This case is an epilogue to "Wilderness Safaris: Impact Investing and Ecotourism Conservation in Africa" (2-321-020), which ends with the emergence of the pandemic in March 2020. The final discussion area for that case can be "What should Wilderness Safari CEO Keith Vincent do to confront the challenges of the pandemic?" This case documents, in the CEO's own words, what actions and plans Vincent and the company had taken or formulated as of July 2020. The areas covered are: Governance and Decision Making, Cash Management, People, Communities, Travel Agencies and Customers, Conservation, Reopening, and Investor Reactions and Future Projects. The case is only five pages, so it could be used as an in-class handout after the discussion of the previous case, with the follow-up class discussion taking place then, if sufficient time is available, or in the subsequent class. The focus of the discussion is on the students' analysis and evaluation of Vincent's actions and plans. The case particularly offers learning opportunities for risk assessment, leadership, and management in crisis situations.

In 2018 the majority ownership of publicly owned Wilderness Safaris, the leading high-end ecotourism company in Africa with safari operations in eight countries, was acquired by The Rise Fund, one of the world's largest private social impact investing funds, and by FS Investors, a private equity investment firm. This is a follow-on case to "Wilderness Safaris: Ecotourism Entrepreneurship," (HBS No. 9-318-040) which focuses on the company's origins, growth, and distinctive 4C business model based on Commerce, Conservation, Community, and Culture. The two cases can be used sequentially or independently. The current case provides an opportunity to examine the investment rationale of the impact funds and their methodology for measuring and assessing nonfinancial impact variables, such as avoided deforestation and the social cost and pricing of averted carbon emissions. Changes and effects in governance resulting from the buy-out and the subsequent taking the firm private are presented. The case poses strategic investment decisions in Rwanda and Angola, which is the source of the Okavango Delta and the second largest forested region of the world. Questions of business decision making based on the preservation of natural capital and the management of the region's protected areas are reviewed. It ends with the challenges from the emergence of the COVID 19 pandemic in March 2020.

Wilderness Safaris sees itself as a conservation company that is built on a business model of providing high-end, premium-priced wildlife safaris in various locations in Africa. Dependent on functioning, healthy ecosystems for its long-term survivability as a business, it invests heavily in conservation efforts, both directly, with communities and governments, and with partners and competitors. It may be reaching saturation of the high-cost, high-priced, low-volume, luxury travel product in its existing locations, so to continue its growth it is now trying to expand into East Africa, where the traditional safari approach by most providers has been a high-volume, low-cost, low-priced product. As a publicly- listed company, can Wilderness Safaris find a sustainable growth path that will allow it to profitably expand its business and meet its shareholder's interests while still achieving its priority purposes of protecting and investing in the ecosystems and communities on which its services are based?