment Committee approval before capital is committed. The IC reviews:

• Investment recommendation prepared by the OAC investment team
• Technical, legal, financial, and ESG due diligence findings
• Risk rating against fund policy
• Capital structure and co-investor terms
• Alignment with fund mandate and LP requirements

IC member names and quorum/voting rules will be added when approved for disclosure.

Board oversight

Arifund's Board provides independent oversight of the fund manager's activities, reviews financial performance, and acts in the interest of investors. The Board meets quarterly as a minimum.

Board member names and short backgrounds will be added when approved for disclosure.

ESG and DFI compliance

Arifund applies ESG screening at the point of origination for all potential investments. Projects are assessed against:

• IFC Performance Standards (the benchmark used by the majority of DFI co-investors)
• International exclusion lists — Arifund will not invest in activities on OECD or IFC exclusion lists
• Environmental impact — physical climate risk and transition risk assessed at SPV level
• Social impact — employment creation, community engagement, and gender considerations
• Governance — each SPV maintains its own board, accounts, and audit function

ESG metrics are reported to investors quarterly alongside financial performance data. Arifund does not use aggressive tax structuring and maintains full tax transparency across all jurisdictions in which it operates.

NAV and valuation

Net Asset Value (NAV) is calculated quarterly as a minimum, and monthly for management purposes. The methodology applies:

• Fair value of investments at each SPV level
• Adjustment for unrealised gains and losses
• Accrued management fees and carry
• Intercompany eliminations at consolidation

Investor capital accounts are maintained at all times, with a full audit trail from capital contribution through deployment to return.

What investors receive

Governance materials are made available to qualified investors under appropriate confidentiality arrangements. The following are typically provided following execution of a non-disclosure agreement:

• Fund Management Agreement (summary)
• Investment Policy Statement
• ESG Policy
• Investor Reporting Template
• NAV Methodology

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