Academic debate on Rwanda has significant thematic gaps, and does not usually make use of a theoretically informed comparative framework. This article addresses one thematic gap – the distinctive approach of the RPF-led regime to political involvement in the private sector of the economy. It does so using the framework of a cross-national study which aims to distinguish between more and less developmental forms of neo-patrimonial politics. The article analyses the RPF's private business operations centred on the holding company known successively as Tri-Star Investments and Crystal Ventures Ltd. These operations are shown to involve the kind of centralized generation and management of economic rents that has distinguished the more developmental regimes of Asia and Africa. The operations of the military investment company Horizon and of the public–private consortium Rwanda Investment Group may be seen in a similar light. With some qualifications, we conclude that Rwanda should be seen as a developmental patrimonial state.