FM Yearbook

Transcription

FM Yearbook

Financial Mail Page 1 -07/06/2013 12:25:44 PM
Financial Mail Page 2 -07/06/2013 03:12:59 PM hhh
Contents
Foreword
By Savca CEO Erika van der Merwe .................
5
A review of the industry
Latest developments in private equity.................
6-16
Profiles
Giants of SA’s private equity sector .................. 18-27
Savca member matrix
An outline of Savca member firms ..................... 28-33
Profiles
Continuation of SA’s sector giants .................... 34-124
Savca associate members
Brief profiles on what these firms offer ............. 125-142
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Savca Yearbook 2013
3
FINANCIAL MAIL • June • 2013
IDC – financing South African innovation
The IDC’s Venture Capital Strategic Business Unit (SBU)
manages a R750 million fund providing equity funding
to start-up companies for the development of globally
unique South African Intellectual Property (IP) – this
being the key criteria for any application.
The funding provided by the SBU facilitates completion
of the development, followed by the commercialisation
of technology-rich products. These innovations and
inventions most often stem from academic researchers
who have developed their work to a point where they
have a desire to become entrepreneurs; and innovators
or inventors who want to move from tinkering with
their ideas and prototypes in their backyards to fully
commercialised businesses.
Chillibush9928IDC
The critical investment criterion for all Venture Capital
projects is that the IP must be owned by the company
and if not patentable, the product needs to provide a
sustainable competitive advantage. The unit’s mandate
allows for investment in projects across all industries,
leading to sectoral growth and job creation. Recent
South African inventions and innovations in the
electronics, ICT, medical device and biotechnology
sectors have proven particularly successful.
Telephone: 086 069 3888
Email: [email protected]
To apply online for funding of R1 million or more go to www.idc.co.za
Funding for a project can reach a maximum of R40 million
over several years, with the initial investment limited
to R15 million. The IDC takes a minority shareholding
of between 25% and 50% depending on the SBU’s
valuation of the business and the amount of funding
required. The start-ups stand to benefit from the further
strategic support, guidance and advice provided
through a partnership relationship with the IDC.
Funding is provided in the form of ordinary shares and
shareholder loans. There is no stipulated investment
period, but the SBU’s objective is to achieve an exit
opportunity within a reasonable time frame.
Through its investments, the Venture Capital SBU plays
a proactive role in driving industrial development in
South Africa, having a meaningful impact through the
development of new entrepreneurs and shifting the
focus from large companies to SMEs. This is achieved
through sustainablee de
development of more knowledgeintensive industries
dustri for long-term growth and job
creation
on as prioritised in the Government’s New Growth
Path
ath (NGP). The unit continues to be a proactive, valueadding partner to its clients, capable of producing huge
development returns to the benefit of South Africa’s
ec
Foreword
S
A’s private equity fund
managers are returning to the
fundraising trail to top up their
buying power, with steady deal flow
testifying to attractive opportunities in
the domestic and regional market.
Successful capital raising by iconic
brands such as Ethos Private Equity
and Metier has set the tone for the rest
of the industry.
This is also an indication of
improved global and local financial
market sentiment — as well as
confidence in the compelling returns
offered by the SA private equity
market.
The US$800m raised for Ethos Fund
VI was well above targeted levels. And
the Lereko Metier Sustainable Capital
Fund — whose final fund close is
imminent — is also on track to beat its
target.
Meanwhile, a steady stream of deal
announcements from SA private
equity houses — across a range of
sectors and borders — attests to
healthy levels of competition for
quality companies.
Activity in the megadeal space is
limited, though. In part, this is because
there simply aren’t many such
businesses for sale.
In addition, this is due to the
growing regulatory limits to taking
public companies private.
By contrast, deal sourcing and
execution in the midsized market —
covering companies whose market
capitalisation reaches up to R1bn — is
lively.
Reported returns from the local
private equity industry are appealing
and reflect ongoing recovery from the
global financial crisis.
RisCura’s performance survey shows
that private equity had by December
2012 outperformed the JSE all share
Savca Yearbook 2013
index over every period measured.
It also showed that it had delivered
returns similar to the Top 40 Swix.
As is the case with listed equity,
returns are well off the heady levels
notched up before the crisis hit.
Nevertheless, the low to mid-20%
returns being reported over a longterm horizon are very respectable.
The regulatory environment for SA
private equity is one of the highlights
of the past five years or so.
Now with far greater clarity on the
regulations and legislation that govern
the industry, fund managers and
investors are able to navigate the asset
class with a degree of confidence.
The progress that has been made in
negotiating an industry-specific
Financial Advisory & Intermediary
Services licence is encouraging, as is
the recognition by the authorities of
the industry’s very p articular needs.
The SA Venture Capital & Private
Equity Association (Savca) continues
to interact with regulators to ensure
that investors in private equity benefit
from a fair and supportive regulatory
environment.
As an industry body we also remain
committed to promoting the asset
class to investors.
We’re doing this by showcasing SA
private equity through industry events
and by publishing high-quality
research that investigates its impact
on portfolio companies and the
economy.
We believe that the influence that
private equity has in supporting
efficiencies, profitability and economic
growth — combined with SA private
equity fund managers’ increasing
exposure to growth in the African
region — will continue to buoy
investor interest. Erika van der Merwe
Savca CEO
5
Erika van der Merwe
Financial Mail Page 6-7 -07/06/2013 03:52:22 PM
Promising shoots of
growth in sight
T
Emile
du Toit
Savca Yearbook 2013
he global private equity market
has experienced one of the most
difficult periods in its history.
The market has been plagued by the
lack of debt available for new deals,
increasing pressure to return capital to
investors and the toughest fundraising
climate in a decade.
SA’s private equity firms are feeling
the squeeze too. Many are fundraising,
having fully invested their funds
raised at the height of the market in
2007 and 2008.
Some may not succeed in raising
fresh capital and will fold. Others will
limp on, and those who impress
capital providers with their track
record and strategy will thrive.
For the firms that are looking,
the green shoots of growth are
becoming evident. The number of
private equity deals concluded in
SA in the past year is gaining
momentum.
According to the latest Zephyr
private equity report — which
tracks the largest deals in the
industry — 11 deals worth a
combined US$966m were
concluded in 2012, representing a
38% increase in volume and 62%
increase in value.
The deals were not the
headline-grabbing billion-rand
deals of the past. They were lowkey transactions that reflect what
is good about private equity —
enabling the growth of portfolio
companies and supporting
capable management teams.
For instance, the acquisition of
SA-based medical equipment
distributor Respiratory Care
Africa by RMB Corvest and
6
Tracking the deals
Private equity deals by volume and value
Shalamuka Capital allows the investor
— Women’s Private Equity Fund — an
orderly exit. More importantly, the
new investors are set to take the
company to the next stage of growth.
Similarly, RMB Ventures and RMB
Corvest backed the management
buyout of SA-based water tanks
manufacturer JoJo Tanks from a group
of investors. The Oppenheimer
family’s Stockdale Street private
equity vehicle and Pan-African Capital
Holdings also invested in the deal.
About 6m of SA’s 14m households
do not have access to in-home water
reticulation. The investors believe the
community would benefit significantly
from residential rainwater harvesting.
“We are operating in an altered
reality,” says Medu Capital founder
Nhlanganiso Mkwanazi. “The
environment is tough and we need to
be more involved with our
management teams than before.”
To achieve the growth objectives, he
says, one has to explore more
opportunities more vigorously.
This is not necessarily a reflection
on the strength, or lack thereof, of a
management team.
“In some sectors things are just
tough, despite the best will in the
world,” he says. For instance, 2012
was particularly difficult for
manufacturers supplying the mining
industry. In other sectors, such as
healthcare and foodstuffs, demand has
been quite strong.
What is clear is that vintage year is
an important determinant of private
equity returns. According to research
from RisCura, funds with a vintage
year of between 2000 and 2004
brought in the highest returns, at
Announced
date
2012
2011
2010
2009
2008
2007
No of
deals
11
8
9
33
41
45
Total deal value
(US$m)
966
595
86
639
1 195
6 919
Source: Zephyr Annual M&A Report SA, 2012
36,9% in Q4 2012.
Fund managers are hoping that
successful fund closures by the likes of
Ethos, which raised $800m for its Fund
VI from local and global investors,
bodes well for others. “SA managers
don’t have a great depth of
institutional investors,” says Mkwanazi.
Additional funding from the
Government Employees Pension Fund,
which has increased its allocation to
private equity, is a boost for the
industry, he says.
But the international community
remains essential to local fund-raisers.
“International investors are very
cautious, which makes Ethos’s raise a
big positive statement,” he says.
Questions are now being asked
about whether SA funds are being
passed over in favour of pan-African
funds as investors grow steadily more
excited about Africa.
Many of Africa’s markets are
characterised by a growing consumer
class, with increasing consumption
power and GDP growth rates that are
double those of SA. This is creating
the need for infrastructure, health and
education services as well as housing,
logistics and transportation.
As such, foreign investors are
wondering where the best place is to
make their point of entry.
SA’s economy is considered
“mature”, with sophisticated capital
markets and financial infrastructure,
making the country an ideal gateway
to gain exposure to the wider growth
story in sub-Saharan Africa. But
others are choosing to go directly into
economies such as Nigeria, Kenya and
Egypt, which are among the more
developed markets on the continent.
“We are seeing some SA funds
being passed over in favour of higher
GDP growth,” says Harith head of
infrastructure investments Emile du
Toit. “But there is recognition that SA
provides a good springboard into the
rest of Africa.” Other countries, such
as Namibia and Botswana, have made
pension fund reforms to enable
investment in domestic asset classes,
including private equity.
“Increasingly we will see Africa
investing in itself,” says Du Toit.
A handful of pan-African
champions has emerged in various
sectors. These include Nigeria’s GT
Bank and Togo’s Ecobank, which
operate in over 30 African countries;
Export Trading Group in agriculture;
retailer Shoprite; MTN in telecoms;
and Dangote Cement in industrials.
Most private equity operators are
satisfied that there are sufficient
opportunities in fast-growing midtier
firms and that growth in the rest of
Africa will support growth in SA.
In this regard, private equity’s green
shoots are expected to blossom this
coming year.
Sasha Planting
Returns by vintage year (R)
%
40
30
20
36,9%
32,6%
10
0
Pre-2000
2000–2004
9,2%
10,3%
2005–2006
2007–2008
Pooled IRR
Source: Riscura SA Private Equity Report December 2012
7
Savca Yearbook 2013
Africa’s untapped
potential gets a boost
T
he case for investing in subSaharan Africa is clear. It has
some of the fastest growing
economies in the world, boosted by a
growing consumer class hungry for
everything from bank accounts to
pizza.
The private equity (PE) industry is
taking note. There are now 57 Africafocused private equity funds in the
market, most of them headquartered in
SA, according to data company
Preqin. Collectively they plan to raise
US$13,1bn in capital commitments
over the next 18 months.
Fund managers are chasing
opportunities created on a continent
that is in a rush to bridge its
developmental divide.
Speaking at the SA Venture Capital
& Private Equity Association (Savca)
private equity conference this year,
John Oliphant, head of actuarial &
investments at SA’s Government
Employees Pension Fund says that
50% of Africans will be living in cities
Ngalaah
Chuphi
Savca Yearbook 2013
8
by 2030 and roughly 1,1bn will be of
working age.
Growing cities bring needs. Up to
30% of the African population does
not have access to clean drinking
water, which he says will retard
economic progress if not addressed.
Investment in infrastructure is a
critical component for Africa’s growth.
Urbanisation and middle-class
growth reflect the successful
implementation of economic and
political reforms over the past decade.
The potential is difficult to quantify,
but just the food and consumer goods
market in sub-Saharan Africa could
reach $185bn by 2020, Oliphant says.
All this talk about Africa’s
opportunities has brought in a glut of
new private equity investors heading
to Africa from Brazil, the Middle East
and the US.
Brazilian investment bank BTG
Pactual attracted attention with its
intention to raise a $1bn Africafocused private equity fund. US-based
Schulze Global Investments launched
a $100m fund in Ethiopia, that
country’s first private equity fund.
And Fairview Capital Partners added
interest with its plan to raise a fundof-funds, one of the few Africafocused funds offering this strategy.
The average size of the 57 solely
Africa-focused funds is $229m, with
the largest, the Pan African
Infrastructure Development Fund II,
aiming to raise $1,2bn in capital
commitments. The fund is managed by
Harith, headquartered in SA.
African Development Partners II is
the third largest exclusively Africa
(excluding SA) -focused fund in
market (after BTG) and targets $500m
Quality is never an accident; it is always the result of
high intention, sincere effort, intelligent direction and skillful
execution; it represents the wise choice of many alternatives.
William A. Foster
Capitalworks is an independent alternative asset management firm providing investment access and specialist
solutions to its clients across a wide range of industries and investment themes in Sub-Saharan Africa.
CW_Generic_SAVCA_170x225_FINAL.indd 1
www.capitalworksip.com
2012/04/25 02:38:58 PM
in capital commitments. It focuses on
companies that serve Africa’s
emerging middle class, such as
financial institutions, pharmaceuticals
and hospitals, telecommunications,
food services and agribusinesses.
That said, the fund raising
environment is tough. Funds raised for
the region grew to $1,4bn last year, up
8% from $1,3bn, but still below the
record $2,2bn raised in 2008,
according to the Emerging Markets
Private Equity Association (Empea).
Ethos, which has been investing in
the region for over 25 years, closed
one of the continent’s largest funds
last year after securing $800m from
investors, but says fundraising has not
been easy. “We have an advantage in
that we have a strong track record of
investing,” says Ngalaah Chuphi,
partner at Ethos Private Equity. “There
are many deals out there.”
Ethos intends to invest the bulk of
its fund into SA companies with
products and services that are relevant
in various African destinations.
Investments in Africa still face two
key challenges, says Chuphi: a lack of
scale and a shortage of managerial,
technical and governance skills. For
this reason Ethos prefers to support
the growth of SA companies into the
rest of the continent. “We prefer to
work with companies and
management teams that we know
have the capability to deliver.”
Around 20% of the Ethos fund has
been allocated to direct investments
on the continent. These are focused on
Nigeria and Ghana in West Africa and
Kenya, Tanzania and Uganda in East
Africa, where the larger deals are more
likely to be found. In these cases Ethos
links up with a local partner. “We
need a presence on the ground.
Private equity is largely a local game.
We influence change — and you can’t
do this at arm’s length,” he says.
This is echoed by Sev Vettivetpillai
who has made dozens of African
Savca Yearbook 2013
10
investments and exits as head of
Aureos, which was bought by Abraaj
Capital of the UAE last year. He says
the days of flying in and out of Africa
and managing investments from a
distance are over.
“The growth story is very real
across Africa, but if you pick the
wrong partner and the wrong industry,
you’re not likely to be benefiting from
that growth story.”
The search is on for big $100m plus
deals. “There are deals, but they are
fewer,” says Chuphi. “A multinational
may sell certain of their assets. Or
there are some sizeable entrepreneurs
facing generational change.”
The notable deal of last year was
concluded by Carlyle and the Pembani
Remgro Infrastructure Fund, which
invested $210m into Tanzania-based
agribusiness Export Trading Group
(ETG). Standard Chartered’s Africa PE
division, the first PE investor in ETG,
is also increasing its investment.
However, Roger Leeds, founder of
Empea, says the smarter money is
targeting middle-market deals worth
less than $50m, which he believes
have stronger growth prospects.
“The fund managers are happy to
take investors’ money but it puts
tremendous pressure on them to do
bigger deals and they’re going to run
out,” he says. “They’re all complaining
about trouble finding deals and
they’re competing with each other and
driving up valuations.”
Below this tier there is growing
awareness of the opportunities among
African SMEs — they have the
potential for high growth but are not
big enough to get on the radar of most
Western investors, and have trouble
getting lending from local banks.
Some niche PE funds are targeting
this market, aiming to do deals around
$1m-$5m.
The facts are impossible to ignore:
Private equity in Africa is on the
move.
Sasha Planting
Tech invasion highlights
Africa’s hidden gems
A
decade ago less than 50m
mobile phones were in use
across Africa. Today the
continent is the world’s fastestgrowing region for mobile
penetration, with more subscribers
than the US or the European Union.
The change began in 2009 when
undersea cables hit East and Southern
Africa in a big way. By 2010 mobile
operators were fighting for market
share and prices were tumbling.
Combine cheaper phones and
increasing bandwidth with a
technology-hungry, upwardly mobile
population — the majority of which is
under the age of 20 — and the results
are electric.
In the past two years there has been
a proliferation of tech hubs and
incubators. “There are more than 50
collaborative technology hubs in 20
countries across Africa that are
training and connecting tech
entrepreneurs and encouraging open
innovation,” says Knife Capital
cofounder Keet van Zyl.
Back in 2010, the World Bank, in
partnership with Nokia, initiated the
funding of mobile applications
laboratories in Africa. In 2011
Samsung launched its first innovation
unit in Africa.
It partnered the University of Cape
Town as well as the Cape IT incubator
Bandwidth Barn.
And last year Blackberry opened
two applications labs — one in Cape
Town and the other at the University
of Pretoria. The BlackBerry apps labs
form part of Research In Motion’s
developer programme that spans
Africa and includes facilities in
Nigeria, Kenya and Egypt.
Though the goal of these labs is to
foster the development of
entrepreneurs and develop
commercially applicable solutions, this
is not always the case. The purpose of
Reconstructed Living Labs (RLabs) is
to enable community-driven
innovation and reconstruction. “In
Europe and America you’re looking at
mobile [phones] as an entertainment
tool, but here in Africa it has real
social purpose. We can use mobile to
help solve societal problems such as
drugs, gangs and HIV/Aids,” says
RLabs founder Marlon Parker.
One of RLabs’ initiatives is the
Angel Network, which uses Mxit to
provide real-time help and
counselling to people in the Cape
Flats.
This model of anonymous,
instant, mobile text support has
been adopted by a number of other
organisations such as the Family &
Marriage Association of SA.
Cities such as Cape Town, Lagos
(Nigeria), Kampala (Uganda), and
Nairobi (Kenya) are positioning
themselves as digital gateways into
the continent.
“The Western Cape has a highly
networked, innovative,
entrepreneurial IT start-up
community,” says Cape IT
Initiative and Bandwidth Barn
director Jenny McKinnel.
This community is supported by
eight tertiary institutions, a welldeveloped cluster of mobile
application and mobile payments
companies; innovative software
development houses; and a variety
of accelerators and incubators, she
says.
Sasha Planting
11
Keet
van Zyl
Savca Yearbook 2013
Venture capital gets a
new lift under its wings
I
t has taken years of effort but
there is a spark in SA’s venture
capital scene that will not be
extinguished.
There is an energy that suggests the
ecosystem is operating more
effectively and is friendlier for
entrepreneurs. It’s the “gaps” in the
system that are being filled in as
venture capital matures in SA.
There have been a number of
significant developments, says
Stephan Lamprecht of Venture
Solutions, which produced a report for
the SA Venture Capital & Private
Equity Association (Savca) on the
venture capital (VC) industry last year.
The establishment of AngelHub
about 18 months ago is a significant
development. “This is an intervention
that is designed to stimulate an
increase in early-stage high-growth
investments,” Lamprecht says.
AngelHub’s goal is to combine the
wisdom and wealth of established but
“under the radar” executives to help
entrepreneurs get their businesses past
the beginning stage.
AngelHub founder and CEO Brett
Commaille says: “The aim is to invest
a little capital to help entrepreneurs
get their businesses on their feet. Then
you can follow on with money to
grow the now-proven model.”
Another development, says
Lamprecht, is the establishment of
several new funds that are adding
depth to this and the more traditional
VC environment.
This includes the establishment of
international players such as the
Omidyar Network. This network
supports start-ups with a social
impact.
Savca Yearbook 2013
12
Brett Commaille
But a new phenomenon is
emerging. It is called enterprise
funding and it is a result of the
requirement that companies need to
engage in enterprise development as
part of their BEE scorecard
obligations.
Edge Growth director Daniel
Hatfield says: “We select SMEs that
have the greatest potential to grow
and create employment.”
For instance, Edge has channelled
funding to a crèche franchise — which
employs black matriculants — in
Johannesburg, and a business that
grows tulips hydroponically and is run
by (and for) single coloured women in
the Western Cape.
Enterprise development, whether it’s
through angel, VC or enterprise
funding, has the ability to transform
SA’s future. And the increasing
vibrancy in the space is welcomed.
Sasha Planting
For more information, please contact
Warren Watkins on 011 647 7128 or email
[email protected] kpmg.co.za
© 2013 KPMG Services Proprietary Limited, a South African company and a member firm of the
KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG
International”), a Swiss entity. All rights reserved. Printed in South Africa MC10339. The KPMG name,
logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International.
You know Africa
is brimming with
opportunity but do you
know how to make
the most of it?
You need a partner that understands Africa,
that can help you get the most from your
investment.
We get Africa.
And we get you.
Focus on debt-laden deals
N
Pravin
Gordhan
Savca Yearbook 2013
ational treasury has moved to
refine legislation intended to
address the erosion of the tax
base stemming from leveraged buyout transactions.
In his presentation of the national
budget this year, finance minister
Pravin Gordhan announced that
treasury will introduce new rules for
the deduction of interest incurred on
acquisition finance.
The intention, he said, is to provide
more certainty for investors and debt
providers. In reality though, until the
changes are made, it perpetuates the
uncertainty.
These new rules will replace the
current approvals process whereby the
SA Revenue Service (Sars) determines
the amount of deductible interest
on a case-by-case basis.
The process started two years
ago when Sars began to
investigate leveraged buyout
transactions. These transactions
are often characterised by
significant levels of gearing and,
as a result, high interest
repayments on that debt.
It was aggrieved by those
transactions where significant
debt was raised to finance the
acquisition of the business.
The use of acquisition debt
“effectively eliminates” taxable
profits for years to come in
corporate restructuring, treasury
said in February. Where the
holder of the debt was a
nonresident, the interest received
would not be taxable. This
resulted in a net loss to the fiscus.
