South Africa's agrarian and corporate capital presently invest in agriculture in 28 African countries, through the export of its farmers, upstream and downstream agribusiness, and technical and managerial expertise. These investments are often supported by the South African government, through bilateral investment treaties and preferential trade agreements. Based on extensive empirical work, the paper presents different models according to which South Africa is conquering the agricultural sector on the continent, arguing that there is no “single South African model”. It also assesses the dynamics and evolution of these investments, detailing their high number of failures, their need to integrate vertically and how a more organised momentum is presently structuring. Although it seems that South African presence on the continent is there to endure, the paper questions its broad and effective implications for Africa's agrarian transformation.