Across the Karoo, orchards are expanding, farmers are committing to new plantings, and what was once considered a niche crop is becoming a credible agricultural opportunity.
Much has been said about the potential of this industry. What is less often explored is what it takes to turn that potential into progress.
Because opportunities like this don’t develop on their own. They require capital that is structured to enable growth, not constrain it.
Our partnership with Karoo Pistachios began six years ago, when the fundamentals were clear but the path forward required careful structuring.
The region was right. The demand was there. The expertise existed. The challenge was aligning funding with the realities of the asset.
Pistachio orchards take years to mature, with capital committed long before returns are realised, and traditional funding models are not built for that kind of timeline.
So we approached it differently. We designed a solution around the operation, not the other way around.
That approach is grounded in how we think about Private Capital.
It is relationship-driven, supported by accessibility, shaped by deep asset specialisation, and delivered with a focus on execution excellence.
In practice, that has meant working closely with Karoo Pistachios over time. Warren Winchester and his team have remained actively involved, ensuring that decisions are informed by both financial insight and operational reality.
Many of our team members come from farming backgrounds, which means our understanding of the risk - and the opportunity - is rooted in lived experience, not theory.
As David Muller puts it:
“What Fedgroup does differently is that they don’t try to force us into a funding model that doesn’t work for our operation. The solution is flexible, and the relationship is collaborative. We’re constantly engaging, solving problems together, and finding ways to strengthen the business over time.”
Over time, that partnership has helped move Karoo Pistachios beyond a single operation and into something with broader industry relevance.
A clear example was the Karoo Pistachios Outgrowers Conference in February 2026.
The goal was to secure commitments for 2 000 hectares of new plantings over three years. The response was overwhelmingly positive, with strong farmer interest and, with commitments to plant more than half of the initial target already in place, this project is on track to exceed the three-year target by 2027.
This kind of uptake reflects confidence, not just in the crop, but in the structure supporting it.
Projects like this can take decades to fully develop.
What this partnership has shown is that, with the right funding approach, that timeline can be meaningfully reduced. Not by cutting corners, but by aligning capital with the lifecycle of the asset and moving with speed where it matters.
The flexibility of our solution, combined with efficient execution, has helped unlock this opportunity and significantly accelerate deployment timelines.
Our role has extended beyond funding.
By funding the establishment of a sapling nursery, we ensure that farmers entering the industry have access to high-quality trees and the right varietals, setting a strong foundation for long-term success.
This reflects our broader philosophy. We focus on real assets, remain closely involved, and prioritise solutions that work in practice.
South Africa’s pistachio industry is still young, but the foundations are in place.
What we have seen so far reinforces the opportunity that can be unlocked by combining the skills of an operational partner that understands their asset and a funding partner that understands both the opportunity and the realities of execution.
That’s how you unlock long-term value.
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