Legislation was introduced in
2011 to curb these losses, says
Lesley Isherwood, KPMG’s associate
director for corporate tax. “It requires
that taxpayers entering into so-called
14
‘reorganisation transactions’ obtain
approval from Sars regarding the
extent to which an interest deduction
can be claimed.”
The difficulty of this approach,
which Sars is trying to remedy, is that
the approval process itself creates
uncertainty.
As a result, under the new rules
interest on excessive debt will be
allowed to roll over for up to five
years. In addition, the new system will
replace the discretionary system applied
to interest on discretionary debt.
The problem, says Isherwood, is that
treasury does not indicate what will be
regarded as excessive debt. It is also
unclear whether the legislation will
affect existing transactions.
Even if the new legislation does not
affect existing transactions, Sars’
approach to Edcon could be seen as an
indication that historical deals are by
no means in safe water.
Last year the retail group moved
swiftly to settle after Sars announced
it was unhappy with the company’s
tax treatment of interest payable on
the financing of the acquisition of the
group by Bain Capital.
Edcon does not disclose the net
financial impact of this settlement. But
it’s clear that it will be paying tax a
lot sooner than it planned. According
to a business & trading update
released by Edcon in February, the
first leg of the settlement has resulted
in Edcon agreeing to reduce its tax
loss carry forward by a hefty R9bn.
The company has also agreed to
limit its deduction — for tax purposes
— of interest payable on its senior
secured notes due 2014 and its senior
notes due 2015 to 50% of such interest.
This may leave a bad taste in the
mouth for some private equity
investors.
Sasha Planting
New requirements scare
banks off transactions
I
nvesting in private equity funds
has become far more challenging
for banks, following the regulatory
changes that have been imposed to
protect the integrity of the financial
system.
High-risk investment and
speculation places an unacceptable
level of systemic risk on the
commercial banking system —
regulators say. So new rules,
introduced by Basel 3 and the Volcker
Rule (part of the Dodd-Frank Act in
the US), have curbed the ability of
banks to invest in asset classes like
private equity and hedge funds.
SA was one of seven countries in
the G20 to implement the first phases
of Basel 3 in January. This introduces
the liquidity coverage ratio that aims
to ensure banks have enough funding
and easily liquidated assets to survive
a short-term market crisis.
“This has the potential to dampen
banks’ appetite for private equity deals
as the capital holding costs for these
investments increase,” says Investec
private equity consultant Peter Amm.
This limits banks’ abilities to
perform other business that requires
less equity.
Within the private equity limited
partner universe, banks had become a
significant source of capital. Global
research conducted by consulting firm
Preqin — in terms of aggregate capital
currently invested in private equity —
says that banks fall just behind public
and private-sector pension funds,
foundations and insurance companies.
Banks accounted for 11% of the
total capital invested in private equity
funds in 2008 (US$115bn), the
company notes. However, onerous
capital and liquidity requirements are
causing them to reconsider their
investments in private equity. In 2011
banks accounted for 8% ($110bn) of
private equity funds.
The same trend is evident in SA.
“The new rules have placed an
increased focus on liquidity — and
combined with less readily available
leverage, it makes investing in private
equity less attractive,” says Absa
Capital head of private equity Andrew
Dewar. Once an aggressive player in
the space, Absa has reined in its
ambitions. “We won’t inject fresh
capital, but Absa is comfortable with
the portfolio and its performance, so it
will take a while to get out of it.”
Standard Bank will make no further
commitments to its fund and will
wind down its portfolio.
Nedbank has reduced the size of its
private equity portfolio over the past
three years. “We have reduced the size
of the portfolio [to about R1bn] and
have realised some of the value that
was held on our balance sheet,” says
Nedbank Capital Private Equity head
Clive Howell.
Investec and Rand Merchant Bank
still have an appetite. “We still think
this is an asset class in which one can
get a superior return,” says Amm.
The regulations are having the
desired effect. At least 45% of banks
affected by the new regulations will
reduce their private equity exposure or
cease investing in the asset class in
the longer term, according to Preqin.
What is telling is that the majority
of banks not affected by the
regulatory changes plan to continue
investing in the asset class.
Sasha Planting
15
Savca Yearbook 2013
More interest in venture
investing from corporates
C
orporate venture capital
investing is back in vogue.
Some of the most prominent
names in the corporate landscape,
including BMW, General Electric, The
New York Times and Google, have
established formal venture capital
units and made well publicised
investments in start-ups.
Other firms are following suit. The
US-based New York Times has started
a media incubator, TimeSpace, which
will host up to five start-ups in the
publisher’s New York City office.
More than 750 companies around
the world have venture units in
operation, according to research by
the Boston Consulting Group (BCG).
In SA, corporate venturing has had
a slow start, but it is taking hold.
Passionate adopters include SAB,
whose Kickstart programme has led to
the development of about 3 000 small
businesses. Remgro launched
InVenFin, its venture capital fund, in
2008; and Naspers has MIH, which has
been innovating for years and recently
established TouchLab, a stand-alone
business that develops new media
products for Naspers’s old media print
businesses.
MIH has also established the MIH
Media Lab at Stellenbosch University,
where student research is at the
cutting edge of technological
innovation. Students there are
encouraged to commercialise their
projects.
Smaller companies are also feeling
the need to develop intellectual
property and alternative revenue
streams: Maxxor Business Solutions, a
software development company, and
incubated Blue Leaf Games, a mobile
Savca Yearbook 2013
16
game development business.
“The game ran out of runway, but
we are taking our learning in building
and marketing a product and targeting
a different market,” says Adrian
Frielinghaus, who cofounded Blue
Leaf with software developer Raj
Moodaley.
BCG research suggests corporate
venturing is maturing. Companies are
looking at start-ups not just to
generate financial returns but also to
complement their R&D efforts,
penetrate fast-growing emerging
markets, and gain early access to
potentially disruptive technologies.
“Venture investing is, of course, an
inherently risky activity,” says BCG
partner and co-author of the report
Alexander Roos. “But considering the
disruptive potential of the innovations
emerging from start-ups, the greater
risk is not to invest at all.”
A key to innovating in a corporate
environment, says Touchlab GM Leo
Redelinghuys, is that the team needs
to be free of corporate processes and
red tape. “You have to move fast. We
aim to build something quickly and
put it into the market. If the market
does not respond then we take it
down.”
Touchlab has developed the paywall
for Naspers’s Afrikaans dailies Die
Burger, Beeld and Volksblad. Paywall
is a system that prevents Internet users
from accessing webpage content
without a paid subscription.
It also launched the online shopping
site for popular fashion magazine
Sarie. Work is beginning on three
mobile-focused projects. “Watch this
space in four months’ time,” says
Redelinghuys.
Sasha Planting
Sources in descending order: Martin Luther King Jr, Neil Armstrong, Pete Seeger, Walt Disney.
NET#WORK BBDO 8015737
Combined thinking leads to great action.
Webber Wentzel’s Private Equity practice has 25 years of expertise in some of
the highest proﬁle transactions in South Africa, and across the African continent.
Our innovative approach to fund formation and transactional work sets us apart
as market leaders. Collaborating closely with our Tax and Banking & Finance
practices, we are able to ensure efficient structuring and implementation of
transactions for our clients.
8015737 WW SAVCA Handbook 225x170.indd 1
2013/05/29 2:16 PM
4Di Capital
Address: Belmont Square, Belmont Road, Rondebosch, Cape Town 7701
Tel: 021 659-2042
Fax: 021 689-1151
E-mail: [email protected]
Website: www.4dicapital.com
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Funds invested to date at cost:
Sources of funds:
Current portfolio size:
Total number of private equity/venture
capital investments made to date:
Number of investment executives:
4Di Capital Fund 1
—
Seed to early stage investments
—
Institutional, private
—
—
5
INVESTMENT PREFERENCES
Minimum investment:
Maximum investment:
Willing to syndicate:
Average current investment size:
Industry preference:
Industries excluded:
Stage of investment:
All stages except:
Minimum and maximum
equity usually taken:
Geographical preferences:
Contact:
R100 000
R5m
Yes
R2,5m
Technology (focus on Internet,
software, mobile)
—
Start-up/seed/early stage
—
15%/40%
Southern Africa
[email protected]
Remarks: 4Di is an independent early-stage technology venture capital fund
based in South Africa’s “Silicon Cape”. Nurture capital is the term that best
describes 4Di’s purpose and philosophy. Using tried and tested international
venture capital best practices, adapted for local use, 4Di believes in agile
entrepreneur-friendly finance without frills, and in working as a team with their
investees to achieve their true potential. 4Di targets startup investment
opportunities with high growth potential at the seed- and early-stages in the
mobile, enterprise software and web sectors, seeking founder teams with hungry
passion, commitment, domain expertise and deep insights into the large market
problems they wish to solve with their technology solutions.
Savca Yearbook 2013
18
Financing
Africas
’
future
ANOTHER AWARD WINNING
INFRASTRUCTURE PROJECT
PUT TOGETHER BY A TEAM
THAT IS VERY PASSIONATE
ABOUT AFRICA!
iww | 1979 | cp
Harith General Partners congratulates
SOCOPRIM for winning the Deal of the Year
Award from the prestigious and authoritative
Project Finance Magazine.
Harith together with Bouygues Construction is proud to form part
of a concession to build and operate the EUR 282 million Henri
Konan Bédié Bridge in Abidjan, Côte d’Ivoire. This award winning
Public Private Partnership will empower the residents of Abijan
and stimulate their economy, bringing regional prosperity and
development. Another proud moment in African infrastructure
development financing.
No. 1 Chislehurston, 33 Impala Road, Chislehurston, Sandton, 2196
South Africa | Pule Molebeledi +27 11 384 4000 Tunisia | Souleymane Keita +27 76 455 9197
Ghana | Ernest Nyarko +27 73 039 4361 | [email protected] | www.harith.co.za
Harith is an Authorised Financial Services Provider | Registration no. 31473
Structuring Today
Strengthening Tomorrow
Absa Capital Private Equity
Address: 8 Rivonia Road, Illovo 2196
Tel: 011 895-6896
Fax: 011 895-7812
Website: http://www.absacapitalprivateequity.com
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Absa Capital Private Equity Fund I
R4,2bn
Mid-market MBOs & LBOs; expansion
and growth capital
Significantly invested
Absa Bank, institutional investors
5
32
6
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contacts:
R250m
R1bn
Yes
R700m
Various
Primary agriculture, property,
armaments and mining
Expansion, growth, MBO, LBO,
replacement capital
Seed, start-up and early stage
40%/75%
SA and sub-Saharan Africa
Andrew Dewar: 011 895-6511 or
[email protected];
Gareth Druce: 011 895-7266 or
[email protected]
Remarks: The Absa Capital Private Equity (ACPE) team focuses on taking
substantial equity positions in medium to large companies that have experienced
management teams. Such companies should preferably have excellent profit
histories and/or good growth opportunities as well as be number one or two in
their industries. The ACPE team forms strong relationships with the management
teams of its portfolio companies and works closely with them in determining the
strategy and implementing value-enhancing initiatives.
Savca Yearbook 2013
20
Acorn Equity
Address: Unit A3, The Beachhead, 10 Niblick Way, Somerset West
Tel: 021 852-2887; Fax: 021 852-3161
E-mail: [email protected]; [email protected]
Website: www.acornequity.com
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Acorn General Fund One
R60m (final close)
LLP — General private equity
R51m
Name of fund:
Size of fund:
Nature of fund:
Acorn Venture Technology Fund One
R18m (final close)
LLP — Technology
R11m
Sources of funds:
High-net worth individuals
6
6
6
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
R5m (general fund), no limit on
technology
R50m
Yes
R11m/R5m
Food, water, energy, healthcare,
technology driven companies
Property and mining
At least two years profitable track
record, but will look at early stage
and start-ups in our technology fund
Limit of 35% in VC
Minimum 25,1%, with no maximum,
but must be able to influence
Southern Africa
Pierre Malan, Carl Neethling
Contacts:
Remarks: The Acorn Venture Technology Fund One focuses on companies in the
start-up, early stage, growth and expansion stages and up to 35% of the fund can
be invested in venture capital. The Acorn General Fund One only invests in
companies with a proven profit history.
Savca Yearbook 2013
22
Actis is a pan-emerging markets
private equity investor backing
companies in consumer, energy,
¿
Today 43% of Actis’s investments
For transactions of
US$50m or more
please contact us at
011 778 5900 or
[email protected]
Actis
Address: PO Box 2396, Saxonwold 2132
Tel: 011 778-5900 Fax: 011 327-7407
E-mail: [email protected]; Website: www.act.is
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Total number of
capital investments to date:
Actis Africa Fund 1
US$396m across Africa
Generalist PE fund
$396m
European investors
1 (SA), 2 (Africa)
Name of fund:
Actis Africa Fund 2 and Canada
Investment Fund for Africa (CIFA)
$566m across Africa
Generalist PE fund
$544m
European, US, Canadian, Middle East
and African investors
2 (SA), 12 (Africa)
Size of fund:
Nature of fund:
Sources of funds:
Total number of
Savca Yearbook 2013
12 (SA), 25 (Africa)
4 (SA), 20 (Africa)
8 (SA), 24 (Africa)
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Total number of
Actis Africa Fund 3
$910m
Generalist PE fund
$648m
European investors
2 (SA), 6 (Africa)
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Total number of
Actis Africa Empowerment Fund
$50m across Africa
Empowerment fund
$44m
European investors
2 (SA), 2 (Africa)
24
2 (SA), 7 (Africa)
8 (SA), 24 (Africa)
4 (SA), 4 (Africa)
2 (SA), 2 (Africa)
Minimum investment:
Maximum investment:
All stages except:
Minimum/maximum equity taken:
Contacts:
Adlevo Capital
$50m
$200m/$250m
Yes
$50m
Generalist PE fund
Military and gambling
Management buyouts/buy-ins,
leveraged buyouts, expansion and
replacement capital, privatisations
Start-ups and early stage
10%/90%
Africa
SA: Tel: +27 11 778-5900, John van
Wyk, [email protected];
Egypt: Tel: +202 2792-9220
Rick Phillips, [email protected]
Kenya: Tel: +254 (20) 374-3584
Michael Turner, [email protected]
Nigeria: Tel: +234 (1) 448-5700
Ngozi Edozien, [email protected]
Remarks: Actis is an emerging markets alternative assets investor, investing and
managing capital for third-party investors. It has more than 60 years of experience
and an unrivalled on-the-ground presence across Africa. Funds under management
on the continent at present total $1bn, with $300m to invest over the next year.
Address: Adlevo Capital Managers, LLC
Les Cascades Building
Edith Cavell Street
Port Louis
Mauritius
Tel: +230 212-9800
Fax: +230 212-9833
Website: www.adlevocapital.com
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Adlevo Capital Africa, LLC
US$43m
Expansion capital
$13m
DFIs, strategics
3
3
3
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contact:
$3m
$30m
Yes
Technology-based business models
None
Start-up, expansion
—
Deal dependent
Sub-Saharan Africa
[email protected]
Remarks: Adlevo Capital is a Mauritius-based private equity fund manager
founded on the conviction that meaningful development in sub-Saharan Africa
will be driven by the increasing application of technology to business processes.
We actively seek to invest in ambitious companies, to which we can add
significant value through our collective experience, relationships and value-driven
approach. To facilitate working closely with portfolio companies, we maintain
active local presence through our offices in West and Southern Africa.
Savca Yearbook 2013
26
27
Savca Yearbook 2013
Matrix reference
Full members
Fund name
Fund size or
funds invested
to date
Absa Capital Private Equity
ACPE Fund 1 (Open-ended)
R4,2bn
R250m
R1bn
No
Primary agriculture, property, armaments, mining
Actis
Actis Africa Fund 1
Actis Africa Fund 2 and Canada Investment Fund
for Africa (CIFA)
Actis Africa Fund 3
Actis Africa Empowerment Fund
US$396m
$566m
$50m
$200 /$250m
No
Military and gambling
$910m
$50m across Africa
Acorn General Fund One
LLP - General Private Equity
Acorn Venture Technology Fund
LLP - Technology
Adlevo Capital Africa (LLC)
R60m (final close)
51m
R18m (final close)
R11m
US$43m
R5m
R50m
No
Property and mining
No limit
No limit
Yes
$3m
$30m
Yes
None
South African Infrastructure Fund
R1,7bn
R140m
R900m
Greenfield and
brownfield
Weapons, tobacco and radioactive and alcohol
African Infrastructure Investment Fund
Kagiso Infrastructure Empowerment Fund
African Infrastructure Investment Fund 2
Apollo Investment Partnership II
R1,3bn
R649m
R3,6bn
R424m
Agri-Vie
Agri-Vie: Africa Food & Agribusiness Investment
Fund
R835m
R20m
R100m
No
AngelHub
AngelHub Open-ended
R5m
R1m
R10m
Yes
All except agribusiness: Food & beverages,
vertically integrated agribusiness, fiber agrilogistics
& services, agricultural inputs, renewable energy
Alcohol, armaments and infrastructure
Ata Capital (Pty) Ltd
Ata Fund 1
R285m
R5m
R75m
No
N/A
Botenya Advisors (Pty) Ltd
Botenya Fund
R250m
R10m
R80m
Yes
None
Brait Private Equity
Brait I (fully invested and fully realised)
Brait II (fully invested and fully realised)
Brait III (fully invested)
Braitec (fully invested)
Proprietary investing (Open-ended)
Brait IV
Inland East
Inland West
East Coast
West Coast
The Business Partners -Khula Start-up Fund
Property Fund
Venture Fund
Capitau Investment Partners Special Opportunities
Fund
Capricorn Capital Partners
R228m
R690m
US$409m
R227m
Over R10bn
$880m
R1,410bn
R1,480bn
R1,940bn
R2,110bn
R150m
R250m
R400m
R300m
R5m
±R800m
R500 000
R500 000
R500 000
R500 000
R150 000
R500 000
R500 000
R15m
R1bn
No
None
R20m
R20m
R20m
R20m
R3m
R20m
R10m
N/A
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
Agriculture and on-lending
Mining
R600m
R10m
R150m
No
Mining
Capitalworks Investment and Equity Partners
(Pty) Ltd
Carlyle South Africa Advisors (Pty) Ltd
Capitalworks Private Equity I
R1,5bn
R70m
R450m
No
Oil and gas exploration
Carlyle Sub Saharan Africa Fund
N/A
US$30m
+$100m
No
Mining property, tobacco and gambling
Coast2Coast Investments
Coast2Coast
R500m
R1bn
No
Mining, agriculture, technology
Collins Private Equity Holdings (Pty) Ltd
Collins Private Equity
R200m
R50m (annual
profits over R15m)
Nil
R25m
No
None
Convergence Partners
Convergence Partners Investments
R900m
No minimum
No maximum
No
Non-ICT
Development Bank of Southern Africa
On balance sheet
R6bn
R100m
R500m
Yes
Arms, gambling, liquor, pornography
Development Partners International LLP
African Development Partners I (closed Dec 2009)
à270m
à10m
à40m
No
N/A
Edge Growth
Vumela Enterprise Development Fund
R186m
R2m
R20m
Yes
Hi-tech, dot-com
Emerging Capital Partners
ECP Africa Fund III
Pan African Growth Funds
Enablis Khula Loan Fund
Khula Enablis SME Acceleration Fund
PPC Ntsika Fund
Eris Property Fund (Pty) Ltd
US$613m
$2bn (committed capital)
R40m
R50m
R20m
R1bn
$30m
$90m
Yes
Arms and ammunition, tobacco, gaming, alcohol
R100 000
R25 000
R30m
R5m
R2,5m
R250m
Yes
Product and IP development
No
All except commercial property assets
Fund IV (fully invested and realised)
Fund V (fully invested and partially realized)
Fund VI (current inesting)
Tech Fund I (fully invested and partially realised)
R2,5bn
R5,5bn
R7bn
R270m
R100m
R300m
-
R800m
R1bn
-
No
No
-
-
Acorn Equity
Adlevo Capital Manager LLP
African Infrastructure Investment Managers
(Pty) Ltd
Business Partners Limited
Capitau
Capricorn Capital Partners (Pty) Ltd
Enablis Financial Corporation SA (Pty) Ltd
Ethos Private Equity
Savca Yearbook 2013
28
Min investment
Max investment
Start-ups
investment
Excluded industries
-
29
Savca Yearbook 2013
Matrix reference (cont)
Full members
4Di Capital (Pty) Ltd
Fund name
4Di Capital Fund 1
Fund size or
funds invested
to date
N/A
Global Capital (Pty) Ltd
Grindrod Bank Limited
Global Capital Fund 2
Global Capital Fund 4
GEF Africa Sustainable Forestry Fund (ASFF)
GEF Africa Growth Fund (AGF)
Grindrod Bank Private Equity
R50m
2bn
ASFF US$160m (closed)
US$150m fundraising
R100m
Grovest Venture Capital Company (Pty) Ltd
Grovest (Venture Capital Fund)
Harith General Partners
Pan African Infrastructure Development Fund
Hasso Plattner Ventures Africa
Hasso Plattner Ventures Africa Fund
Horizon Equity Partners
Horizon Fund III R300m
Imbewu Capital Partners (Pty) Ltd
Imbewu Capital Partners
On balance sheet
R1m
None
Industrial Development Corporation of South
Africa Limited (IDC)
IDC
R1m
Inspired Evolution Investment Management (Pty)
Ltd
International Housing Solutions (Pty) Ltd
Evolution One Fund
Loans & advance at 31
March 2012; R15,978bn;
Investments at 31 March
2012; R70,897bn
US$90m (circa R750m)
R10m
South African Workforce Housing Fund
R1,9bn (US$230m)
Invenfin
Invenfin Fund
Undisclosed
Investec Africa Frontier Private Equity Fund
(IAFPEF)
Investec Private Equity
Investec Africa Frontier Private Equity Fund
US$155m
Investec Principal Investments
Open ended
Kagiso Tiso Holdings (Pty) Ltd (KTH)
Kagiso Tiso Holdings Proprietary Limited
Ke Nako Capital (Pty) Ltd
Knife Capital
Min investment
R100 000
Max investment
R5m
Start-ups
investment
Yes
Excluded industries
N/A
R20m
No limit
No
Mining
$5m
R10m
$20m
R30m
No
No
Venture
None
R100m (Fundraising)
R1m
R10m
Yes
Property, finance and consultancy
US$630m
$10m
$100m
No
Arms, liquor, gambling and child labour
R380m
R5m
R35m
Yes
Property, mining and agriculture
R20m
R60m
No
Property, gaming,
tobacco, alcohol,
armaments, mining
and primary agric
No
None
Depending on nature of
transaction
Yes
Gambling
R25m
R100m plus (with coinvestment rights)
R250m
Only for early-stage
infrastructure
Yes
Tobacco, alcohol, gaming, fixed asset (property)
defense, select environmental category exclusions
Industrial
None
None
Yes
EV generally than
$20m
EV >R150m
No limit, but EV generally
below $250m
No limit
No
Property & traditional infrastructure, manufacturing
infrastructure, primary agriculture, service
business, gambling and franchisee operations
Venture, start-up/seed and turnaround
No
Primary agriculture, mining and property
One balance sheet R8bn
NAV
R2000m
Depending on nature
transaction
No
Ke Nako Private Equity Fund
R1,350m
R50m
No limit
Yes
Tobacco, alcohol, gaming, fixed asset (property),
defence, select environmental category exclusions,
morally objectionable industries
None
Leaf Capital (Pty) Ltd
HBD Fund 2
KnifeCap Growth Equity Fund
Leaf Private Equity Fund No. 1
R138m (Fully invested)
R150 to R250m targeted
R115m
R10m
R25m
R30m
R150m
Yes
No
Morally objectionable industries
Property development, mining exploration
Lereko Metier Capital Growth Fund Managers
(Pty) Ltd
Makalani Management Company (Pty) Ltd
Lereko Metier Capital Growth Fund
Lereko Metier Sustainable Capital Fund
Makalani Holdings Ltd
R3,5bn
Targeting to exceed R1bn
R2,5bn
R50m
R5 to R15m
R15m
R750m
15% of fund size
R150m
No
No
No
Spirits and gambling
Unbankable technology
None
Marlow Capital
Marlow
Not disclosed
R75m
R400m
Yes
Property and commodity exploration
Medu Capital
Medu Capital Fund I
Medu Capital Fund II
Mineworkers Investment Company Proprietary
Limited
R300m
R900m
R2bn> NAV
R30m
R175m
No
Tobacco, liquor, gambling and military weapons
R75m
No
Molash Capital
Motseng Investments Holdings
Molash Capital Fund 1 - SA Partnership
N/A
R170m
N/A
R20m
R25m
R350m (with ability to invest
up to R500m and more
depending on opportunity)
R100m
R250m
No
No
Extrative industries, primary agriculture,
construction services, primary power generation
(Eskom)
Venture capital, biotech oil and gas
None
Musa Capital
Musa Kubu Fund
R400m
R5m
R100m
No
Alcohol, tobacco, gambling, weapons and military
National Empowerment Fund
R5,3bn
R250 000
R75m
Yes
Morally reprehensible sectors
Nedbank Capital Private Equity
R1,3 bn
R30m
R150m
No
Real estate and primary agriculture
New Africa Mining Fund
Nodus Equity
New African Mining Fund II (launched in Feb 2011)
Nodus Equity
R5m
R5m
R130m
R35m
Yes
No
Uranium and diamond mining
Agriculture, mining and property
NOVARE Equity Partners
Novare Africa Property Fund 1
R910m
Open-ended, currently
R130m
R677m
R42m
R168m
Yes
All except property
Old Mutual Investment Group, Alternative
Investments
OMPE Funds I, II, III
Old Mutual SA Multi-Manager Private Equity Fund I, II
& III
OMIGSA International Private Equity Fund of
Funds I and II
R6bn
R2bn
R100m
R2bn
No
Infrastructure, property
Global Environment Fund
Mineworkers Investment Company (MIC)
Savca Yearbook 2013
30
US$430m
31
Savca Yearbook 2013
Matrix reference (cont)
Full members
Old Mutual Investment Group, Alternative
Investments (cont.)
