We invest in the aspirations of emerging market consumers

Arisaig Partners is an independent, employee-owned, investment management firm established in October 1996.

Long Term

We are long-only investors investing solely in the highest quality dominant consumer franchises in emerging markets. These businesses, which derive revenues from high frequency, low unit price, repeatable transactions, are meeting the daily needs of consumers in some of the world’s largest and fastest growing markets. With their deep competitive moats and asset-light, cash generative business models, these businesses control their own destiny and reward minority shareholders along the way.

Alignment Of Interests

We believe in the alignment of interests between ourselves and our investors: we invest our own capital in our products, cap our funds, decline requests to run segregated mandates and are committed to high levels of disclosure. And we look for alignment between ourselves and our companies’ management teams: we identify businesses that protect minority interests and see ourselves as partners that add value through our insight into consumer trends in emerging markets.


We operate a research-driven, high conviction approach. We run concentrated portfolios of 15-30 stocks and trade infrequently following extensive due diligence. We use in-person and online surveys, as well as web crawling, to assess the strength of brands. We conduct on-the-ground research in off-the-beaten-track communities and hold regular meetings with company management. We think carefully about valuations, but pay little attention to short-term earnings multiples in the knowledge that today’s prices invariably fail to take account of the magnitude of multi-decade growth opportunities. We maintain an almost 2,500 page compendium of analysis on the ten consumer sub-sectors that we follow, and share reports with our investors to show the depth of the research we undertake.

Our Approach

We pride ourselves on being a “boutique with reach”. Our investment team is spread across research offices in Singapore, Hong Kong, Mumbai, Cape Town, Rio de Janeiro and London, and we fully endorse a “boots on the ground” approach. We are not ‘market timers’. Instead we follow closely the consumer businesses that we regard as having the potential to be long term winners. Our single-minded focus means that we have the firepower to research our targets better than anybody else and we have developed a number of proprietary tools to make effective use of technology in our investment process.

Emerging market consumers are, much like their developed world counterparts, aspirational, particularly given the rapid onset of digitalisation and the propensity for emerging countries to ‘leapfrog’ developed market norms. We look for agile, digitally savvy, locally relevant businesses which offer a genuine lifestyle ‘upgrade’ to their consumers.

Given the brand-owning nature of our businesses, the nascent regulatory environment in emerging markets, and the long term nature of our investment horizon, the assessment of Environmental, Social and Governance (“ESG”) issues is particularly important to us. We carry out sustainability assessments on all of our target companies, engage with our holdings to share insights gleaned from our research, and encourage improved disclosure and the adoption of best practices. We see ESG analysis and engagement as integral to our investment process: only those businesses which are generating value in a truly sustainable way will be able to successfully navigate the vast growth runway ahead in the emerging market consumer sector.

We are signatories of the UN PRI and publish our sustainability policies and annual review here.

Performance to 30th June 2019 (%)

Fund NAV
20 yr 15 yr 10 yr 5 yr 3 yr 2 yr 1 yr 6
YTD Since
Arisaig Asia Consumer Fund1



2,854.1 12.5 1,217.9 604.4 373.4 77.1 47.9 24.0 0.8


1.5 1.5 6.1 1,327.3
Arisaig Africa Consumer Fund 11.09 172.0 (0.0)     14.1 (46.9) (14.0) (9.8) (18.5) (2.3) (3.1) (1.9) (2.3) (0.4)
Arisaig Latam Consumer Fund 27.73 165.5 2.3       5.3 16.4 8.2 14.9 14.5 4.3 5.5 14.5 21.1
Arisaig Global Emerging Markets Consumer Fund (BVI)2,4 12.07 1,080.3 3.6       16.8 17.0 11.4 4.3 13.8 3.0 2.7 13.8 21.2
Fund NAV
20 yr 15 yr 10 yr 5 yr 3 yr 2 yr 1 yr 6
YTD Since
Arisaig Global Emerging Markets Consumer Fund (UCITS)2,3   48.7                          
- EUR Share Class4 13.71   6.7       37.4 14.1 11.8 7.5 15.5 2.2 0.5 15.5 43.0
- GBP Share Class4 15.56   8.4       53.0


13.8 8.7 15.1 6.1 1.7 15.1 55.6

1 Reflects the performance of Arisaig Asian Small Companies Fund from 31st December 1996 to 21st January 2000, Arisaig Asia Fund from 22nd January 2000 to 31st March 2010 and thereafter the performance of Arisaig Asia Consumer Fund.

2 The offshore version of the Fund was launched to third party investors on 16th September 2013 and the UCITS (EUR) version on 4th November 2013. The additional GBP share class for the UCITS Fund was launched on 16th December 2013.

3 The EUR AUM of the AGEMCF UCITS reflects both the EUR and GBP share classes of the Fund.

4 Performance is measured from an effective launch date of 1st January 2014 for AGEMCF BVI, UCITS (EUR) and UCITS (GBP) for consistency.


Our Team

The firm’s Management Committee run the business of just under 50 staff, including 30 investment professionals. The three Founders, who started the business in 1996, oversee the investment process.

Rebecca Lewis

Managing Partner

Chua Chee Seng

CFO, Partner

Hugo Robinson

Head of Global Research, Partner

Gordon Yeo

Head of Asia Research

Francis Harcus

Head of Africa Research

Alice Townshend

Head of Latin America Research

David Lanning

Head of Thematic Research