Fund name
IDEAS Fund & International Infrastructure Fund
Financial Sector Charter Fund
Housing Impact Fund South Africa
Schools & Education Investment Impact Fund of SA
Fund size or
funds invested
to date
R5bn
R4bn
R9bn
R1bn
Paean Private Equity
Paean Private Equity 1
N/A
Pan-African Private Equity 1 Fund Managers
(Pty) Ltd (PAPE)
Pan-African Private Equity Fund 1 (PAPEF1) (Pty) Ltd
and Pan-African Private Equity Fund 2012 (Pty) Ltd
(PAPEF2012)
Pembani Remgro Infrastructure Fund
Pembani Remgro Infrastructure Managers (Pty)
Ltd
Excluded industries
R125m (enterprise value
R1bn)
No
None
R20m
R120m
No
Property
None
No
Resources mining and extraction activites
Yes (with proven
sponsors)
Forestry, tobacco and biofuel
Max investment
-
-
R50m (enterprise
value R100m)
R550m
Target size fo US$1bn
(ZAR and USD)
All except independent schls & related educ. assets
African Agriculture Fund (AAF))
US$243m
$5m
Not more than 20% of
aggregate commitments in a
single investment
10% of fund size
Pan Africa Housing Fund
$4,1m first closed; final
close target $80m-$100m
$2m
15% of fund size
Public Investment Corporation
Isibaya Fund
R50m
Usually not more than R2bn
Yes
Gambling, high-risk projects and ammunition
RMB Corvest
RMB Corvest
R10m
R500m
No
Mining, agriculture and property
RMB Private Bank
RMB Private Bank - Leverage & Acquisition
Finance
RMB Private Equity
RMB Ventures
R61bn (5% of GEPF
assets under mngmnt)
Open-ended R5,09bn
(R2,68bn in BEE deals)
Open-ended
Equity - R5m; debt
- R20m
R50m
Equity - R25m; debt R100m
R750m
No
Property, primary agriculture and mining
No
Property, mining and primary agriculture
Non-commercial real estate
Phatisa Group
RMB Private Equity
All except, real estate
RMB Leveraged Finance
Open-ended R7,2bn
Open-ended (in excess
of >R2bn invested)
Open-ended Invested N/A
R50m
None
Sanlam Private Equity
Sanlam Properties
National Funds
Sanlam Africa Core Real Estate Fund Limited
R4bn
US$100m
R100m
$5m
R250m
No maximum amount
No
No
Sasfin Private Equity Fund Managers
Sasfin Private Equity Fund
R500m - max of 10% of
total group assets
R200m
R10m
R25m
Direct resources
R10m
R25m
No
Direct resources
R102m (fully invested
and closed)
R100m (first close;
raising additional capital
R100m (first close);
raising additional capital
R10m-R25m
R50m
No
None
Yes
-
No
Primary agriculture, mining and property
General Private Equity
Senatla Capital
Senatla Capital Empowerment Fund I
Senatla Capital Empowerment Fund II
Senatla Capital Property Fund I
Property, resources and infrastructure
South Suez Capital Ltd
South Suez Africa Fund Ltd
US$278m
-
Sphere Private Equity
Sphere Private Equity Fund 1
R302m (Final closing)
R10m
20% (secondary investment),
20% (co-investment), 30%
(single underlying fund)
R50m
Standard Chartered Principle Finance
Standard Chartered Principle Finance
R5bn invested globally
US$20m
US$150m
No
Military and tobacco
STANLIB Africa Direct Property Dev. Fund
STANLIB Africa Direct Property Development Fund
US$150m
US$10m
US$50m
No
Non-property sectors
Tamela Holdings (Pty) Ltd
On balance sheet
+R200m (balance sheet)
None
None
No
Primary agriculture, mining and exploration
The Abraaj Group
Aureos Africa Fund
US$381m
$5m
$38m
No
Gambling, alcohol (excluding beer and wine),
tobacco and armaments
Treacle Private Equity (Pty) Ltd
Health Fund
Abraaj Buyout Fund IV
Treacle Fund II
$105m
$1,6bn
R463m
$1m
$50m
R10m
$10m
$300m
R92m
Yes
Primary agriculture, real estate and resources
Trinitas Private Equity
Trinitas Private Equity Fund
R670m
R40m
R150m
No
Direct resources
TriVest - Contributing Investors
N/A
(Invested R60m to date)
N/A
R20m
Yes
Utho Capital Fund Managers
Untho SME Infrastructure Fund
R62m
R2m
R10m
Yes
Gambling, alcohol, tobacco and armaments
Vantage Risk Capital
Vantage Mezzanine Fund I
R1bn (with fund
manager’s co-investment)
R60m
R350m (with co-investment)
No
Primary agricultural, low-margin trading business,
businesses selling arms, loss making operational
turnaround opportunities, junior mining businesses
R1,85bn
P200m
N$160m
P450m (Fund raising)
R100m
P0,5m
$5m
R10m
P30m
$32m
R500m
Yes
None
VICI Private Equity Partners (Pty) Ltd
Vantage Capital Mezzanine Fund II
CEDA Venture Capital Fund
VPB Namibia Growth Fund
VPB III
VICI Private Equity Fund II Ltd
Yes
Zico Capital (Pty) Ltd
Zico Capital Fund 1
R500m
R15m
R500m
No
Venture Partners Botswana
Savca Yearbook 2013
Start-ups
investment
Min investment
32
Military, gambling, liquor, morally objectionable
industries
Resources, agriculture and properties
33
Savca Yearbook 2013
African Infrastructure Investment
Managers (Pty) Ltd
Address: Colinton House, The Oval, 1 Oakdale Rd, Newlands, Cape Town South
Africa
Tel: 021 670-1234
Fax: 021 670-1220
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
South Africa Infrastructure Fund
R1,731m
Unlisted infrastructure fund — fully
invested
Name of fund:
Size of fund:
Nature of fund:
African Infrastructure Investment Fund
R1,320m
invested
Name of fund:
Kagiso Infrastructure Empowerment
Fund
R649m
invested
Size of fund:
Nature of fund:
Name of fund:
Size of fund:
Nature of fund:
African Infrastructure Investment
Fund 2
R3,645m
Unlisted infrastructure fund, investing
Name of fund:
Size of fund:
Nature of fund:
Apollo Investment Partnership II
R424m
Unlisted infrastructure fund, investing
R5,483m (includes amounts
committed to investments but not yet
drawn)
Leading SA, international
institutional investors and
development finance institutions
R11,596m (current equity under
management as at 31 December 2012)
Sources of funds:
Savca Yearbook 2013
34
32
11
Minimum investment:
Maximum investment:
Minimum and maximum
Contact:
Agri-Vie
R140m
R900m
Yes
R300m
Infrastructure
Weapons, tobacco, alcohol and
radioactive materials
Greenfield and brownfield
Address: Barinor South, Building A, Vineyards Office Estate, 99 Jip de Jager
Drive, Bellville 7530
Tel: 021 913-5662
Fax: 021 913-8954
Website: www.agrivie.com
FUND DETAILS
26%-80%
Africa — focus on sub-Saharan Africa
Andrew Johnstone
Remarks: Manages and advises unlisted infrastructure equity funds targeting
African projects such as toll roads, rail, airports, power generation and renewable
energy.
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Agri-Vie: Africa Food & Agribusiness
Investment Fund
R835m
Closed-end private equity fund
60% Invested
Institutional investors
8
8
6
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contacts:
Savca Yearbook 2013
36
R20m
R100m
Yes
R40m
Food and beverages, vertically
integrated agribusiness, fibre, agrilogistics & services, agricultural
inputs, renewable energy
Industries not listed above
Expansion and development, partial
buyouts, limited early stage
investments
Venture capital
25%/50%
Sub-Saharan Africa
Herman Marais, 083-377-6234
Izak Strauss, 082-826-2344
Avril Stassen, 083-253-0062
Lynette Thomas, 083-255-4477
37
Savca Yearbook 2013
AngelHub
Ata Capital (Pty) Ltd
Address: E5B Century Square, Heron Crescent, Century City, Cape Town
Tel: 021 551-1269
Fax: 086-553-9740
Website: www.angelhub.co.za
Address: 1st Floor, 6A Sandown Valley Crescent, Sandown, Sandton 2196
Tel: +27 11 722-7317
Fax: +27 (0)86 661-8230
FUND DETAILS
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
AngelHub
Open-ended
Business Angel Investment Group
R5m
Individual and corporate business
angel investors
3 companies
All stages except:
Minimum and maximum
Contact:
R1m
R10m
Yes
R1m
Highly scalable, technology enabled
industries
Alcohol, armaments, infrastructure
Start-up and early stage
Concept
10%/49%
South Africa
Brett Commaille
pools funding, expertise and networks from a diverse range of early-stage angel
investors for investment in high-growth SA ventures to accelerate growth and
create value. Through aggregating knowledge and resources through a broad
network of angels, AngelHub increases the probability of success for
entrepreneurial ventures. AngelHub aims to unlock new funding resources for
start-ups, support SA entrepreneurship innovation and generate both economic
value and jobs.
38
4
3
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Geographical preference:
Contact:
R5m
R75m
Yes
R30m
Various
N/A
Growth, replacement capital, buyout
Early stage
N/A
South Africa
Lelo Rantloane, 011 722-7317,
[email protected]
Remarks:
Remarks: AngelHub is a manager-led business angel investment group that
Savca Yearbook 2013
Ata Fund 1
R285m
BEE Equity
R110m
Various
3
3
Minimum investment:
Maximum investment:
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
The fund focuses on:
❑ Providing investment capital to BEE entities with access to attractive
opportunities;
❑ Providing liquidity to BEE entities against their performing portfolio
investments; and
❑ Making direct equity investments as a BEE entity.
The fund will favour:
❑ Investments with indexed or listed underlying exposures, transparent valuation
methodologies and the ability to exit via a traded market; and
❑ Private equity investments in industries and companies of strategic importance.
39
Savca Yearbook 2013
Brait Private Equity
Address: 92nd Floor, The Zone II, 177 Oxford Road, Rosebank, Johannesburg, 2196
Tel: 011 507-1000
Fax: 011 507-1001
Website: www.brait.com
FUND DETAILS
Minimum investment:
All stages except:
Minimum and maximum
R800m±
Yes
All industries considered
None
Generally later stage
Start-ups
Name of fund:
Size of fund:
Nature of fund:
Brait I
R228m
General private equity investments —
fully invested and realised
Name of fund:
Size of fund:
Nature of fund:
Brait II
R690m
Contact:
Name of fund:
Size of fund:
Nature of fund:
Brait III
US$409m
Remarks: Brait Private Equity, established in 1991, is a leading private equity
Name of fund:
Size of fund:
Nature of fund:
Brait IV
$880m
fully invested
Name of fund:
Size of fund:
Nature of fund:
Braitec
R277m
Early stage technology investments —
Name of fund:
Size of fund:
Nature of fund:
Proprietary investing
Open-ended
Long-term, large, unlisted equity
investments.
More than R10bn
Leading SA and international
institutional investors
14
Sources of funds:
Savca Yearbook 2013
40
15%/80%
Principally focused on Southern
Africa
John Gnodde, 011 507-1532
fund manager in terms of team size, committed and invested capital as well as
track record. The investment team has a proven ability to combine domestic
private equity investment skills with the experience of managing international
and domestic private equity capital and has achieved a highly accomplished
investment record. Brait's active involvement with its portfolio companies and its
readiness to provide ongoing strategic, operational and financial support has been
critical to its success.
94
10
41
Savca Yearbook 2013
Business Partners
Business Partners Ltd, 37 West Street, Houghton Estate, Johannesburg
Web address: www.businesspartners.co.za; E-mail: [email protected]
National Telephone Number: 0861 SME FIN (0861 763 346)
Facebook.com/Business.Partners.Limited
Twitter:@BizPartnersLtd
Specialised funds
Inland West
East Coast
West Coast
Property
The Business Partners —
Khula Start-up Fund
Venture Fund
Inland East
Tel:
012 347-3208
011 713-6600
031 240-7700
021 464-3600
031 240-7700
031 240-7700
011 713-6600
Fax:
012 347-2198
011 713-6650
031 266-7286
021 461-8720
031 266-7286
031 266-7286
011 713-6650
R150m
R400m
FUND DETAILS
Size of fund
Nature of fund
General
General
General
General
General
Black start-up
Innovative and high-growth
potential
Funds invested to date at cost
R1,410bn
R1,480bn
R1,940bn
R2,110bn
R250m
R123m
R0 m
Sources of funds
Private individuals, listed/unlisted Private individuals, listed/unlisted Private individuals,
companies, institutions (79%) and companies, institutions (79%) and listed/unlisted companies,
institutions (79%) and
government (21%)
government (21%)
government (21%)
Private individuals,
listed/unlisted companies,
government (21%)
Private individuals,
listed/unlisted companies,
government (21%)
Khula (80%) and Business
Partners (20%)
Private individuals, listed/unlisted
companies, institutions (79%) and
Government (21%)
Current portfolio size
R336m
R399m
R494m
R774m
R130m
R37m
R0m
Total number of private equity/venture capital
investments made to date
1,270
1,670
2,070
1,980
120
211
—
Number of investment executives
13
15
23
23
9
1
5
Minimum investment
R500 000
R500 000
R500 000
R500 000
R500 000
R150 000
R500 000
Maximum investment
R20m
R20m
R20m
R20m
R20m
R3m
R10m
Willing to syndicate
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Average current investment size
R2,4m
R2,4m
R2,4m
R2,4m
R2,4m
R1m
R0m
Industry preference
None
None
None
None
None
None
None
Industries excluded
Agriculture and on-lending,
sin industries
Stage of investment
All
All
All
All
All
Start-up, Early Stage
All
All stages except
No exceptions
No exceptions
No exceptions
No exceptions
No exceptions
Businesses older than 3 years
Seed, research & development
Minimum and maximum equity usually taken
Normally minority shareholding
Normally minority
shareholding
Normally minority
shareholding
Normally minority
shareholding
Geographical preference
Free State, North West, Northern
Pretoria, East Rand and
Johannesburg (Gauteng), Limpopo Cape, South and West Rand
(Gauteng)
and Mpumalanga
KwaZulu-Natal, East London
and surrounding areas (Eastern
Cape)
Western Cape, Port
Elizabeth and surrounding
areas (Eastern Cape)
South Africa
South Africa
South Africa
Contacts
David Morobe
Jeremy Lang
Byron Jeacocks
Anton Roelofse
Owen Holland
Eric Rosen
Gerrie van Biljon
E-mail addresses
dmorobe@
businesspartners.co.za
jlang@
bjeacocks@
aroelofse@
businespartners.co.za
oholland@
erosen@
[email protected]
Savca Yearbook 2013
42
43
Savca Yearbook 2013
Botenya Advisors
Address: Private Bag X116, Centurion 0046
Tel: 012 345-7520
Fax: 012 345-7603
Website: www.botenya.co.za
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Botenya
R250m
Early stage private equity
R100m
Own and partners
R200m
One
Four
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contact:
Savca Yearbook 2013
44
R10m
R80m
Yes
R70m
ICT & Energy
All, with focus on early stage
None
26%-75%
SA and sub-Sahara Africa
Khudusela Pitje
Capitalworks Equity Partners
Capitau
Address: 24 Central Building, 3rd Floor, Cnr Gwen Lane and Fredman Drive,
Sandown, Sandton 2196
Tel: 011 301-3000/1
Fax: 011 883-5560
Website: www.capitalworksip.com
Address: 5 Viscounts Road, Bedfordview
Tel: 011 621-4900
Fax: 011 621-4901
Website: www.capitau.com
FUND DETAILS
FUND DETAILS
Name of fund:
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Capitalworks Private Equity Fund 1
R1,5bn
Growth, expansion, replacement,
MBO
3rd party
6
6
6
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contacts:
Size of fund:
Nature of fund:
Sources of funds:
Capitau Investment Partners Special
Opportunities Fund
R300m
Special opportunities
R135m
Limited partners & third parties
R210m
5
5
R70m
R450m
Yes
R150m
None
Oil and gas exploration
Growth, expansion, replacement,
MBO
Seed, start-up
Significant minority or majority
Chad Smart, Darshan Daya
Garth Willis
Minimum investment:
Maximum investment:
Industry preference: Agnostic
Industry excluded:
All stages except:
Minimum and maximum
Contact:
R15m
N/A
Yes
R40m
Mining
Expansion/buyout
Start-up
Flexible
Sub-Saharan Africa
Paul Sykes
Remarks: Capitalworks seeks equity or equity-related investments in middle
market companies — operating principally in SA — which can benefit from
strategic, operational, commercial or financial initiatives. The fund’s investment
strategy and philosophy is centred on building exceptional businesses, alongside
leading entrepreneurs and management teams.
Savca Yearbook 2013
46
47
Savca Yearbook 2013
Carlyle South Africa Advisors (Pty) Ltd
Address: PO Box 652090, Benmore 2010
Tel: 011 666-0700
Fax: 011 666-0725
Address: Unit 6A, 1st Floor, No. 3 Melrose Boulevard, Melrose Arch, Melrose
North, 2196, Johannesburg, South Africa
Tel: +27 11 034-2000
Fax: +27 11 034-2020
Website: www.carlyle.com
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
R600m
Expansion, MBOs and LBOs
R500m
Own balance sheet, captive funds
11
All stages except:
Minimum and maximum
Contacts:
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
14
4
Minimum investment:
Maximum investment:
FUND DETAILS
R10m
R150m
Yes
R45m
None
Mining
Expansion, MBO, LBO, replacement
capital
Seed capital and early start-ups
20%/70%
SA and Southern Africa
Gavin Chadwick, Rob Fihrer
Remarks: Capricorn Capital Partners focuses on building value through longterm partnerships with entrepreneurs and strong management teams.
Carlyle Sub-Saharan Africa Fund
MBOs; LBOs; Expansion and Growth
Capital
—
—
—
—
9
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contacts:
US$30m
$100m+
Yes
—
Various
Mining; property
Expansion; growth; replacement;
MBO
Seed; start-up; early stage
Sub-Saharan Africa
Bruce Steen: +27 11 034-2000 or
[email protected]
Remarks: Carlyle Sub-Saharan Africa Fund backs good management teams on a
pan-African basis. We typically back managers/entrepreneurs to grow and
develop their business. Our global franchise gives us a competitive advantage
when it comes to adding value to portfolio companies.
Savca Yearbook 2013
48
49
Savca Yearbook 2013
Coast2Coast Investments
Address: Block E, The Terraces, Steenberg Office Park, Cape Town, South Africa
Tel: 021 701-2232
Fax: 021 701-3343
Website: www.c2c.co.za
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Coast2Coast
R500m
Equity investments, 70%-100%
buyouts, MBOs
R400m
Own funds
R500m
15
7
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
70%/100%; 7-year minimum, no
maximum
SA (Cape Town, Gauteng or KwaZulu
Natal), Africa, international
Gary Shayne: 072-714-4573
[email protected]
Cris Dillon: 082-806-2624
[email protected]
Contacts:
Savca Yearbook 2013
R50m (annual profits over R15m)
R1bn
Yes
R100m
Pharmaceuticals, complimentary
medicines, personal care, health and
beauty, medical equipment and
devices, agro-chemicals, garden
chemicals, animal health, foods,
consumer products, insurance
Mining, agriculture, technology
Mature, 7-50 years in operation
50
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Collins Private Equity Holdings
Convergence Partners
Address: 1 Richefond Circle, Ridgeside Office Park, Umhlanga 4320
Tel: 031 536-8004
Fax: 031 536-8013
Address: 33 Fricker Road, Illovo, Johannesburg 2196
Tel: 011 550-5320
Fax: 011 550-5321
Website: www.convergencepartners.co.za
FUND DETAILS
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Collins Private Equity
R200m
Independent
R130m
Private individuals
5
10 own, 4 follow-on and 7 portfolio
4
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contact:
Nil
R25m
Yes
R14m
None
None
Development capital and buyout
Seed and start-up
20%/45%
None
Bruce Chelius
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
finance medium-sized buyouts valued between R50m and R150m. Typically, we
take a minority stake in the business. However, we are prepared to take a
controlling stake if appropriate. In addition, we have provided development
capital financing in targeted sectors.
17
7
Minimum investment:
Maximum investment:
Remarks: Our preferred deals are to partner experienced management teams to
Convergence Partners Investments
R900m
ICT investments in Africa
Not disclosed
Founder capital, drawdown funding
facilities
Not disclosed
All stages except:
Minimum and maximum
Contact:
No minimum
No maximum
Yes
Not disclosed
Information and communications
technology (ICT)
Non-ICT
Growth/expansion, buyout,
greenfields/ brownfields, venture
Seed capital, start-up
26%/49%
Africa
Idan Segal
Remarks: Convergence Partners is a long-term, active, strategic investor in the
ICT sector in Africa. As a sector focused investor, Convergence Partners has a
proven track record of adding value to investee companies and developing new
investment opportunities. We have a strong investment focus on ICT
infrastructure projects that increase availability of communications, broadband
services and new technology offerings in Africa.
Savca Yearbook 2013
52
53
Savca Yearbook 2013
Development Bank of Southern Africa
Development Partners International LLP
Address: 1258 Lever Road, Headway Hill, Midrand
Tel: 011 313-3126
Fax: 011 206-3126
E-mail: [email protected], [email protected]
Website: www.dbsa.org
Address: Development Partners International LLP, 28 Chelsea Wharf, Lots Road,
SW0 0QJ
Tel: +44 207 349-5030
Fax: +44 207 349-5038
Website: www.dpi-llp.com
FUND DETAILS
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
DBSA On Balance Sheet
DBSA balance sheet
Institutional investor in PE funds
R6bn
DBSA balance sheet
N/A
N/A
N/A
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contacts:
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
R100m
R500m
Yes
N/A
Infrastructure
Arms, gambling, liquor, pornography
Start-up and early stage, expansion
and development
Buyout
Minimum investment:
Maximum investment:
Remarks: The Development Bank of Southern Africa (DBSA) is southern Africa's
Savca Yearbook 2013
54
9
7
Maximum 20%
African continent, preferably SADC
Cyprian Marowa, Seison Reddy
leading development finance institution. In addressing the challenges of both
physical and economic infrastructure in the region, the major focus areas of the
bank’s infrastructure investment activities are regional integration, job creation
and BEE/indigenisation. DBSA provides long-term debt, quasi-debt and equity
funding for such transactions in SA and across the region. It is also an
institutional investor in a number of private equity funds. In response to the
critical shortfall of equity capital in key sectors of the regional economy, DBSA
supports the establishment and growth of private equity funds with high levels of
development impact. DBSA-supported funds assist regional economies to secure
long-term growth capital, access management skills and financial expertise.
African Development Partners I
à270m — Fund closed in Dec 2009
Pan-African generalist private equity
Cannot disclose
Endowments/foundations, funds of
funds, family offices,
pension/retirement funds,
development finance institutions
9
All stages except:
Minimum and maximum
Contact:
à10m
à40m
—
Cannot disclose
Pan-African industries including
manufacturing, computer-related,
chemicals and materials, medical and
life sciences, construction, mining,
consumer-related, electronics,
services, telecoms, communications,
financial and insurance,
transportation, food and beverages
N/A
Replacement and expansion capital
Start-up
—
Pan-Africa
[email protected]
+44 207 349-5030
55
Savca Yearbook 2013
Edge Growth
Emerging Capital Partners
Address: 1st Floor, Block E, Hurlingham Office Park, 59 Woodlands Avenue,
Hurlingham
Tel: 010 001-3715
Fax: 086 551-5505
Website: www.edgegrowth.com
Address: ECP — Southern Africa,
8th Floor, The Forum Building,
2 Maude Street, Sandton 2196
Tel: 011 685-0830
Fax: 011 784-9112
Website: www.ecpinvestments.com
FUND DETAILS
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Vumela Enterprise Development Fund
R186m
Enterprise Development Fund (grow
SMEs)
R60m
FirstRand Bank
R60m
5
3 (total investment team 8)
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contacts:
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
ECP Africa Fund III
US$613m
Pan-African growth
$1,2bn ($2bn in committed capital)
Various
$500m-$600m
50
27
R2m
R20m
Yes
R12,5m
No preference, if addressing a broader
social need
Hi-tech, dot-com
Early-stage & growth
Seed and R&D
10%/50%
SA
Jason Goldberg
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contact:
$30m
$90m
Yes
$45m-$60m
No preferences
Arms and ammunition, tobacco,
gaming, alcohol
Expansion and development
N/A
N/A
Pan-African
Alex-Handrah Aime, managing
director
Remarks: The fund manager for the Vumela Enterprise Development Fund is an
alliance between First National Bank and Edge Growth. Legally, First National
Bank is the fund management entity, with the fund management operations being
run by Edge Growth (that is, the investment team handling evaluation of
investment proposals, the due diligence process and post-investment business
development).
Savca Yearbook 2013
56
57
Savca Yearbook 2013
Enablis Financial Corporation SA
Ethos Private Equity
Address: PO Box 2287, Cape Town 8000
Tel: 021 422-0690
Fax: 021 422-0744
Website: www.enablis.org
Address: 35 Fricker Road, Illovo, Sandton 2196
Tel: 011 328-7400
Fax: 011 328-7410
Contact: Chelsea Wilkinson; E-mail: [email protected]
Website: www.ethos.co.za
FUND DETAILS
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Khula Enablis Loan Fund/
Khula Enablis SME Acceleration Fund
(Investment period ended)/
PPC Ntsika Fund
R40m/R50m/R20m
Loan guarantee fund/equity fund/debt
fund
R68m
Khula Enterprise Finance/
Canada Fund for Africa, FNB and
Pretoria Portland Cement
R60m
69
2
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contacts:
R100 000/R25 000
R5m/R2,5m
Yes
R1m
SME
—
Early stage expansion and
expansionary finance
Product and IP development
26%/49% where applicable
SA
Ebenise Bester
Remarks: We provide early-stage and expansionary finance for SMEs with
Name of fund:
Size of fund:
Status:
Fund IV
R2,5bn
Fully invested and realised
Name of fund:
Size of fund:
Status:
Tech Fund I
R270m
Fully invested and partially realised
Name of fund:
Size of fund:
Status:
Fund V
R5,5bn
Fully invested and partially realised
Name of fund:
Size of fund:
Status:
Fund VI
R7bn
Currently investing
Sources of funds:
Ethos’ investor base comprises bluechip global and South African
institutions
102 investments as at December 2012
Minimum investment:
Maximum investment:
Investment Style:
access to capital, in conjunction with intensive business support programmes
through a non-profit organisation.
Fund VI: R300m
Fund VI: R1bn and greater with
preferred partners
Yes
Control/joint control and selective
minority
Market leading businesses and
selective growth capital opportunities
South Africa and selectively in subSaharan Africa
Remarks: Founded in 1984, Ethos Private Equity is a leading SA private equity
manager. With more than 25 years of successful investing, our strategy is timetested and proven across a range of economic and political cycles. Independently
owned and managed by its investment professionals, Ethos is a managementdriven firm whose interests are strongly aligned with those of our stakeholders.
Savca Yearbook 2013
58
59
Savca Yearbook 2013
As a control and growth investor, Ethos takes an active ownership role in its
portfolio companies, utilising proven value creation strategies to generate superior
and consistent returns for investors. Our core premise is that the businesses into
which Ethos invests are stronger, more robust, more sustainable and more
valuable on exit than they were prior to Ethos’ ownership. Ethos recently closed
Fund VI at R7bn. This fund focuses on control acquisitions and expansion capital
in medium-to-large businesses in South Africa and selectively in sub-Saharan
Africa.
Address: 3 Gwen Lane, Sandton Central
Tel: 011 775-1113
Fax: 011 775-1001
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
R1bn
Property
R100m
—
R800m
5
4
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contacts:
Savca Yearbook 2013
60
R30m
R250m
Yes
R100m
—
—
—
—
—
Sub-Saharan Africa
—
61
Savca Yearbook 2013
Global Environment Fund
Global Capital
Address: 1 Melrose Boulevard, Unit 6, Melrose Arch 2076 Johannesburg
Tel: +27 (0)11 063-9000
E-mail address: George McPherson, [email protected];
Gloria Mamba, [email protected]; Gordon Carrihill,
[email protected]; Web: www.globalenvironmentfund.com
Address: 21 West Street, Houghton 2198
Tel: 011 728-0255
Fax: 011 728-8921
Website: www.glocapital.com
FUND DETAILS
FUND DETAILS
Name of funds:
Size of funds:
Nature of funds:
Sources of funds:
GEF Africa Sustainable Forestry Fund
(ASFF); GEF Africa Growth Fund
(AGF)
ASFF, US$160m, closed
AGF, $150m, fundraising
Pan-African funds
Target industries are clean/renewable
energy, energy management
technologies and services,
environmental services,
water/wastewater treatment,
agricultural processing and
transportation logistics
ASFF: 5 investments, about $100m
AGF: Actively fundraising; no
investments made yet
Institutional LPs
ASFF: About $100m
AGF: No investments completed
N/A
8 (SA); 30 (global)
Minimum investment:
Maximum investment:
All stages except:
Min/max equity usually taken:
Contact:
Savca Yearbook 2013
62
$5m
$20m
Yes; typically rely on LPs
$14,7m (for all 51 GEF investments)
ASFF: Timber assets only
AGF: Clean energy, energy efficiency,
environmental services
Growth stage — companies must have
revenue of at least $5m
Venture
Flexible
Sub-Saharan Africa
George McPherson, gmcpherson@
globalenvironmentfund.com
+001 240 482-8933
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Global Capital Fund No.2, and Global
Capital Fund No.4
R50m, R2000m
Private Equity
R500m
Private individuals and institutions
11
Private equity 10; venture capital 1
5
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contacts in SA:
Contact in Australia:
R20m
No limit
Yes
N/A
None
Mining
Private equity, expansion/acquisition,
MBOs, LBOs, BEE
Start-up
25%/100%
SA
Larry Nestadt (chairman)
Frank Boner (CEO)
David Vinokur, Brett Boner
Gary Burg
Remarks: Global Capital acts as a company's financial and business strategist,
corporate adviser and confidant, giving support to the management team.
Occupying a position on the board, Global plays an active role in each of its
investments, providing the experience and network of contacts to help take the
company to the next stage of its development. It views each investment as a
partnership and as such all parties involved must be comfortable and able to work
together. Global acts swiftly, avoiding common bureaucracy, and maximises on
first-to-market opportunities to ensure that no opportunity is missed.
63
Savca Yearbook 2013
Grovest Venture Capital Company
Address: First Floor, Building 3, Commerce Square, 39 Rivonia Road, Sandton
2196
Tel: 011 459-1860
Fax: 011 459-1872
Website: www.grindrodbank.co.za
Address: 164 Katherine Ave, Pinmill Office Park, Building 2, Strathavon, Sandton
Tel: 011 262-6858
Fax: 086 630-2556
Website: www.grovest.co.za
FUND DETAILS
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
R100m
General private equity, growth capital
R28m
Grindrod Bank captive fund
R28m
Sources of funds:
2
2
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contacts:
Savca Yearbook 2013
Name of fund:
Size of fund:
Nature of fund:
R10m
R30m
Yes
R14m
No preference
No exclusions
Refer below
Early stage, start-ups or turnarounds
20%/49%
SA
Jannie Grobbelaar, 011 459-1888
Aris Malliaros, 011 459-1879
Grovest
Raising R100m
Sec 12(j) venture capital fund
High net worth individuals, family
offices, venture capital funds, life and
pension offices
Currently investing
Currently investing
Currently investing
5
Minimum investment:
Maximum investment:
All stages except:
Equity usually taken:
Contact:
R1m
R10m
Yes
R5m
Tech
Property, finance and consultancy
Early stage
All stages
Yes
South Africa
Jeff Miller
Remarks: Launched in January 2011, Grindrod Bank Private Equity is the captive
Remarks: Grovest is a section 12(j) VCC fund, formed under the auspices of the
private equity arm of Grindrod Bank. The fund generally focuses on equity type
investments in established, well managed small to mid-market companies with a
track record of profits and cash generation. The diverse and experienced
investment team is able to leverage off Grindrod Bank’s corporate finance
advisory, capital markets and debt lending divisions to advise and structure
investment deals tailored to the specific needs of each investment opportunity.
SA Revenue Service, which allows investors to deduct a 100% of their investment
from their taxable income. The fund is managed by Venture Capital Management
Services (VCMS), which has a very experienced team that includes Malcolm Segal,
Jeff Livingstone and Jeff Miller.
64
65
Savca Yearbook 2013
Harith General Partners
Hasso Plattner Ventures Africa
Address: Harith General Partners
No 1 Chislehurston, 33 Impala Road, Sandton, 2146
Tel: 011 384-4000
Fax: 086 756-4583
Website: www.harith.co.za
Address: First Floor, Old Warehouse Building, Black River Park, Fir Street,
Observatory
PO Box 13264, Mowbray, 7705
Tel: 021 486-1060
Website: www.hp-ventures.co.za
FUND DETAILS
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Pan African Infrastructure
Development Fund
US$630m
Infrastructure
Around 80%
DFIs, financial institutions, pension
funds, investment banks
Invested in nine investee companies
across North, West, East and Southern
Africa
All stages except:
Minimum and maximum
Contact:
$10m
$100m
Yes
$50m
Energy, transport, telecoms, water and
sanitation
Arms, liquor, gambling and child
labour
Greenfield and brownfield
Seed capital, venture
20%/49% (minority)
Pan African
Emile du Toit
Remarks: The Pan African Infrastructure Development Fund primarily invests in
private equity interests in infrastructure development projects in sectors such as
power and energy, telecoms, transport, water and sanitation in the African
continent. The 15-year-old fund is managed by Harith General Partners, led by a
professional, diligent and highly dedicated team of transaction executives with
close to 150 years of collective investment experience in Africa.
Savca Yearbook 2013
66
Hasso Plattner Ventures Africa Fund
R380m
Venture capital
R190m
Prof Hasso Plattner
7
12
2
9
10
Minimum investment:
Maximum investment:
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contact:
R8m
R50m
Yes
R16m
Mobile, telecommunications, IT,
cleantech
Property, mining and agriculture
Growth stage and expansion
Seed, commercialisation, research &
development
25%/49%
Africa
Odette Pretorius
Remarks: Hasso Plattner Ventures Africa was launched in February 2008 by Prof
Hasso Plattner, cofounder of software giant SAP. HPVA invests in companies that
have innovative offerings, particularly in the areas of telecommunications, mobile
applications, media and software, as well as clean technology investments such as
renewable energy and energy-saving concepts. Companies with international
expansion strategies are the core target market for the fund. Where Hasso Plattner
Ventures Africa adds the greatest value to its portfolio companies — over and
above the capital injection and active management support — and its key
differentiator is the access it provides to its national and international network of
investors, investment committee members and the expertise of its management
team.
67
Savca Yearbook 2013
Horizon Equity Partners
Imbewu Capital Partners (Pty) Ltd
Address: Two Commerce Square, 39 Rivonia Road, Sandhurst, Sandton 2196
Tel: 011 502-6940; Fax: 011 268-2275
E-mail: [email protected]; Website: www.horizonequity.co.za
Address: Suite 5, Unit 10 Rydall Vale Office Park; Douglas Saunders Drive, La
Lucia Ridge, 4051
Tel: +27 (0)31 566-1484
Fax: +27 (0)87 231-2962
Website: www.imbewucapital.co.za
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Horizon Fund III
R300m
Generalist PE fund, specialising in
growth capital
R200m
DFIs, FOFs, asset managers
5
22
3
Minimum investment:
Maximum investment:
Minimum and maximum
Contacts:
68
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
R20m
R60m
Yes
R40m
Generalist
Property, gambling, tobacco, alcohol,
armaments, mining and primary
agriculture
All except seed and start-up
25% minimum, no maximum
Southern Africa
Kgosi Monametsi, Richard Flett,
Garth Jarvis
All stages except:
Minimum and maximum
Contact:
Remarks: Horizon Equity Partners is the most experienced provider of growth
and buyout capital to small and medium-sized enterprises in SA. Established in
1996, its core strength is providing capital to strong management teams whose
growth aspirations are capital constrained. Our executives have, on average,
nearly 20 years’ experience across varied industry sectors in both investment and
operational disciplines. The firm has partnered more than 20 companies in SA
since its founding and successfully realised most of these investments, generating
significant value for shareholders in these companies.
Savca Yearbook 2013
FUND DETAILS
Minimum investment:
Maximum investment:
Industry excluded:
N/A
N/A
N/A
R40m
Balance sheet
15
12
2
R1m
N/A
Yes
R2,5m
No preferences
None
MBO, MBI, LBO, Expansion,
Mezzanine and BEE
Seed, start-up and other early stages
25%/45%
None
Gcina Zondi (chief executive)
Remarks: Imbewu Capital Partners is a black-owned and controlled private
equity and investment holding company. Imbewu Capital Partners invests,
structures and raises funding for management buyouts, leveraged buyouts and
strategic BEE transactions in partnership with management teams and
shareholders. The company has a track record of leading and managing complex
equity transactions and consortiums.
69
Savca Yearbook 2013
Industrial Development Corporation (IDC)
Address: 19 Fredman Drive, Sandown 2196; PO Box 784055, Sandton 2146
Tel: 011 269-3000; Fax: 011 269-3116
E-mail: [email protected]; Website: www.idc.co.za
FUND DETAILS
Name of fund:
Size of fund:
IDC
Loans & advances at Mar 31 2012:
R15,978bn: Investments at Mar 2012:
R 70,891bn
Captive/on balance sheet
Capital markets, mature investments
N/A
Nature of fund:
Sources of funds:
R1m
Dependent on nature of transaction
Yes
Agroprocessing, mining and
beneficiation, manufacturing,
tourism, ICT, industrial infrastructure,
health care, film, green industries,
metals, chemicals, wood, textiles
Gambling
From prefeasibility stage onwards
Minimum and maximum
Contact:
Address: Suite 10, 1st Floor, Amdec House, Steenberg Office Park, Tokai 7945,
Cape Town
Tel: 021 702-1290; Fax: 021 702-1483
E-mail: [email protected]; Website: www.inspiredevolution.co.za
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Funds committed and invested
to date at cost:
Sources of funds:
Minimum investment:
Maximum investment:
Inspired Evolution Investment
Management (Pty) Ltd
Depends on transaction
Africa
Call centre 0860-693-888
Minimum investment:
Maximum investment:
Remarks: The IDC is a state-owned national development finance institution that
provides financing to entrepreneurs engaged in competitive industries. It follows
normal company policies and procedures in its operations; pays income tax at
corporate rates and dividends to its shareholder; and reports on a consolidated
basis, with its annual report available to the public. The IDC’s primary objectives
are to contribute to the generation of balanced sustainable economic growth in
Africa and to the economic empowerment of the SA population, promoting the
economic prosperity of all African citizens. Finance instruments include:
❑ Equity;
❑ Quasi-equity;
❑ Commercial loans;
❑ Wholesale finance;
❑ Share warehousing;
❑ Export/import finance;
❑ Short-term trade finance; and
❑ Guarantees.
Savca Yearbook 2013
70
Evolution One Fund
US$90m (circa R750m)
Green industries & cleantech: New
energy and environment
Committed: R576m
Invested: R402m
IFC, FinnFund, Sifem, Castleway,
Norfund, African Development Bank,
IDC, GEEREF (EIF)
5 principals, 3 analysts/associates,
1 nonexecutive chairman
All stages except:
Minimum and maximum
Contacts:
R10m
R100m plus (with coinvestment
rights)
Yes
R30m-R70m
Multisectoral cleantech – new energy
& environment
Tobacco, alcohol, gaming, fixed asset
(property), defence, select
environmental category exclusions
Mostly expansion stage/select early
stage and limited LBO
Angel and seed (some seed capacity)
Significant minority 25,1% to control
positions of 51% plus (may dilute in
larger project finance investments)
SADC region
Michael Brooks, Christopher Clarke,
Guy Baxter, Kholofelo Molewa,
Wayne Keast, Sandile Sokhela
Remarks: Inspired Evolution offers specialised, deep sector expertise, combined
with a global track record for investors and enterprises.
71
Savca Yearbook 2013
International Housing Solutions (Pty) Ltd
Invenfin
Block H, Ground Floor, 54 Peter Place, Bryanston
Tel: 011 300-8600
Fax: 011 463-1391
Website: www.ihsinvestments.co.za
Address: PO Box 456, Stellenbosch 7599
Tel: 021 888-3395
Website: www.invenfin.com
Twitter: @Invenfin
FUND DETAILS
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
South Africa Workforce Housing
Fund
R1,9bn (US$230m)
Investment in affordable housing
projects
R1,2bn (R1,5bn committed)
International and domestic equity
investors
R1,2bn
33 closed projects
5
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Invenfin
Undisclosed
Private company, owned by Remgro
Ltd. Early stage fund focused on
differentiated products or businesses
with a sustainable competitive
advantage and international
expansion potential
Shareholder
6
3
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contacts:
R25m
R250m
Yes
R50m
Affordable housing, real estate
All others excluded
Development
N/A
Up to 80%
SA and African continent
Soula Proxenos (managing partner);
Pamela Lamoreaux (investor
relations)
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contacts:
None
None
Yes
R10m
All except below
Property & traditional infrastructure,
manufacturing infrastructure, primary
agriculture, service businesses,
gambling, franchisee operations
Early stage
As per above
(Significant minority) 26% to 49%
None
Alexandra Fraser
Remarks: Invenfin seeks investments in early stage businesses that are
underpinned by high quality, differentiated intellectual property and have strong,
global prospects. We invest into businesses that are post proof-of-concept or
beyond “idea stage”; have a sustainable competitive advantage or barrier to entry;
have significant international potential; globally scalable; headed by strong,
commercially minded entrepreneurs, preferably with domain (sector) experience;
and addressing a burning need in a lucrative market.
Savca Yearbook 2013
72
73
Savca Yearbook 2013
Address: PO Box 785700, Sandton 2146
Tel: 011 286-8433
Fax: 011 286-7909
Website: www.investec.com
Investec Africa Frontier Private Equity
Fund (IAFPEF)
Address: PO Box 1655, Cape Town 8000
Tel: 021 416-1916; Fax: 021 416-2916
full
members
FUND DETAILS
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Open-ended
MBOs, LBOs, expansion, acquisition
N/A
Investec balance sheet
R5bn
43
13
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
EV greater than R150m
No limit
Yes
R300m
All
Primary agriculture, mining and
property
All
Venture, start-up and seed
25%/49%
Southern Africa, sub-Saharan Africa,
the UK, Australia
Arlene Lubbe
Contact:
Remarks: Investec Principal Investments focuses on taking influential equity
positions in medium to large companies that have strong management teams,
strong earnings potential, as well as market and growth potential. Investec is able
to leverage off its global and local expertise to provide complete deal structuring,
including senior debt, mezzanine debt and equity, within tight timelines/deadlines.
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contact:
74
6 (in companies operating in Nigeria,
Zimbabwe, Angola, Mozambique and
SA)
5
Savca Yearbook 2013
Investec Africa Frontier Private
Equity Fund
US$155m
Pan African Private Equity Fund
$111m
SA institutional investors and DFIs
6
EV generally greater than $20m
No limit, but EV generally below
$250m
Yes
$20m (range $10m-$30m)
All
Project finance, limited interest in
(early stage) resources
—
Venture, start-up/seed and
turnaround
Range $10m-$30m (larger
transactions jointly with coinvestors), aimed at obtaining a
significant minority or controlling
shareholding
Pan-Africa, with a focus on subSaharan Africa, including South
Africa (25%)
Gerben Dijkstra
75
Savca Yearbook 2013
Kagiso Tiso Holdings Pty Ltd (KTH)
Ke Nako Capital
Address: Kagiso Tiso House, 100 West Street, Wierda Valley, Sandton 2196
Tel: 011 562-2500
Fax: 011 562-2501
Website: www.kth.co.za
Address: 7 Kildare Centre, Wheelan Road, Newlands 7700
Tel: 021 671-8024
Fax: 021 671-3322
Website: http://www.kenakocapital.co.za
FUND DETAILS
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Kagiso Tiso Holdings Proprietary
Limited
On balance sheet
Investment holding
Approximately R8bn NAV
Balance sheet
40
N/A
11
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contacts:
R200m
Depending on nature of transaction
Yes
N/A
Financial services, industrials, health,
media, power, mining, food
Tobacco, alcohol, gaming, fixed asset
(property), defence, select
environmental category exclusions,
morally objectionable industries
MBO, MBI, acquisition, secondary
purchase
Seed and start-up, early stage
25% minimum
Jacob Hinson, chief investment
officer
long-term sustainable shareholder value. As a result, KTH has a portfolio of
investments comprising market leading firms across key sectors. KTH aspires to
become active shareholders of reference in portfolio companies, through
participation at board level and the various subcommittees. These companies are
generally high-growth or cash generative and meet strict investment criteria of
inter alia generating market related returns for KTH. KTH maintains a long term
horizon and can partner companies throughout cycles.
76
Sources of funds:
Ke Nako Private Equity Fund
R1,350m
Private equity fund of funds
100% invested in private equity and
other alternative assets
SA pension funds
7 Primaries, 2 Secondaries, 2 Directs.
6
Remarks: KTH boasts a track record of investment performance and creating
Savca Yearbook 2013
Name of fund:
Size of fund:
Nature of fund:
Minimum investment:
Maximum investment:
Minimum and maximum
Contact:
R50m
No limit
N/A
N/A
None
None
All stages, except venture capital
N/A
SA
Matthew Hunt
Remarks: The fund has been created to provide institutional investors who wish
to invest in private equity with a seamless dynamic private equity investment
programme. This programme comprises a diversified portfolio of underlying
private equity funds managed by the “best of breed” SA private equity fund
managers.
The fund’s investment strategy is to achieve superior returns by investing in
private equity funds that focus predominantly on the “mid-cap” SA market. By
the optimal management of both liquidity and private equity participation, the
fund will target a net overall internal rate of return of 20%-30% per annum.
77
Savca Yearbook 2013
Knife Capital
Lereko Metier Capital Growth
Address: E5B, Century Square, Heron Crescent, Century City, 7441
Tel: 021 551-1269; Fax: 086 553-9740
E-mail: [email protected]; Website: www.knifecap.com
Address: Private Bag X11, Northlands 2116
Tel: 011 268-4055
Fax: 011 268-4001
Website: www.lereko.co.za; www.metier.co.za
FUND DETAILS
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
HBD Fund2
R138m
Growth equity venture fund
R138m
Private individuals
4
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
KnifeCap Growth Equity Fund
R150m to R250m targeted
Growth equity venture fund
Private and institutional investors
3
7
3
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contacts:
R10m
R30m
Yes
R20m
None
High-growth/expansion
Seed capital
78
Lereko Metier Capital Growth Fund
R3,5bn
Expansion, replacement, MBOs
R2,5bn
Third party investors and manager
8
8
13
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contact:
R50m
R750m
Yes
R316m
Diverse
Spirits and gambling
Expansion, replacement, MBOs
Seed, start-up and early stage
Generally 20% to 60%
Paul Botha
Remarks: Lereko Metier Capital Growth Fund focuses on taking substantial
25%/49%
Southern Africa
Eben van Heerden, Keet van Zyl,
Andrea Böhmert
Remarks: Knife Capital is a leading SA growth equity fund manager and the
incarnation of the SA venture capital division of HBD — a privately owned
emerging market investment group founded by Internet entrepreneur and
cosmonaut Mark Shuttleworth. HBD Fund2 is now fully invested and its focus is
on growing its investments to replicate recent successful portfolio exits. For the
next fund, Knife Capital brings together an experienced investment team as the
link between credible investors and high-growth ventures. The fund has an exitcentric focus on knowledge-enabled African ventures with proven traction. Knife
Capital is committed to creating African success stories and filling critical gaps in
the local entrepreneurial ecosystem.
Savca Yearbook 2013
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
capital investment made to date:
equity positions, which may include control, in medium-sized to large companies
that have strong management teams, an earnings history and good growth
opportunities. Lereko Metier has a track record of outstanding performance in
private equity, with team members having concluded 80 deals and having
achieved a greater than 30% annual internal rate of return over the past two
decades. The fund has an active and effective culture and is ideally positioned to
partner investors and portfolio companies alike. We believe that private equity
requires the deep involvement of experienced managers putting their own skills,
energy and capital at risk alongside institutional investors.
79
Savca Yearbook 2013
Lereko Metier Sustainable Capital Fund
Leaf Capital
Address: Private Bag X11, Northlands
Tel: 011 268-4055
Fax: 011 268-4001
Website: www.metier.co.za; www.lereko.co.za
Address: 5th Floor, Protea Place, Protea Road, Claremont 7708
Tel: 021 657-1180; Fax: 086 208-0119
Website: www.leafcapital.co.za
FUND DETAILS
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Lereko Metier Sustainable Capital
Fund
Targeting to exceed R1bn
Resource efficiency
Nil
Third-party investors and manager
Nil
In the process of fundraising
5
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contacts:
R5m to R15m
15% of fund size
Yes
In the process of fundraising
Renewable energy, energy efficiency,
waste and water management
Growth, project expansion and
development stage capital
Unbankable technology
Generally 20% to 60%
Anthony Hewat
Remarks: The Lereko Metier Sustainable Capital Fund targets energy efficiency,
renewables, water and waste management businesses and projects supporting the
region's development objectives and environmental commitments. Its investments
will be deployed across growth, development capital and later stage transactions
and renewable energy projects.
Savca Yearbook 2013
80
Name of fund:
Size of fund:
Nature of fund:
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Leaf Private Equity No.1
R115m
Small to mid-cap general private
equity
Leaf Investment Holdings
Open-ended, currently R250m
Mid-cap general private equity
Third party investors and proprietary
capital
5
8
4
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contacts:
R25m
R150m
Yes
R55m
No specific industry preference
Property development and mining
exploration
Growth and later stage capital
Venture capital
25%/80%
SA
Paul Leaf-Wright, Rick Basson, Nick
Shabason, Tshiamo Molefe.
81
Savca Yearbook 2013
Makalani Management Company (Pty)
Ltd
Address: The Reserve, Ground Floor, 52 Melville Road, Illovo
Tel: 011 428-0680
Fax: 011 447-7389
Website: www.makalani.co.za
Sources of funds:
Makalani Holdings Ltd
R2,5bn
Mezzanine financing for BEE
transactions
R2,5bn
SA institutions
R1,1bn
33 (fund closed as fully invested)
3
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contact:
R15m
R150m
Yes
R100m
None
Later stage
Seed and start-ups
N/A
SA
Keshan Pillay
established in 2005 to perform the activities of managing the listed R2,5bn
mezzanine portfolio of Makalani Holdings Pty Ltd (“Fund I”), which was
subsequently delisted in June 2010. These activities included deal origination,
mezzanine finance and debt structuring as well as portfolio management. Fund I
is fully invested and is returning capital to its investors. Makalani is in the
process of raising capital for a second BEE and mezzanine fund (Fund II) from a
range of SA and/or foreign investors.
82
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Marlow
Not disclosed
Buyout and growth
Not disclosed
Institutional
Not disclosed
4
5
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contact:
R75m
R400m
Yes
R150m
Manufacturing, business services
Property, commodity exploration
All
No exceptions
25%/90%
Sub-Saharan Africa
—
Remarks: Marlow Capital participates in mid-market investment buyout and
Remarks: Makalani Management Company (Pty) Ltd ("Makalani") was
Savca Yearbook 2013
Address: 3 Commerce Square, 39 Rivonia Road, Sandhurst 2196
PO Box 75, Strathavon, 2031
Tel: 011 280-4160
Fax: 086 508-8264
Website: www.marlowsa.com
FUND DETAILS
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Marlow Capital
growth opportunities in sub-Saharan Africa. We look to invest in established cash
generative companies that will benefit directly or indirectly from two regional
macro-economic trends: growing consumer demand and the large public and
private investments into infrastructure and new capital projects. Marlow works in
close partnership with the management teams of portfolio companies and will
take a hands-on approach to the management of both operational and strategic
issues.
83
Savca Yearbook 2013
Medu Capital
Mineworkers Investment Company
Address: 2 Fricker Road, Illovo Boulevard, Illovo, Sandton 2196
Tel: 011 268-9140
Fax: 011 268-9145
E-mail: [email protected]; [email protected];
[email protected]
Website: www.meducapital.co.za
Address: 4 Eton Road, Parktown, 2193
Tel: +27 11 088-1800
Fax: +27 11 088-1842
Website: www.mic.co.za
FUND DETAILS
FUND DETAILS
Name of fund:
Name of fund:
Size of fund:
Status:
Medu Capital Fund I
R300m
Fully invested and realised
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Medu Capital Fund II
R900m
General private equity fund
8
Size of fund:
Nature of fund:
Minimum investment:
Maximum investment:
R30m
R175m
Yes
None
Tobacco, liquor, gambling and
military weapons
Established companies
Start-up and early stage capital
All stages except:
Minimum and maximum
Contacts:
15%/80%
Africa
Nhlanganiso Mkwanazi,
[email protected];
Ernest January,
[email protected];
Zeyn Angamia,
[email protected]
Remarks: Medu Capital aims to acquire significant minority and control interests
in established medium-sized businesses. Investments, which may involve both
listed and private firms, typically take the form of expansion capital, entrepreneur
partnering, management buyout/buy-in and replacement capital.
Savca Yearbook 2013
84
13
6
17
6
Minimum investment:
Maximum investment:
Mineworkers Investment Company
Proprietary Limited
NAV >R2bn
Investment Holding Company
N/A
Assets under management >R10bn
Industry excluded:
All stages except:
Minimum and maximum
Contacts:
R75m
R350m (with ability to invest up to
R500m and more depending on
investment opportunity)
Yes
R215m
Industrial, financial services, media,
gaming & hospitality,
telecommunications, IT services,
consumer products, mining services &
supplies, pharmaceuticals, logistics,
healthcare, renewable energy, agriprocessing and infrastructure support
services
Extractive industries (mining),
primary agriculture, construction
services and primary power
generation (Eskom)
Later stage — buyout, replacement
capital, expansion and development
25%–49%
South Africa (with sub-Saharan
exposure at investee company level)
Nchaupe Khaole and Oren Fuchs
85
Savca Yearbook 2013
Molash Capital
Motseng Investment Holdings
Address: Augusta House, Inanda Greens Business Park, 54 Wierda Road West,
Wierda Valley, Sandton 2196
Tel: 011 883-2897; Fax: 011 883-9462
E-mail: [email protected]; Website: www.molash.co.za
Address: 204, Rivonia Road, Block B, Morningside, Sandton 2196
Tel: +27 11 282-2500
Fax: +27 11 282-2525
Website: www.motseng.co.za
FUND DETAILS
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Molash Capital Fund 1 SA Partnership
R170m
Opportunity specific — consumer
Fully invested and exited
SA institutions
Name of fund:
Size of fund:
Nature of fund:
Open investment vehicle
Open
Opportunity specific — housing
material
N/A
SA institutions and balance sheet
Sources of funds:
7
3
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
R20m
R100m
Yes
R45m
Housing, building material, consumer
and financial services
Biotech and venture capital
Growth and mature
N/A
25%/100%
SA, Namibia, Angola, Botswana,
Zambia, Ghana, Mozambique, Nigeria
Darren Horwitz
Contact:
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
N/A
N/A
Off balance sheet
—
—
—
—
—
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contact:
R25m
R250m
Yes
R150m
Generalist approach
N/A
Late stage, buyout capital, leverage
buyouts
—
10%/90%
SA, SADC
—
Remarks: Our principal investments focus on MIH private equity investments
and seek to create value by directing capital towards situations where our
strategic insight and operational support can foster transformational changes that
maximise the potential of a business. Our aim is to work closely with the
management teams of our portfolio companies and stay involved in the
operations of the businesses.
Remarks: Molash looks at setting up opportunity specific vehicles (OSV) together
with high net worth family offices and institutions to complement a
predetermined investment strategy. This strategy is centred on a focused
investment effort to combine the Molash team’s operational skill base together
with its access to local and international capital markets to unlock returns.
Savca Yearbook 2013
86
87
Savca Yearbook 2013
Musa Capital
Address: 3 Commerce Square, 3rd Floor, 39 Rivonia Road, Sandhurst
Johannesburg; Tel: 011 771-6300; Fax: 011 771-6333
E-mail: [email protected]; Website: www.musacapital.com
Address: West Block, 187 Rivonia Road, Morningside 2057
PO Box 31, Melrose Arch, Melrose North 2076
Tel: 011 305-8000/0861 843 633/0861 (THE NEF); Fax: 011 305-8001
E-mail: [email protected] (enquires); [email protected] (funding);
Website: www.nefcorp.co.za
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Musa Kubu Fund
R400m
Private equity/buyout
R391m as at February 28 2010
Institutional and family office
R650m as at February 28 2012
9
10
All stages except:
Minimum and maximum
R5m
R100m
Yes
R48m
Telecom, financial services, consumer
goods, mining, construction
Alcohol, tobacco, gambling, weapons
and military
Early/expansion
Start-up
30% (min); 80% (max)
Africa (more specifically sub-Saharan
Africa)
William Jimerson; Richard Akwei
Contacts:
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Minimum investment:
Maximum investment:
FUND DETAILS
Savca Yearbook 2013
88
330
51
Minimum investment:
Maximum investment:
Minimum and maximum
Contacts:
Remarks: We focus on cultivating wealth in small to medium-sized enterprises
that make up the “missing middle” market in Africa. Musa believes that by
optimising human capital with strategic insights, operational support at the
executive level and financial monitoring, investment potential can be maximised.
The firm tends to limit its active portfolio base to allow its senior team to become
fully engaged in value creation at the investment level, which is facilitated by our
controlling positions taken in investments. Often our portfolio management
involves assisting our companies with fundraising, acquisitions and finance. Musa
actively monitors financial and operational performance on a monthly and, when
necessary, daily basis. We seek to achieve excellent growth and development in
our investments, with the added objective of positively impacting the stakeholders
in the communities in which we operate. This approach has resulted in a net
return of 26% for Fund 1 and value recognition by way of current income to LPs
in Fund 2, which is vintage 2008.
R5,3bn
Development finance
R4,5bn (approved)
National treasury/department of trade
& industry
R250 000
R75m
Yes
R10,3m
Mandate is to promote and facilitate
BBBEE across all industries
Morally reprehensible sectors
All stages
Up to 49%
All nine SA provinces
Setlakalane Molepo, 011 305-8105
Hlengiwe Makhathini, 011 305-8162
Nhlanhla Nyembe, 011 305-8158
Bothwell Manikai, 011 305-8179
Zweli Sapula, 011 305-8197
Louisa Stephens, 011 305-8110
Eric Zwane, 011 305-8182
INVESTMENT PRODUCTS
The NEF processes funding applications by black businesses for start-up, expansion
and equity acquisition purposes through its Fund Management Division, which is
divided into three operations: the iMbewu Fund (R250 000-R10m), the uMnotho
Fund (R2m-R75m) and the Rural Development Fund (R1m-R50m). It covers:
❑ Entrepreneurship finance; ❑ Procurement finance; ❑ Franchise finance; ❑ New
ventures finance; ❑ Expansion finance; ❑ Acquisition finance; ❑ Capital markets
and ❑ Liquidity and warehousing.
89
Savca Yearbook 2013
New Africa Mining Fund
Address: PO Box 1144, Johannesburg 2000
Tel: 011 294-3321; Fax: 011 295-3321
Address: PO Box 5662, Durban 4000
Tel: 031 364-1567; Fax: 031 364-2936
Website: www.nedbankcapital.co.za
Address: 37 Peter Place, Bryanston 2191; Tel: 011 706-1442, Fax: 011 706-1593
E-mail: [email protected]; [email protected]; [email protected];
[email protected]; Website: www.namf.co.za
FUND DETAILS
Name of fund:
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
R1,3bn
Captive fund
>R2bn
Balance sheet
17
81
7
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contact:
Savca Yearbook 2013
R30m
R150m
Yes
R80m
All sectors
Real estate, primary agriculture
MBO, expansion, acquisition,
replacement capital, mezzanine
Start-up
Significant minority interests
SA and SADC
Clive Howell
90
Size of fund:
Nature of fund:
Sources of funds:
New Africa Mining Fund II (launched
in February 2011)
R910m
Limited partnership
Various investors
4
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contacts:
R5m
R130m
Yes
Varied
Mining only
Uranium and diamond mining
Early stage, development, expansion
Pure asset funding
Varied
Africa
Neil Gardyne, John Taylor, Wayne
Botha, Mark Sewell
Remarks: The New Africa Mining Fund (NAMF) invests in and facilitates the
development of junior mining activities in Africa. NAMF mainly provides funding
for exploration activities, preliminary economic assessments, prefeasibility studies
and definitive feasibility studies. But it will consider funding mine development
and expansion. Project promoters are required to motivate their request for funds
by providing appropriate geological data and a business formulation so the
project’s potential can be assessed.
91
Savca Yearbook 2013
Nodus Equity
Old Mutual Investment Group
Alternative Investments
Address: First Floor, Entrance 2, 32 Fricker Road, Illovo 2196
Tel: 011 327-6907
Fax: 011 327-6844
Website: www.nodus.co.za
Address: PO Box 878, Cape Town 8000; Tel: 021 509-5022; Fax: 021 504-7931
E-mail: [email protected]; Website: www.omigsa.com
FUND DETAILS
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Nodus Equity
Open-ended, currently R130m
Mid-market LBOs & MBOs
R91,5m
Individuals
7
1. PRIVATE EQUITY
Name of fund:
Size of fund:
Nature of fund:
7
2
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum equity
usually taken:
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contacts:
R5m
R35m
Yes
R12,4m
None
Agriculture, mining, property
Expansion to mature
Start-up and seed
10% (min) and 49% (max)
SA
Erich Schulenburg, Hillie Meyer
OMPE Fund I, II and III
R6bn
General private equity investments
R100m
R600m
Yes
Infrastructure, property
Generally later stage
Start-ups
10%-49%
Southern Africa
Remarks: Old Mutual Private Equity has invested R6,1bn in 23 transactions
across various industries over the past 12 years. It has realised 15 investments
over this period. The investment team has over 90 years of collective experience.
2. PRIVATE EQUITY FUND OF FUNDS
Name of fund:
Remarks: Nodus Equity focuses on equity investments in established, well
Size of fund:
managed mid-market companies that have a history of profitability and operate
primarily in South Africa.
Name of fund:
Size of fund:
Funds invested in:
Old Mutual SA Multi Manager Private
Equity Fund I, II and III
R2bn
OMIGSA International Private Equity
Fund of Funds I and II
US$430m
12
Remarks: These funds are available to both institutional and retail investors,
offering exposure to private equity in a diversified portfolio.
3. INFRASTRUCTURE
Name of funds:
Size of funds:
Savca Yearbook 2013
92
IDEAS Fund & International
Infrastructure Fund
R5bn
93
Savca Yearbook 2013
Nature of funds:
Infrastructure, environmental and
development assets
Minimum investment:
Maximum investment:
R75m
R1bn among funds under management
Yes
Core infrastructure including
renewable energy projects
Non-infrastructure
Financial close
Limited ability to finance
development pre-financial close
All stages except:
Minimum and maximum
20% and upwards
NOVARE Equity Partners
Address: Novare Equity Partners (Pty) Ltd, Unit 112, The Cliffs Office Block 1,
Niagara Way, Tyger Falls, Carl Cronje Drive, Bellville 7530
Tel: +27 (0)21 914-7730
Fax: +27 (0)21 914-7733
Website: www.novareequitypartners.com
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Remarks: We are one of SA’s largest investors in infrastructure, managing over
R15bn of infrastructural assets.
4. DEVELOPMENT IMPACT FUNDS
Name of funds:
Size of funds:
Nature of funds:
Financial Sector Charter Fund;
Housing Impact Fund SA; Schools
and Education Investment Impact
Fund of SA
R4bn/R9bn/R1bn
Financial sector charter assets;
affordable income housing &
development; schools & education
investment
Minimum investment:
Maximum investment:
Minimum & maximum
Novare Africa Property Fund I
R677m
Private Equity Fund
R336m
Institutions and high net worth
individuals
R677m
2
5
Minimum investment:
Maximum investment:
R100m
R2bn
Yes
Affordable housing, schooling
All stages except:
Minimum and maximum
25%/50%
South Africa/Africa
Contacts:
R42m
R168m
Yes
R168m
Financial & insurance & real estate
All except property
Early stage (start up) and expansion
& development
—
20%/100%
Sub-Saharan Africa, excluding South
Africa
Derrick Roper and Craig Lyons
Remarks: The primary focus is on developing affordable housing and providing
access to quality education through teacher training and upgrading/building of
new school infrastructure.
Savca Yearbook 2013
94
95
Savca Yearbook 2013
Paean Private Equity
Address: PO Box 1094 Gallo Manor 2052 Sandton South Africa
Website: www.paean-private-equity.co.za
FUND DETAILS
Name of fund:
Nature of fund:
Sources of funds:
Paean Private Equity 1
Buyout and growth capital within the
middle market
Newly established business (principals
formerly of Nedbank Private Equity)
Independent investors
All stages except:
Minimum and maximum
Contact:
Size of fund:
Nature of fund:
R50m (enterprise value R100m)
R125m (enterprise value R1bn)
Yes
Industrial, infrastructure-related,
leisure, logistics, mining related, retail
None
Late stage buyout and growth capital
Start-up
Sources of funds:
Majority and minority stakes
Sub-Saharan Africa (South Africa,
SADC, East Africa)
Dave Stadler
equity team members from Nedbank Private Equity. It is an independent private
equity business. The principals’ proven investment approach has delivered
superior returns and their 13-year investment history, strong track record and
leading position in the Southern African middle market has resulted in them
having high credibility and strong reputation. Paean Private Equity is an active
investor and the principals have historically demonstrated their ability to enhance
the value of investee companies through various strategies in line with
opportunities and the requirements of those companies.
96
FUND DETAILS
Name of fund:
Remarks: Paean Private Equity was established by highly experienced private
Savca Yearbook 2013
Address: Summit Square, 1st Floor, 15 School Rd (Opposite Summit Rd and cnr
Rivonia Rd), Morningside, Sandton 2196, Gauteng, SA
Tel: +27 (0)11 883-8036/7
Fax: +27 (0)86 583-7922/+27 (0)11 883-8038
E-mail: [email protected] or [email protected]
Website: www.papefunds.co.za
50 (as head of Nedbank Private
Equity)
Initially 2
Minimum investment:
Maximum investment:
Pan-African Private Equity 1 Fund
Managers (Pty) Ltd (“PAPE”)
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contacts:
Pan-African Private Equity Fund 1
(Pty) Ltd (PAPEF1) and Pan-African
Private Equity Fund 2012 (Pty) Ltd
(PAPEF2012)
R550m
BEE/generalist/growth-oriented/panAfrican/no start-ups
R285m
Pan-African Capital Holdings (Pty)
Ltd and SA banking institutional
investors (semi-captive)
R300m
8
4
R20m
R120m
Yes
R40m
None
Property
Currently investing in high growth
and mature companies
Start-ups
25%/60%
Dr Zuko Kubukeli or Mr Kuhle
Kunene
97
Savca Yearbook 2013
Pembani Remgro Infrastructure
Managers (Pty) Ltd
Public Investment Corporation
Address: Private Bag X187, Pretoria 0001; Block C, Riverwalk Office Park, 41
Matroosberg Road, Ashley Gardens, Extension 6, Menlo Park; Tel: 012 742-3400;
Fax: 012 346-5173; E-mail: [email protected]; Website: www.pic.gov.za
Address: The Court House; 2 Saxon Road, Sandhurst, Sandton 2196, South Africa
Tel: +27 (0)11 290-0231
FUND DETAILS:
FUND DETAILS
Name of fund:
(1) Development Investments
Size of fund:
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Pembani Remgro Infrastructure Fund
Target size of US$1bn
Long-term infrastructure fund
$75m
N/A
1
5
Approved but not yet disbursed:
Sources of funds:
Total number of developmental
investments made to date:
Isibaya Fund
R61bn (5% of GEPF assets under
management)
R3,5bn
R9,3bn
Government Employee Pension Fund
(GEPF)
R4,1bn
25 (inclusive of investments through
Fund of Funds)
20
Minimum investment:
Maximum investment:
Industry excluded:
All stages except:
Minimum and maximum
None
Not more than 20% of aggregate
commitments in a single investment
Yes
$75m
Infrastructure and associated
companies across Africa
Resources mining and extraction
activities
Greenfield, existing projects and
existing companies
N/A
N/A
Sub-Saharan Africa (top performing
economies)
Marcel Louw
Contact:
(2) Private Equity
Size of fund:
Approved but not yet disbursed:
Sources of funds:
Minimum investment:
Maximum investment:
Investment preference:
infrastructure transactions and companies across the African continent. Apart
from investments in both greenfield and existing projects throughout the entire
spectrum of the infrastructure sector, emphasis will be also placed on companies
associated with the provision and/or servicing of such infrastructure. Specific
focus will be given to supporting private-sector infrastructure requirements
around natural resources.
98
16, inclusive of investments through
Fund of Funds
5
Remarks: The fund aims to invest equity and quasi-equity in private-sector
Savca Yearbook 2013
R36,6bn (3% of GEPF assets under
management)
R15,9bn
R1,3bn
Government Employees Pension Fund
R10,7bn
R50m
Usually not more than R2bn
Yes
Direct equity, BBBEE financing,
economic and social infrastructure,
environmental sustainability, SMEs
and high job creation projects.
99
Savca Yearbook 2013
Energy, including renewable energy,
water, transport and logistics,
construction and housing, health
care, education, tourism, agroprocessing, beneficiation of mineral
resources, business process
outsourcing, manufacturing,
broadband infrastructure, skills
development, SMMEs, services
Gambling, high risk projects and
ammunition
Early stage, expansion, buy-in and
buy-out, venture capital
Stage of development:
Minimum and maximum
equity usually taken
Determined on a case-by-case basis
SA
Development Investment
Roy Rajdhar (General Manager)
Tel: 012 742-3400;
Private Equity Investments
Koketso Mabe (Fund Principal)
Private Equity
Tel: 012 742-3400,
Contact:
Phatisa
Address: Ground Floor, Rosewood House, Ballywoods Office Park,
33 Ballyclare Drive, Bryanston 2191, Johannesburg SA
Tel: 011 463-1920; Fax: 011 463-1915; Website: www.phatisa.com
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
African Agriculture Fund (AAF)
US$243m
Food — primary (arable and
plantations), secondary (processing
and animal feeds) and services/
infrastructure (storage, fertilisers,
chemicals, packaging, other inputs)
$80m
Minimum and maximum investment:
Minimum and maximum
>$5m — 10% of fund size
Forestry, tobacco, biofuels
Expansion, MBO/I, acquisition and
early stage
5%/100%
Africa
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Pan Africa Housing Fund
First closed at $41,5m, final close
target $80m-$100m, Q1 2014
Real estate, with a focus on middle
income housing
Minimum and maximum investment:
Investment type:
>$2m — 15% of fund size
Combination of equity, mezzanine
and debt for partner developers
Kenya, Zambia, Rwanda,
Mozambique, Tanzania and Uganda
Remarks: Phatisa, a private equity fund manager, serves various sectors in
Africa, operating from offices in Port Louis, Nairobi, Lusaka, Johannesburg, Accra
and London. The Phatisa team is led by Duncan Owen and Stuart Bradley, while
Valentine Chitalu is group chairman.
Savca Yearbook 2013
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101
Savca Yearbook 2013
RMB Corvest
RMB Leveraged Finance
Address: 8 Melville Road, Illovo
Tel: 011 380-8300; Fax: 011 380-8310
Website: www.rmbcorvest.co.za
Address: 1 Merchant Place, Corner Fredman Drive & Rivonia Road Sandton
Tel: 011 282-4220/011 282-1815; Fax: 011 282-8849/011 384-3218
Website: www.rmb.co.za
FUND DETAILS
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
RMB Corvest
Open-ended
Leveraged equity portfolio
R5,09bn (R2,68bn in BEE deals)
FirstRand, own funds
65
170 (as at Dec 2012)
12
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
RMB Leveraged Finance, a business
unit within Rand Merchant Bank
(a division of FirstRand Bank Ltd)
Open-ended
Debt and preference share funding for
acquisition finance, expansion
capital, MBOs, LBOs
N/A
FirstRand Bank Ltd
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
R10m
R500m
Yes
R50m-R100m
All industries
Expansion, MBO, MBI, replacement,
BEE, acquisition
Seed and start-up
20%/90%
Africa, with exposure to Australia,
America, Europe
Neil Page, Dick Merks, Stephen
Brown, Martin Coetzee, Kerry Hurst,
Mike Donaldson, Philile Maphumulo,
Genevieve Alberts, Brendan Wiebols,
Christine Moodley, Shaun Cabrita,
Arnold van Wyk
Contacts:
Remarks: RMB Corvest is a private equity company in the FirstRand Group
specialising in MBOs, MBIs and the provision of BEE, acquisition and expansion
finance. Founded in 1989, its aim is to invest in established, well-managed
businesses that have a proven track record of solid performance. With well more
than 150 deals completed to date, an established track record, staff well
experienced in private equity and access to the resources of RMB, it offers a
comprehensive private equity solution. Once invested, it provides ongoing
funding and strategic guidance for further growth, while the management team
remains fully responsible for operational management as well as the
implementation of strategic business plans.
Savca Yearbook 2013
102
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
equity stakes usually taken:
Contacts:
R50m
None
Yes
R250m-R500m for leveraged deals
All
Property, resources and infrastructure
Start-up and seed
Not applicable, however, there are
other dedicated businesses within
RMB and FirstRand that focus on
pure equity
Nielen van de Vyver and Robert Leon
Remarks: RMB Leveraged Finance is the combination of RMB’s Preference Share
and Acquisition & Leveraged Finance businesses. The combined team uses both
debt and preference share funding to offer senior and/or subordinated debt for
MBOs and LBOs. Funding can be sourced from the bank’s own balance sheet or
from other banks and financial institutions, with RMB Leveraged Finance acting
in an arranging or advisory capacity. The team is focused on and pursues
opportunities in SA as well sub-Saharan Africa. The average investment size for
leveraged deals is between R250m and R500m, however, hold sizes of up to
R2,5bn are possible. In addition, we are able to facilitate even larger deals through
the use of our underwriting capabilities and distribution network into the banking
and investing markets. In addition to funding MBOs and LBOs, other focus areas
for RMB Leveraged Finance include the funding of BEE transactions, acquisition
and share based lending, balance sheet restructurings and lending related to other
corporate actions.
103
Savca Yearbook 2013
RMB Private Bank
RMB Private Equity
Address: 5 Merchant Place, 9 Fredman Drive, Sandton
Tel: 011 303-5709
Fax: 011 301-4383
Website: www.rmbprivatebank.com
Address: 11th Floor, 1 Merchant Place, Corner Fredman Drive & Rivonia Road,
Sandton
Tel: 011 282-1483
Fax: 011 282-8242
Websites: www.rmb.co.za and www.firstrand.co.za
FUND DETAILS
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
RMB Private Bank — Leverage &
Acquisition Finance
(a division of FirstRand Bank Ltd)
Open-ended
Debt and equity finance for
acquisitions, expansion capital,
MBOs, LBOs and preference share
funding
N/A
FirstRand Bank Ltd
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contact:
Name of fund:
Source of funds:
Contacts:
RMB Private Equity
Open-ended, current value invested
R7,2bn
FirstRand Ltd
Eutychus Mbuthia, Simon Murray
Remarks: RMB Private Equity is the holding company for all of the FirstRand
Group’s private equity businesses, which comprise two local operations and an
international one. Locally, RMB Private Equity owns RMB Corvest and RMB
Ventures. Internationally, RMB Private Equity is represented through RMB Capital
Partners in Australia.
Equity: R5m; Debt: R20m
Equity: R25m; Debt: R100m
Yes
N/A
All
Property, primary agriculture and
mining
Start-up and seed
Minority stakes
SA
Fritz van Barkenhuizen
Remarks: RMB Private Bank Leverage & Acquisition Finance assists individuals
by funding leveraged and acquisition transactions they undertake in their
personal capacity and in the businesses that they own or run. RMB Private Bank
funds MBO and LBO transactions by utilising a combination of equity, senior and
mezzanine/subordinated debt. Preference share funding is also utilised to enhance
the personal wealth of individuals by leveraging their personal share portfolios.
Other focus areas are the funding of BEE transactions, acquisition related lending,
balance sheet restructurings and lending requirements related to other corporate
actions undertaken by individuals.
Savca Yearbook 2013
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105
Savca Yearbook 2013
RMB Ventures
Sanlam Private Equity
Address: 1 Merchant Place, Corner Fredman Drive and Rivonia Road, Sandton
Tel: 011 282-1483
Fax: 011 282-8242
Websites: www.rmb.co.za, www.rmbventures.co.za and www.firstrand.co.za
Address: PO Box 414085, Craighall 2024
Ground Floor, Block C, 3A Summit Road, Dunkeld West 2196
Tel: 011 778-6613; Fax: 011 778-6651
Email: [email protected]
Website: www.spe.sanlam.com
FUND DETAILS
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
RMB Ventures
Open-ended
MBOs, LBOs and expansion
>R2bn
FirstRand Ltd
20
>40
12
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contacts:
R50m
R750m
Yes
R125m
No preference
Mining, agriculture, property
Start-up and seed
20%/80%
SA, East Africa and West Africa
Simon Murray, Eutychus Mbuthia
operating within the FirstRand Group. It focuses on providing equity and debt
funding for medium to large buyouts of established businesses with stable track
records and experienced management teams. It also provides equity funding to
facilitate growth organically or by acquisition and to fund BEE deals. RMB
Ventures has long standing relationships with a number of BEE investors, with
whom it partners to provide solutions for a wide variety of transactions.
106
Not applicable: Notional funds
R4bn
Expansion, growth and buyouts
R1,9bn
Sanlam Life Insurance Ltd
R2,8bn
+100
7
Remarks: RMB Ventures is an on-balance-sheet private equity business
Savca Yearbook 2013
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contact:
R100m
R250m
Yes
R100m
No preference
Property, mining and primary
agriculture
Late stage
Seed capital and start-up
>
- 10%
Sub-Saharan Africa
Alton Solomons,
[email protected],
011 778-6608
Remarks: Sanlam Private Equity, a division of Sanlam Investment Management,
is a business with its ultimate parent company being Sanlam Limited. Sanlam
Private Equity has a dynamic and mature team, with extensive experience in
buyouts, deal structuring, fundraising and fund management. Sanlam Private
Equity focuses on co-investment opportunities in buyout and expansion capital.
The fund has also made investments into private equity funds.
107
Savca Yearbook 2013
Sanlam Africa Fund Advisor (Pty) Ltd
Sasfin Private Equity Fund Managers
Address: 3A Summit Road, Dunkeld West 2196
Tel: 011 778-6000
Fax: 011 778-6912
Website: www.sanlam.co.za
Address: 29 Scott Street, Waverley 2090
Tel: 011 809-7500; Fax: 011 887-2489
E-mail: [email protected]; Website: www.sasfin.com
FUND DETAILS
Name of fund:
Size of fund:
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
FUND DETAILS
Sanlam Africa Core Real Estate Fund
Limited
USD 100 million
Core Commercial Real Estate
USD 55.5 million
Capital Raised through Private
Placement
USD 83 million
2
Contacts:
Savca Yearbook 2013
108
8
2
3
Minimum investment:
Maximum investment:
Industry excluded:
All stages except:
Minimum and maximum
Nature of fund:
Sources of funds:
Capital investments made to date:
Sasfin Private Equity Fund
Maximum of 10% of total group
assets, circa R500m
General Private Equity
R200m
Sasfin Group
6
USD 5 million
No maximum amount
Yes
USD 12.5 million
Real Estate
Non- commercial Real Estate
Completed Income Earning Assets
Greeenfields
Majority Equity Stake
Sub-Saharan Africa excluding the
Common Monetary Area
Thomas Reilly
Gregory Chalmers
Thomas Schultz
Adam Flekser
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contacts:
R10m
R25m
Yes
R25m
General, subject to exclusions below
Direct resources
Expansion, development,
replacement, MBO, MBI, secondary
purchase and selective turnaround
Seed and start-up
15%/30%
SA
Neil Eppel (011) 455-8012
Remarks: We do proactive fund management with a focus on corporate finance,
corporate strategy, corporate governance, performance enhancement and risk
management. We also actively seek out growth and development opportunities for
Investee companies.
109
Savca Yearbook 2013
Senatla Capital
South Suez Capital Ltd
Address: 9th floor, The Forum, 2 Maude Street, Sandton
Tel: 011 784-5929
Fax: 011 883-4481
Website: www.senatlacapital.com
Address: Suite 104, Grand Bay Business Park, Grand Bay, Mauritius
Tel: +230 263-1491
Fax: +230 263-2087
Website: www.southsuez.com
FUND DETAILS
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Senatla Capital Empowerment Fund I
R102m (fully invested and closed)
Private equity focused on BEE
R102m
Name of fund:
Size of fund:
Senatla Capital Empowerment Fund II
R100m (First Close); raising additional
capital
BEE & Growth Capital focused private
equity
Nature of fund:
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
South Suez Africa Fund Ltd
US$278m
Fund of Private Equity Funds
Capital calls from investors
—
9
—
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Senatla Capital Property Fund I
R100m (first close); raising additional
capital
Real estate focused private equity
Pension funds
6
6 (plus 2 follow on)
4
Minimum investment:
Maximum investment:
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contact:
R10m-25m
R50m
Yes
R17m
None
None
Late stage
Early and start-up
20%/100%
None
Owen Maubane
All stages except:
Minimum and maximum
Contact:
20% in secondary investment, 20% in
co-investment and 30% in single
underlying fund
Yes
Financial services,
telecommunications, real estate,
technology, industrials, oil & gas,
consumer, advertising, fuels &
lubricants, retail, electronic payment
—
Expansion capital, replacement
capital, greenfield/brownfield,
leveraged acquisition, start-up
—
—
Ghana, Kenya, Nigeria, Zambia,
South Africa, Ethiopia, Angola,
Zimbabwe, West Africa, East Africa,
Pan Africa, Senegal
Shane Rogel
Remarks: We have R302m committed capital in three investment strategies:
growth capital, BEE and real estate.
Savca Yearbook 2013
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111
Savca Yearbook 2013
Sphere Private Equity
Standard Chartered Principal Finance
Address: Third Floor, The Place, 1 Sandton Drive, Sandton 2146
Tel: 011 944-7800
Fax: 011 944-7801
Website: www.sphereholdings.co.za
Address: 3rd Floor, Marsh Building, 4 Sandown Valley Crescent 2146
Tel: 011 217-6885
Fax: 011 217-6801
Website: www.standardchartered.co.za
FUND DETAILS
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Sphere Private Equity Fund I
Final closing at R302m
Sphere Fund I is applied to equity and
equity-related investments in marketleading, medium-sized to large
companies
R227m
Pension funds, DFIs, financial services
companies
R227m
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
6
4
Standard Chartered Private Equity
No specific limit — US$5bn invested
globally
Investor in expansion, growth capital,
LBO and MBO transactions across
sub-Saharan Africa and into a broad
array of industries
Excess of $550m
Standard Chartered PLC’s balance
sheet
7
7
11
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contact:
R10m
R50m
Yes
R31m
None
Primary agriculture, mining, property
Expansion, replacement, MBO, LBO
Early stage
Significant minority or majority
stakes
SA
Aadil Carim
Minimum investment:
Maximum investment:
Minimum and maximum
Contact:
$20m
$150m
Yes
$80m
Any
Military and tobacco
All except early stage
10%/49%
Sub-Saharan Africa
Thato Mahlong
Remarks: SCPE invests alongside clients and prospective clients of Standard
Chartered Bank. Internationally, SCPE has invested more than $5bn across the
bank’s geographic footprint in Asia, Africa and the Middle East. SCPE focuses on
mid- to late-stage companies across a wide range of industries that require equity
funding for expansion or to finance changes of ownership, such as acquisitions or
management buyouts. We seek to invest alongside top-quality motivated
management teams, who will share in the risks and rewards of the business with
us.
Savca Yearbook 2013
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113
Savca Yearbook 2013
Stanlib Africa Direct Property
Development Fund
Tamela Holdings (Pty) Ltd
Address: Ground Floor Summit Park, 495 Summit Road, Morningside, Sandton
Tel: 011 783-5027
Fax: 011 783-3328
E-mail: [email protected]; [email protected],
[email protected]
Website: www.tamela.co.za
Address: 17 Melrose Arch Boulevard, Melrose Arch 2196
Tel: 011 448-5211
Fax: 086 521-5468
Website: www.stanlib.com
FUND DETAILS
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Stanlib Africa Direct Property
Development Fund
US$150m
Equity investments in direct property
(mezzanine debt selectively)
N/A
Private investors
N/A
N/A
5
All stages except:
Minimum and maximum
$10m
$50m
Yes, subject to conditions
N/A
Property
Nonproperty sectors
Landholdings, early in development
stages and near construction assets
Income-producing assets
Preference of 50%-60% (minimum
25% and maximum 80%)
Pan African, with a focus on Nigeria
and Kenya
Roberto Ferreira and Amelia Beattie
Contacts:
On balance sheet
+R200m (balance sheet)
Equity and mezzanine investments
R103m
Balance sheet, private investors and
institutions
8
8
3
Minimum investment:
Maximum investment:
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Minimum investment:
Maximum investment:
Nature of investments:
All stages except:
Minimum and maximum
Contacts:
None
None
Yes
N/A
None
Primary agriculture, mining
exploration
Expansion/growth capital;
infrastructure projects; BEE
transactions; refinancing; MBOs/LBOs
None
Start-ups
Flexible
SADC region
Sydney Mhlarhi and Vusi Mahlangu
and Tshepisho Makofane
Remarks: Tamela Holdings (Pty) Ltd is a black-owned and managed investment
company established by Vusi Mahlangu and Sydney Mhlarhi. It applies proven
investment strategies to invest in the engineering, manufacturing, industrial and
financial services sectors. It primarily focuses on companies in which it can
ideally partner management to add value and grow the business. The Tamela team
has a proven track record of creating long-term partnerships with management
and shareholders of its investee companies.
Savca Yearbook 2013
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115
Savca Yearbook 2013
The Abraaj Group
Treacle Private Equity
Address: 1st Floor The Place, 1 Sandton Drive, Sandton, South Africa
Tel: 011 884-2066; Fax: 011 884-2067
E-mail: [email protected]; Website: www.abraaj.com
Address: Gleneagles, Fairway Office Park, 52 Grosvenor Road, Bryanston
PO Box 911, Cramerview 2060
Tel: 011 463-7476; Fax: 011 463-1213
E-mail: [email protected]; [email protected];
[email protected]; [email protected]; Website: www.treacle.co.za
FUND DETAILS
Name of fund:
Size of funds:
Nature of funds:
Sources of funds:
Aureos Africa Fund (2008)/Africa
Health Fund (2009)/Abraaj Buyout
Fund IV (2008)
US$381m/$105m/$1,6bn
General PE, growth capital for midcap companies as well as larger
buyouts
$265m/$33m/not disclosed
International institutional investors
18/8/4
19/8/4
Global: 155 / Africa: 23
Minimum/maximum investment:
All stages except:
Minimum and maximum
Contacts:
$5m-$38m/$1m-$10m/$50m-$300m
Yes
$13m/$3m/not disclosed
All
Gambling, alcohol (excluding beer
and wine), tobacco and armaments
Later stage investments: MBO, MBI,
expansions, secondary purchase,
acquisitions and buyouts, regional
rollouts. Health fund can consider
earlier stage investments
Seed/venture capital, turnarounds,
rescues
Significant minority or control
Sub-Saharan Africa and MENASA
Ron den Besten,
[email protected]
Sandeep Khanna,
[email protected]
116
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Treacle Fund II
R463m
General sector
R376m
Absa, Eskom Pension Fund, SANIP,
Public Investment Corp, Citadel,
managing partners
4
5
4
Remarks: The Abraaj Group is a leading private equity investor in growth
markets. We manage $7,5bn in assets, operating through 36 offices in Asia,
Africa, Latin America and the Middle East.
Savca Yearbook 2013
FUND DETAILS
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contacts:
R10m
R92m
Yes
R88m
None
Primary agriculture, real estate and
resources
Expansion, MBO, LBO, MBI and
replacement capital
No preferences
15%/49%
SA
Christoff Botha, Jacob Mashike,
Rudolf Pretorius, Njabulo Mthembu
Remarks: Of particular interest to the fund are medium-sized businesses with the
following attributes:
❑ Manufacturing businesses in need of expansion capital to grow operations and
international markets;
❑ Businesses that provide services to core industries that drive the economy and
are in need of acquisition, development or buyout funding;
❑ Development stage companies with sound growth prospects; and
❑ Secondary BEE transactions.
117
Savca Yearbook 2013
Trinitas Private Equity
TriVest – Contributing Investors
Address: 1 Melrose Blvd, Suite 2, Melrose Arch, 2196
Tel: 011 994-9700; Fax: 011 684-1700
Website: www.trinitaspe.co.za
Address: 31 West Street, Houghton, 2198 Johannesburg
Tel: +27 (0)10 001-0540; Fax: 012 664-2452
E-mail: [email protected]; Website: www.trivest.co.za
FUND DETAILS
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Trinitas Private Equity Fund
R670m
Mid-market private equity
R215m
General partner, pension funds,
banks, fund managers, parastatals
4
4 (current fund)
5
Minimum and maximum
R40m
R150m
Yes
R54m
Manufacturing, services, retail,
industrial
Direct resources
All stages except: Seed, early stage,
venture capital
Minimum of significant influence
(>25%); no maximum
SA, with allocation to sub-Saharan
Africa
Andrew Hall:
[email protected];
John Stipinovich:
[email protected];
Soteris Theorides:
[email protected]
Contacts:
N/A
N/A
N/A
R60m
Private, Europe
R87m (4 investments)
8
2
Minimum investment:
Maximum investment:
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Remarks: Trinitas Private Equity Fund seeks to partner management teams to
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contacts:
N/A
R20m
Yes
R15m
Health care, renewable energies,
information security
Expansion capital, early stage
N/A
Early stage: >50 (sole or joint);
expansion capital: >25%
Sub-Saharan Africa
André Stürmer, 082-052-6824,
[email protected]
Niels von Hase, 083-290-5541,
[email protected]
Remarks: TriVest was founded in June 2007 with the objective of identifying,
funding and actively supporting small to medium-sized companies in SA. TriVest
targets companies that are trading in high-growth, fragmented industries and
those that are well positioned to benefit from expansion into other African
markets. TriVest is managed as a holding company and as such is more flexible
than most funds in terms of its investment strategy, including holding periods.
make equity investments in mid-market companies in Southern Africa. The
partners in the fund include Sasfin, a niche financial services group, and Peotona
Group, a black-owned women’s group that has an enviable track record in public
and private-sector involvement.
Savca Yearbook 2013
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119
Savca Yearbook 2013
Utho Capital Fund Managers
Vantage Risk Capital
Address: 2nd Floor Progress House, 354 Rivonia Blvd, Rivonia
Tel: 011 234-1370
Fax: 011 234-1380
Website: www.utho.co.za
Johannesburg: Address: 1st Floor Unit 9B, 3 Melrose Boulevard, Melrose Arch
2076; Tel: +27 (0)11 530-9100; Fax: +27 (0)11 530-9101
Cape Town: Address: 28 Hudson Street, De Waterkant, Cape Town, 8001
Tel: +27 (0)21 418-1130 Fax: +27 (0)21 418-1665
Website: www.vantagecapital.co.za
FUND DETAILS
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Utho SME Infrastructure Fund
R62m
Private Equity for SA SMEs
R20m
IDC, sefa
R20m
4
3
Name of fund:
Size of fund:
Nature of fund:
Funds advanced to date at cost:
Vantage Mezzanine Fund I
R1bn (with fund manager’s
co-investment)
SA mezzanine debt fund
R980m
Name of fund:
Size of fund:
Nature of fund:
Vantage Mezzanine Fund II
R1,85bn
Pan-African mezzanine debt fund
Total number of loans advanced to date:
Offices:
10
9
12
Johannesburg and Cape Town
Minimum investment:
Maximum investment:
Industry excluded:
Minimum and maximum
Contact:
R2m
R10m
Yes
R5m
Infrastructure (construction, transport,
material supplies, renewable energy,
manufacturing, property
development)
Gambling, alcohol, tobacco and
armaments
Expansion, early stage, replacement,
buyouts
25%/49%
SA
Stephen Pearce
120
Minimum loan:
Maximum loan:
Average current loan size:
Industry preferences:
Remarks: Utho Capital Fund Managers seeks to achieve long-term capital gains
by investing in high growth black empowered small and medium enterprises
(SMEs) involved in infrastructure development, which encompasses various types
of businesses involved in construction, manufacturing, material supplies,
transport, logistics, power, renewable energy and property development in South
Africa. Utho Capital Fund Managers goes beyond providing its portfolio
companies with the capital it needs for growth by enhancing the provision of
capital with committed and practical hands-on business support in respect of
strategy, fundraising, financial controls and reporting.
Savca Yearbook 2013
All stages except:
Minimum and maximum equity
usually taken:
Contact:
R60m
R350m (with co-investment)
Yes
R100m
Financial services, resources,
construction, manufacturing,
consumer industries, professional
services
Primary agriculture, low margin
trading businesses, businesses selling
arms, loss-making operational
turnaround opportunities, junior
mining businesses
Early stage investments
Up to 49%
Southern Africa, West and East Africa
Luc Albinski
121
Savca Yearbook 2013
Venture Partners Botswana (VPB)
VICI Private Equity Fund II Limited
Tel: +267 318-1012; Fax: +267 318-1038
Website: www.venture-p.com
Address: 381 Ontdekkers Road, Roodepoort, Gauteng, South Africa
Tel: +27 (0)10 593-1000
Fax: +27 (0)86 538-7129
Website: www.vicifin.co.za
FUND DETAILS - FUND I
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Contact:
CEDA Venture Capital Fund
P200m
General
P200m committed
Government of Botswana
A Siwawa
Remarks: This fund is fully committed.
FUND DETAILS — FUND II
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
VPB Namibia Growth Fund
N$160m
General
NAD32m
Namibia pension funds
2
Minimum investment:
Maximum investment:
Minimum and maximum
Contact:
N$5m
N$32m
Yes
NAD32m
General
All
25%/49%
Namibia
Daudi Mtonga ([email protected])
FUND DETAILS
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
VICI Private Equity Fund II Limited
R100m
Private Equity Fund
R100m
Private and institutional investors
R100m
5
5
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contact:
R10m
R500m
Yes
R20m
Any
Military, gambling, liquor, as well as
any morally objectionable industries
Any
—
51% (minimum)
SA, SADC & Africa
—
FUND DETAILS — FUND III
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
VPB Growth Fund
P450m
General
Fundraising
Institutional investors and pension
funds
4
Remarks: Venture Partners Botswana, now known as VPB, is raising its third
fund VPB III, through a listing on the Botswana Stock Exchange. The listing is
planned for May 2013.
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123
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Zico Capital (Pty) Ltd
Adept Advisory (Pty) Ltd
Address: 1st Floor, Block B, Cullinan Place, Cullinan Close, Morningside, Sandton
2146
Tel: 011 217-3300
Website: www.zico.co.za
Address: F10A Westlake Square, 1 Westlake Drive, Tokai, 7945
Tel: 021 701-7774
E-mail: [email protected]; Website: www.adeptadvisory.co.za
FUND DETAILS
Type of firm:
Contacts:
Name of fund:
Size of fund:
Nature of fund:
Sources of funds:
Zico Capital Fund I
R500m
General
R360m
Corporate
7
7
3
Minimum investment:
Maximum investment:
All stages except:
Minimum and maximum
Contact:
R15m
R500m
Yes
R75m
All industries
Resources, agriculture & properties
All except early stage & startup
Early stage & startup
COMPANY DETAILS
Consulting/advisory
Justin van Lienden
Remarks: Adept Advisory delivers risk advisory and finance operations
solutions. We have successfully engaged with major private equity general and
limited partners. We have expertise in due diligence pre-acquisition, as well as
embedding governance, project management, performance and risk management
in portfolio companies. Our flexible, personalised, business defining solutions are
developed by our highly experienced and globally aligned team. We have built a
reputation for providing the Southern African private equity market with
specialised expertise tailored to provide our clients with sustainable value and
ongoing competitive advantage. We are an authorised correspondent of Experis,
the global leader in professional resourcing and project-based workforce
solutions. We are a level 3 BBBEE contributor.
Alternative Real Estate
Address: 4th Floor, Hyde Park Shopping Mall, Hyde Park
Tel: 011 325-6511
Fax: 011 325-6514
Website: www.altre.co.za
20%/80%
SA
011 217-3300
Remarks: Zico Capital is a private equity company that is fast building an
enviable reputation in the business community as a trusted investment partner,
with solid operational and business development capabilities. We aim to
participate in established companies whose strengths are measurable and are
focused on contributing to future wealth maximisation.
COMPANY DETAILS
Type of firm:
Contact:
Incubator
Hayden Bamford
Remarks: Our team has experience in credit underwriting and the debt
structuring of large-scale asset backed transactions. We have managed offshore
and local unit trusts, segregated portfolios and structured funds. Besides our
team’s experience in asset management of listed equities, bonds and derivatives, it
also has experience with property development, analysis and management of
direct property investments.
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125
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Athena Capital
Bogosi Finance
Address:
Cape Town Office: 2nd Floor, Bridge House, Boundary Terraces, 1 Mariendahl
Lane, Newlands, 7700
Johannesburg Office: 2nd Floor, North Tower, 3 Sandown Valley Crescent,
Sandton, 2196
London Office: 14 Cork Street, London, W1S 3NS
Tel: 021 657-3810 Fax: 021 671-2590
Website: www.athenacapital.co.za
Address: Holding 30, Zinnia Road, Glenferness, 1685
Tel: +27(0)82 498-1356; +27(0)11 465-1530
Fax: 011 252-7371
COMPANY DETAILS
Type of firm:
Contact:
Finance Consultancy and Advisory
Tiisang Tisane
COMPANY DETAILS
Type of firm:
Contacts:
Sub - Saharan Private Equity
Jonathan Heinamann
Remarks:Established in 2003 Athena Capital is a leading sub-Saharan Africa
private equity house. The funds are differentiated in that they are evergreen and
uncapped. The result is an open investment horizon without forced exits in the
portfolio. Their uncapped nature also ensures an ability to invest additional
capital into the portfolio companies if required.
Aurik Business Accelerator
Bowman Gilfillan
Address: 3rd Floor, 132 Jan Smuts Avenue, Johannesburg
Post Net Suite 389, Private Bag X30500, Houghton 2041
Tel: 011 447-5575; Fax: 086 517-7809
E-mail: [email protected]; [email protected]; Website: www.aurik.co.za
Contact: Lele Modise
E-mail: [email protected]; Website: www.bowman.co.za
Tel: 011 669-9365; Fax: 011 669-9001
COMPANY DETAILS
COMPANY DETAILS
Type of firm:
Contacts:
Angel and Venture Capital Business Development
Accelerator
Pavlo Phitidis, Carien Engelbrecht
Type of firm:
Contacts:
Remarks: Aurik works with entrepreneurs to build their businesses into fundable
assets. It does this by concluding a business system diagnostic identifying the
business systems risks. Aurik then works with the entrepreneur to close the risk
gaps in support of the funding process and then provides active mentorship to
help grow the business. Aurik works with funders to run “business system” due
diligence, provide business development support to underlying investments and
source investments that meet specified criteria. The firm also provides systemised
business development support for organisations that are managing enterprise
development funds.
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Corporate law firm
Johannesburg: Lele Modise (Head: Private Equity), Neil
Rissik, Francisco Khoza, Rosemary Hunter, David Anderson,
Mogola Makola
Cape Town: Aneria Bouwer, Anne McAllister, Jonathan
Lang, Wally Horak, Deon de Klerk
Remarks: Bowman Gilfillan Africa Group (Private Equity) advises clients
throughout Africa, with offices in four countries — SA, Kenya, Tanzania and
Uganda. We also have established relationships with leading law firms throughout
the African continent. The group has about 350 lawyers in five cities in Africa:
Cape Town, Dar es Salaam, Johannesburg, Kampala and Nairobi. Our service
offering and capacity extends to most African cities because of our extensive
experience and network with leading African law firms.
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Citizen Entrepreneurial Development
Agency (Ceda)
Address: Private Bag 00504, Gaborone, Botswana
Tel: +267 317-0895
Fax: +267 319-0001
Address: 25 Second Avenue, Harfield Village, Cape Town, 7708
Tel: 0861 273-783
Fax: 021 674-2821
Website: www.compliserve.co.za
COMPANY DETAILS
COMPANY DETAILS
Type of firm:
Contacts:
Compli-Serve (Pty) Ltd
Type of firm:
Contacts:
Institutional investor
Janine Wright
Compliance provider
Jan Scholtz, [email protected]
Remarks: Compli-Serve is a provider of regulatory compliance services to the
financial services industry.
Cliffe Dekker Hofmeyr
Deloitte Corporate Finance
Johannesburg: Address: 1 Protea Place, Sandown, Sandton 2196
Tel: 011 562-1000; E-mail: [email protected]
Cape Town: Address: 11 Buitengracht Street, Cape Town 8001
Tel: 021 481-6300; E-mail: [email protected]
Address: Private Bag X6, Gallo Manor, Sandton, Gauteng 2052
Tel: 011 806-5613; Fax: 011 806-5666
E-mail: [email protected]; Website: www.deloitte.com/za
COMPANY DETAILS
COMPANY DETAILS
Type of firm:
Contacts:
Type of firm:
Contact:
Legal firm
Willem Jacobs/David Thompson
Multidisciplinary professional services firm
Sean McPhee, 011 209-8615
Remarks: In Southern Africa, Deloitte operates in eight cities, has 243 partners
Remarks: Cliffe Dekker Hofmeyr is one of the largest business law firms in SA,
combining a strong national presence with global reach. With 19 directors and
about 38 lawyers working in private equity, we offer substantial experience and
expertise in all sectors and regions of SA. Our experienced team advises private
equity institutions, investment groups, management teams and acquisition finance
providers and other players in the private equity industry. We provide a full range
of investment cycle services, including fund structuring and establishment,
portfolio acquisitions, portfolio disposals and other exits and restructurings, as
well as assistance with maintaining and improving value in currently held
investments.
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128
and about 3 600 employees. It is part of a global organisation that operates in
about 150 countries. It provides an unrivalled depth of integrated services to its
clients. It has more than 50 professionals specialising in: ❑ pre-deal acquisition
and preparation, deal transaction and conclusion; ❑ tax structuring, advisory and
support; ❑ legal support — document drafting and contract negotiation;
❑ competition commission issues; ❑ financial, tax, legal, IT, HR, commercial due
diligence and valuation of businesses and assets; ❑ sponsor services (including
listings); ❑ capital raising (both debt and equity) and restructuring; and
❑ consulting services — post-deal solutions and operational improvement. It also
has a strong focus on BEE deal advisory. Deliotte is a level 2 BBBEE.
129
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ENS (Edward Nathan Sonnenbergs) Inc
Environmental Resources Management
E-mail: [email protected] Website: ensafrica.com
Address: Building 32, The Woodlands Office Park, Woodlands Drive, Woodmead
Tel: 011 798-4300; Fax: 011 804-2289
Website: www.erm.com
COMPANY DETAILS
Type of firm:
Contacts:
Office locations:
Law, tax, forensics, IP and Africa
Michael Katz, chairman
Piet Faber, CE
Mzi Mgudlwa, deputy CE
Bujumbura, Cape Town, Durban, Johannesburg, Kampala,
Kigali, Stellenbosch
Type of firm:
Contacts:
Environmental, health, safety, risk, social and sustainability
consulting
Trevor Harraway, 011 798-4300, [email protected]
Massimo Bettanin, 011 798-4300, [email protected]
Jeremy Soboil, 021 681-5400, [email protected]
Remarks: ENS is Africa’s largest law firm with a growing footprint across subSaharan Africa. The firm has a breadth and depth of experience and specialist
expertise that spans all commercial areas of law, tax, forensics and IP. ENS has
amassed numerous prestigious awards for its innovative, world-class and solution
driven approach. This year it was recognised as the International Law Firm of the
Year at the Legal Business Awards in London. ENS’ practitioners are recognised as
leaders in their field by various international ranking agencies including
Chambers and Partners Global, Legal 500 and Best Lawyers. In SA the firm has
been recognised for its contribution to BBBEE and is a level 3 BBBEE contributor.
Remarks: ERM has four decades of environmental management consulting
expertise, which includes M&A and transaction services support, across the globe.
We’ll efficiently review the environmental, health, safety and social (EHSS) risks
and their long-term financial implications on your new investments and existing
portfolio companies. ERM adopts a commercial approach that focuses on variables
such as environmental and social governance, health and safety and sustainability
risks, specific to your investment. Our experience covers all sectors and enables
you to add value to your investment life cycle.
eFront
Ernst & Young Advisory Services Ltd
Address: 2/4 rue Louis David, 75116 Paris, France
Tel: +33 1 49-964-060; Fax: +33 1 49-966-154
E-mail: [email protected]; Website: http://www.efront.com
Address: Wanderers Office Park, 52 Corlett Drive, Illovo, SA
Tel: 011 772-3000; Fax: 011 772-4000
Website: www.ey.com/za/privateequity
COMPANY DETAILS
COMPANY DETAILS
Type of firm:
Contact:
Type of firm:
Contacts:
Provider of alternative investment software solutions
Julie Bardin Jimenez: [email protected], marketing
coordinator
Remarks: eFront is a leading software provider of end-to-end solutions dedicated
to the financial services industry, with a recognised expertise in enterprise risk
management and alternative investments. The company’s solutions serve more
than 450 customers in 40 countries, including firms in the private equity, real
estate, investment, banking and insurance sectors. eFront's primary product suites
— FrontInvest Investment Café, Pevara, FrontCRM and FrontERM — offer tightly
integrated solutions for streamlining the management of alternative investments
and corporate risk. Founded in 1999, eFront services clients worldwide from
offices in Asia, Europe, the Middle East and North America. For more information
visit www.efront.com and follow us at www.linkedin.com/company/efront.
Savca Yearbook 2013
COMPANY DETAILS
130
Assurance, tax, transactions, advisory
Graham Stokoe, 011 502-0370, [email protected];
Sandile Hlophe, 011 772-3722, [email protected];
Craig Miller, 011 502-0749, [email protected]
Remarks: Ernst & Young’s Global Private Equity Centre offers a tailored
approach to the unique needs of private equity funds. We focus on market,
industry and regulatory issues. If you lead a private equity business, we can help
you meet your evolving requirements and those of your portfolio companies from
acquisition to exit through our highly integrated network of 167 000 professionals
across audit, tax, transactions and advisory services. Ernst & Young Africa has a
presence in 33 countries on the continent, led by a single African leadership team.
Our clients receive consistent quality standards, a “single point of contact” service
and the right Ernst & Young resource across the continent.
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Glyn Marais Inc
Investment Data Services Group (IDS)
Address: The Place, 2nd Floor, 1 Sandton Drive, Sandton
PO Box 652361, Benmore, 2010
Tel: 011 286-3700; Fax: 011 286-3900
E-mail: [email protected]; Website: www.glynmarais.co.za
Address: Investment Data Services Group, 5th Floor, IDS House, 8 St Georges Mall,
Cape Town 8001
PO Box 24, Cape Town 8000
Tel: 021 402-1600
Fax: 086 574-8893
Website: www.idsfundservices.com
COMPANY DETAILS
Type of firm:
Contact:
Law firm
Willem de Villiers
COMPANY DETAILS
Remarks: Glyn Marais has been at the forefront of its practice areas in SA since
1990. With a tight-knit and highly specialised team, the firm has built a
reputation for fleet-footed service and an in-depth understanding of the business
of its blue-chip clients. It acts for various actors in private equity, including
private equity funds, family offices, investors, banks and other funding providers.
Through its membership of the Dentons association of African firms, it is able to
implement transactions throughout the continent and has successfully
implemented transactions in more than 10 African countries outside SA.
Type of firm:
Contacts:
Private equity and hedge fund administrators
Tony Christien, Ian Hamilton
Remarks: Investment Data Services Group (IDS) specialises in providing private
equity and hedge fund administration services to the alternative investment
community in SA and abroad. IDS has offices in Cape Town, , Malta and a
presence in Mauritius and the UK, offering a complete range of asset
administration services to fund managers and private equity investment houses.
Grant Thornton
Johannesburg Stock Exchange (JSE)
Address: 137 Daisy Street, Sandown; Private Bag X28, Benmore 2010
Tel: 011 322-4500; Fax: 011 322-4545
Website: www.gt.co.za
Address: One Exchange Square, Gwen Lane Sandton
Tel: 011 520-7000; Fax: 011 520-8584
E-mail: [email protected]; Website: www.jse.co.za
COMPANY DETAILS
COMPANY DETAILS
Type of firm:
Contacts:
Audit, tax and advisory
Jeanette Hern, [email protected]
Steven Kilfoil, [email protected]
David Paropoulos, [email protected]
Remarks: Led by senior partner, Jeanette Hern, Grant Thornton’s dynamic
corporate finance team offers hands-on, integrated solutions. We provide a full
suite of corporate finance services to maximise value and ensure seamless
completion of transactions. To meet the needs of our market-dynamic and
ambitious organisations, we leverage off our firm’s multidisciplinary advisory and
tax capabilities. By applying both reason and instinct we help our clients unlock
their potential for growth. ❑ Transaction advisory; ❑ Due diligence;
❑ Valuations; ❑ Capital markets; and ❑ Mergers & acquisitions.
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132
Type of firm:
Contact:
Securities Exchange
Patrycja Kula, 011 520-7027, [email protected]
Remarks: The JSE is a key part of SA's economic landscape. As the country’s
only full service securities exchange, it connects buyers and sellers in a variety of
financial markets: equities, financial derivatives, commodity derivatives, currency
derivatives and interest rate instruments. It is the largest African exchange by
market capitalisation and value traded. It has operated as a marketplace for the
trading of financial products for over 125 years and now provides a primary
market, trading and post-trade services, technology services and market data
sales, while also regulating its primary and secondary markets. The JSE is
supervised in the execution of its regulatory responsibilities by the Financial
Services Board (FSB). The JSE is the market of choice for local and international
investors looking to gain exposure to the SA capital markets.
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KPMG
Maitland
Address: 85 Empire Road, Parktown Johannesburg
Tel: 011 647-7128; Fax: 011 647-6026
E-mail: [email protected]; Website: www.kpmg.co.za
Address: Maitland House 1, River Park, Gloucester Road, Mowbray, Cape Town
7700
Tel: +27 (0)21 681-8010
Website: www.maitlandgroup.com
COMPANY DETAILS
Type of firm:
Contact:
Provider of professional services (audit, tax and advisory)
Warren Watkins
Remarks: KPMG is a global network of professional firms providing audit, tax and
advisory services. It operates in 150 countries and has 138 000 people working in
member firms around the world. It has 3 200 professionals, working from 11 offices
across SA, and 14 offices across Southern Africa, including Angola, Botswana,
Madagascar, Malawi, Mauritius, Mozambique, Namibia, Swaziland, Zambia and
Zimbabwe. KPMG has private equity groups in more than 146 countries.
These offer a multidisciplinary team approach comprising financial, tax and legal
professionals focused on deal sourcing, due diligence investigations, deal
structuring, corporate restructuring and financial modelling. In SA, KPMG has
assisted with most of the large private equity transactions over the past five years.
Its 12th annual PE performance survey for SA is under way.
COMPANY DETAILS
Type of firm:
Contacts:
Fund services
Andre Le Roux
Remarks: Maitland is an international firm providing multi-jurisdictional legal,
tax, fiduciary and fund administration services to private, corporate and
institutional clients. We have offered independent third-party fund administration
services since 1998; are ISAE3402 compliant; and have over R1,45 trillion AUA.
Maitland’s private equity fund services team supports clients, from the structuring
of their funds through to fund administration, supported by our best of breed
Investran technology platform. We have access to legal, tax and accounting
specialists within the Maitland group. We have strategically placed offices in
London, Luxembourg, BVI, Cayman, Isle of Man, Malta, Mauritius, SA and the US.
LLR Capital
Marsh Africa (Pty) Ltd
Address: 4 Orwell Place, Orwell Drive, Three Rivers..
Tel: +27 (0)86 100-0889; Fax: +27 (0)86 759-2158
Website: www.llrcapital.com
Address: 156 5th Street Sandton
Private Bag X14, Benmore 2010
Tel: +27 11 060-7265; Fax: 086 772-1728; Cellular: +27 72 581-0471
Website: www.marsh-africa.com / www.marshriskconsulting.com
COMPANY DETAILS
COMPANY DETAILS
Type of firm:
Contact:
Private equity investment – merger & acquisition
Christo Roets, +27 (0) 83 408-3376
Type of firm:
Contact:
Remarks: At LLR Capital SA we base our business practice on a solid and well
researched philosophy. We continuously aspire to uncover new ways to enhance
your business, providing you and your shareholders with financial resources to
ensure sustainable development of the business. We facilitate without interfering
and we assist with the realisation of your vision by finding suitable investors. As
such, we facilitate monetary growth within parameters that are acceptable to you
and your shareholders. LLR Capital SA will adapt and respond to your needs,
providing you with a reliable and convenient service. Our aim is to construct
synergy between your business and its investors.
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134
Risk and insurance advisers
Spiros Fatouros, Private Equity Mergers & Acquisitions
Practice leader
Remarks: Marsh is a member of the worldwide MMC group of companies and
one of SA’s leading corporate risk consultants and insurance brokers. The private
equity, mergers and acquisitions practice (PEMA) provides pre- and postacquisition risk and insurance due diligence services, transactional risk solutions
and insurance services to the legal, financial, private equity and venture capital
industries as well as to lenders on infrastructure/project finance transactions. The
firm’s innovative approach to deal-risk enables it to structure insurance solutions
for transactions of all sizes. Marsh is an authorised financial services provider.
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Mazars Corporate Finance (Pty) Ltd
PKF chartered accountants and advisers
Address: 5 St Davids Place Parktown, Johannesburg
Tel: 011 547-4000
Fax: 011 484-7864
Address: 42 Wierda Road West, Wierda Valley 2196; Tel: 011 384-8000
COMPANY DETAILS
Type of firm:
Type of firm:
Contact:
Contact:
COMPANY DETAILS
Corporate finance advisory
Anoop Ninan
Registered auditors and business
advisers
Ian Vorster
Remarks: PKF, a Top 10 global network, is one of the largest mid-tier auditing
Remarks: Mazars is an international, integrated and independent organisation
that specialises in audit, tax and advisory services. It also specialises in mergers &
acquisitions, valuations, due diligence reviews, capital raising advice and
transaction advisory services.
Norton Rose SA
Read Hope Phillips Attorneys
Address: 15 Alice Lane, Sandton 2196; Tel: 011 685-8500;
E-mail: [email protected]; Website: www.nortonrose.com
Address: 3rd Floor, 30 Melrose Boulevard, Melrose Arch, Melrose North 2196
PO Box 757, Northlands 2116
Tel: 011 344-7800; Fax: 086 681-8057
Website: www.rhp.co.za
COMPANY DETAILS
Type of firm:
Contact:
Full service law firm
Lance Roderick, 031 582-5654
COMPANY DETAILS
Remarks: Established in the early 1920s, Norton Rose SA (previously Deneys
Reitz, Inc.) is a leading SA legal practice that provides specialist services across
the spectrum of legal disciplines. The firm’s clients include financial institutions,
major industrial and commercial corporations, mining houses, parastatals and
government departments. We are a leading adviser in relation to investment
funds, offering a complete range of legal advisory services to those establishing or
managing investment funds, particularly private equity funds. Our specialists have
extensive experience advising on fund structures in Africa and in offshore
jurisdictions including Mauritius and the Cayman Islands. We are ranked Tier 1
for Investment Funds by Legal 500 2012. Norton Rose will join forces with
Fulbright & Jaworski LLP on June 3 2013, creating Norton Rose Fulbright, a
global legal practice with significant depth of experience across the world.
Savca Yearbook 2013
firms in SA. PKF SA boasts a long-standing and well established history of
excellence, with a wide range of clients that includes more than 36 listed
companies. With us as a business partner you know you are working with a team
that understands the challenges of the local business environment. PKF has the
ability and the capacity to service large, complex transactions. We also
differentiate ourselves in providing personalised client service and support at
director level. We have six core areas of expertise and within these areas we tailor
our services for your business needs. These areas are: audit and corporate services;
tax planning and compliance; corporate finance; corporate governance; wealth
management; and international services.
136
Type of firm:
Directors:
Corporate commercial law firm
A Cadman, PJ Hope, S Lukhele, N Nobin, M Phillips,
S Read, S Thomas
Remarks: Read Hope Phillips is a Johannesburg-based boutique law firm with
the following core practice areas: ❑ Mergers and acquisitions; ❑ Private equity
transactions; ❑ Corporate litigation; ❑ Legal forensic investigations; and
❑ Public sector work, including PPPs and project finance. The firm has acted in a
number of significant private equity transactions.
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Rebos Capital (Pty) Ltd
SizweNtsalubaGobodo Inc
Address: 68 Wierda Road, Block A Sandton Place, Wierda Valley, Sandton
Tel: 011 523-9600
Fax: 011 523-9601
Address: 20 Morris Street East, Woodmead, 2191
Tel: 011 231-0600
Website: www.sng.za.com
COMPANY DETAILS
COMPANY DETAILS
Type of firm:
Contacts:
Type of firm:
Contact:
Consulting, advising and research firm
Chezo Mokgwatsane
Remarks: Rebos Capital provides investments and advisory services to clients in
the agricultural sector and related agri-businesses. Our key objective is to assist in
commercialising South African previously-disadvantaged farmers.
Remarks: SizweNtsalubaGobodo’s Corporate Finance division offers independent
corporate finance and advisory services. These include valuations, due diligence
investigations, corporate advisory, mergers & acquisitions, capital raising and
stock exchange advisory.
Cross-service offerings in the firm include taxation advisory, actuarial advisory, IT
advisory and corporate governance. These divisions support the advisory team on
deal execution and risk management.
The firm has a number of reporting accounting specialists and registered auditors,
and it is registered on the JSE Register of Auditors.
RisCura Fundamentals
SJ Berwin
Address: 5th Floor, Montclare Place, cnr Campground & Main Road, Claremont 7735
PO Box 23983, Claremont 7735
Tel: 021 673-6999; Fax: 021 673-6998
Website: www.riscura.com
Address: 10 Queen Street Place, London, EC4R 1BE UK
London Tel: +44 207 111-2222; SA Tel: +27 82 856-7084; Fax: +44 207 111-2000
Email: [email protected]; Website: www.sjberwin.com
COMPANY DETAILS
Type of firm:
Contacts:
Type of firm:
Contact:
Independent valuation, risk and performance analysis
services
Rory Ord
Remarks: We provide private equity fund managers and limited partners across
Africa with independent valuations in line with the International Private Equity &
Venture Capital Valuation Guidelines. Our services allow for a more transparent
and investor friendly environment for all investors in hard-to-value assets. Our
solutions have been backed by many of Africa’s leading pension funds, private
equity funds and funds of funds. Our performance and risk analysis services
combine RisCura’s extensive private equity and modelling expertise to deliver
credible, independent analysis.
Savca Yearbook 2013
Audit, advisory and forensics
Anoosh Rooplal: director, [email protected]
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COMPANY DETAILS
International Law firm
David Parkes, partner; Patrick Deasy, partner; Cindy
Valentine, partner; Ylan Steiner, partner
Remarks: From fund formation to buyouts, investments and exits, our clients
benefit from our integrated expertise across Europe, the Middle East and Asia with
seamless support from our regulatory, tax and finance practices. We work with the
full cross section of investors active in the private equity space, including
development finance institutions, sovereign wealth funds, institutional investors,
pension funds, fund of funds and family offices. Our commitment to delivering our
clients' commercial goals has made us market leaders and keeps us at the centre of
international private equity. From last month international funds partner Cindy
Valentine has been working remotely from SA to better serve our clients’ needs.
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Spencer Stuart South Africa (Pty) Ltd
STANLIB Credit Partners
Address: PO Box 411430, Craighall 2024; Tel: 011 557-5300; Fax: 011 463-3371
E-mail: [email protected]; Website: www.spencerstuart.com
Address: STANLIB Building, 3rd Floor, 17 Melrose Boulevard, Melrose Arch,
Johannesburg 2196; Tel: 011 448-6000
E-mail: [email protected]; Website: www.stanlib.com
COMPANY DETAILS
COMPANY DETAILS
Type of firm:
Contact:
Executive search firm
Mpho Seboni
Type of firm:
Contacts:
Remarks: We help select clients — ranging from major multinationals to
emerging companies and non-profit organisations across industries and
geographies — to address their leadership requirements, which include executive
search, board services and executive assessment. As the market leader in key
geographies across the globe, we perform well over half of all director
assignments handled by executive search firms. The largest percentage of our
annual 4 500 assignments focus on CEOs, presidents and chief operations officers.
Our 350 worldwide consultants possess a unique blend of professional search
experience and in-depth industry expertise. Spencer Stuart has been in SA since
1995, and has been at the forefront of the business and political transformation of
the country, assisting our listed, privately-owned and state-owned clients to find
and assess the very best executives.
Manager of high yield credit funds
Phillip Myburgh, 011 448-6581
Walter Hirzebruch, 011 448-5075
Dinilesizwe Geya, 011 448-5068
Moeketsi Mokuoane, 011 448-6814
Remarks: STANLIB Credit Partners, founded in 2005, originally as a specialist
manager of closed-end mezzanine-only funds (under the name “Mezzanine
Partners”) has pioneered high-yield credit portfolio management in the SA debt
capital market. The central theme of its investment origination strategy is to
collaborate with well established equity sponsors, mandated lead arrangers, leading
borrowers and experienced management teams in SA to develop customised and
innovative term debt financing solutions, tailored to meet the unique requirements
of each transaction.
Step Advisory (Pty) Ltd
Technology Innovation Agency
Address: Unit 102, 1st Floor, Lillipark Office Block, 354 Rivonia Boulevard,
Rivonia, 2191
Tel: +27 (0)11 287-5880
Website: www.step.co.za
Address: 83 Lois Avenue, Menlyn, Pretoria 0181
Tel: 012 472-2700
Fax: 086 638-4803
Website: www.tia.org.za
COMPANY DETAILS
COMPANY DETAILS
Type of firm:
Contacts:
Type of firm:
Consultancy
+27 (0)11 287-5880; +(0)82 493-5957
Contact:
Agency as created by the TIA Act 26 of 2008 — an initiative
of the national department of science & technology
Dumisane Mangwane, GM: Investment Finance,
012 472-2700, [email protected]
Remarks: The mandate of the Technology Innovation Agency (TIA) is to
stimulate and intensify technological innovation for economic growth and the
improved quality of life of all South Africans by supporting the development and
exploitation of technological innovations. The agency became operational during
2010/2011 through a merger of several government initiatives and agencies. TIA
invests in the development of new technologies and their commercialisation —
specifically where there are insufficient resources to take the innovation forward.
Savca Yearbook 2013
140
141
Savca Yearbook 2013
Webber Wentzel
Address: 10 Fricker Road, Illovo 2196
PO Box 61771, Marshalltown 2107, Johannesburg
Tel: 011 530-5253; Fax: 011 530-5120
Website: www.webberwentzel.com
COMPANY DETAILS
Type of firm:
Contact:
Attorneys
JM Bellew/SJ Hutton
Remarks: With more than 400 professionals in Johannesburg and Cape Town,
Webber Wentzel is a leader in providing a full range of specialised legal and tax
services to the private equity industry in Africa, including in relation to fund
formation, acquisitions and disposals and management arrangements.
We have been consistently involved in the highest profile private equity
transactions in the SA market and have extensive experience on the rest of Africa.
We are an associate member of ALN (a group of leading African law firms with
more than 580 lawyers in 12 jurisdictions) and have entered into an alliance with
Linklaters, a global law firm.
Werksmans Attorneys
155 5th Street, Sandton, Johannesburg, 2196; 18th Floor, 1 Thibault Square, Cape
Town, 8000
Tel: 011 535-800; 021 405-5000
Website: www.werksmans.com
COMPANY DETAILS
Type of firm:
Contacts:
Law firm
Gareth Driver; Shayne Krige
Remarks: Werksmans Attorneys is a leading SA corporate and commercial law
firm, with a formidable track record in mergers and acquisitions, commercial law,
banking, finance, commercial litigation and dispute resolution. Its dedicated
Investment Fund & Private Equity practice brings together a team of commercial,
tax, private equity, regulatory and finance lawyers to meet the unique requirements
of asset managers, investment advisers and investors. Services range from advising
clients on operating their local and offshore funds to advising foreign investment
management businesses in relation to the distribution of their funds in SA. Through
Lex Africa we also offer clients a single entry point to over 24 African countries.
Savca Yearbook 2013
142
8229
MAKING
PRIVATE EQUITY
PARTNERSHIPS THAT
AMOUNT TO MORE
THAN YOU’D EXPECT
HAPPEN
At Nedbank Capital our Private Equity team has an indepth understanding of your business needs. As one of
Southern Africa’s leading private equity investors, our philosophy of partnership is centred around everything
we do. Operating like an independent private equity fund manager, we offer our clients bespoke funding
solutions for buyouts, buy-ins, acquisitions and business expansion opportunities.
To partner with a private equity team that understands your business contact Clive Howell on +27 11 294 1434
or at [email protected].
nedbankcapital.co.za
Nedbank Capital is a division of Nedbank Limited Reg No 1951/000009/06, VAT Reg No 4320116074, 135 Rivonia Road,
Sandown, Sandton, 2196, South Africa. We subscribe to the Code of Banking Practice of The Banking Association South
Africa and, for unresolved disputes, support resolution through the Ombudsman for Banking Services. We are an authorised
financial services provider. We are a registered credit provider in terms of the National Credit Act (NCR Reg No NCRCP16).
8229 Private Equity Print 225x170.indd 1
2013/06/05 11:34 AM
AFRICAN PRIVATE EQUITY DRIVING
AFRICAN DEVELOPMENT
As a pioneering indigenous African private equity fund manager, PhatisaÕs expert
team is uniquely positioned to manage sector-specific private equity funds within
Africa. Our passion and single-minded commitment to our portfolio partners,
investors and stakeholders is supported by reliable, established partnerships and
business networks spanning sub-Saharan Africa, and achieved through transparent,
ethical and professional fund management.
Operating from offices in Lusaka, Nairobi, Johannesburg, London, Accra and Port Louis,
Phatisa manages two African funds* through a hands-on approach to deal doing and
portfolio management to drive value.
Together, we are dedicated to delivering long term sustainable returns for all.
www.phatisa.com
*
The African Agriculture Fund: a food-focused pan-African private equity fund. First close:
US$ 151 million January 2011; established portfolio of five investments across Africa; final close:
US$ 243 million Q2 2013.
*
The Pan African Housing Fund: a real estate private equity fund focused on affordable housing
in East and Southern Africa. First close: US$ 41.5 million December 2012; commenced operations
Q1 2013; final close target: US$ 100 million Q2 2014.
SOUTHERN AFRICAN VENTURE CAPITAL
AND PRIVATE EQUITY ASSOCIATION
Africa Investor Agribusiness Fund of the Year 2012 | Africa Investor Investment
Climate Initiative of the Year 2012 | Africa Investor Agribusiness Investment
Initiative of the Year 2011
Phatisa is an Authorised Financial Services Provider | FSC Licence no. C109007765 (MU) | FSP Licence no. 43199 (RSA)

FM Yearbook

Transcription

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