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3Savca Yearbook 2013 FINANCIAL MAIL • June • 2013

ContentsForeword

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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Financial Mail editor: Tim Cohen Projects editor: Luleka Mangquku Savca Yearbook editor:Sasha Planting Production editor: Maseipati Tsotsotso Projects co-ordinator & administration:

Matshepo Gumede Systems & production manager: Pearl Lewis Design, layout, cover &graphics: Siyethemba Kunene P h o t o g ra p h y : Robbie Tshabalala (chief photographer), Russell

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IDC – fi nancing 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.

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.

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 benefi t 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 sustainable development of more knowledge-e de

intensive industries for long-term growth and jobdustri

creation as prioritised in the Government’s New Growthon as

Path (NGP). The unit continues to be a proactive, value-ath

adding partner to its clients, capable of producing huge

development returns to the benefi t of South Africa’s

ec

Chillibush9928IDC

To apply online for funding of R1 million or more go to www.idc.co.za

Telephone: 086 069 3888

Email: [email protected]


5Savca Yearbook 2013 FINANCIAL MAIL • June • 2013

Foreword

SA’s private equity fundmanagers are returning to thefundraising trail to top up their

buying power, with steady deal flowtestifying to attractive opportunities inthe domestic and regional market.

Successful capital raising by iconicbrands such as Ethos Private Equityand Metier has set the tone for the restof the industry.

This is also an indication ofimproved global and local financialmarket sentiment — as well asconfidence in the compelling returnsoffered by the SA private equitym a r ke t .

The US$800m raised for Ethos FundVI was well above targeted levels. Andthe Lereko Metier Sustainable CapitalFund — whose final fund close isimminent — is also on track to beat itstarget.

Meanwhile, a steady stream of dealannouncements from SA privateequity houses — across a range ofsectors and borders — attests tohealthy levels of competition forquality companies.

Activity in the megadeal space islimited, though. In part, this is becausethere simply aren’t many suchbusinesses for sale.

In addition, this is due to thegrowing regulatory limits to takingpublic companies private.

By contrast, deal sourcing andexecution in the midsized market —covering companies whose marketcapitalisation reaches up to R1bn — isl i v e l y.

Reported returns from the localprivate equity industry are appealingand reflect ongoing recovery from theglobal financial crisis.

RisCura’s performance survey showsthat private equity had by December2012 outperformed the JSE all share

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 levelsnotched up before the crisis hit.

Nevertheless, the low to mid-20%returns being reported over a long-term horizon are very respectable.

The regulatory environment for SAprivate equity is one of the highlightsof the past five years or so.

Now with far greater clarity on theregulations and legislation that governthe industry, fund managers andinvestors are able to navigate the assetclass with a degree of confidence.

The progress that has been made innegotiating an industry-specificFinancial Advisory & IntermediaryServices licence is encouraging, as isthe recognition by the authorities ofthe industry’s very p articular needs.

The SA Venture Capital & PrivateEquity Association (Savca) continuesto interact with regulators to ensurethat investors in private equity benefitfrom a fair and supportive regulatoryenvironment.

As an industry body we also remaincommitted to promoting the assetclass to investors.

We ’re doing this by showcasing SAprivate equity through industry eventsand by publishing high-qualityresearch that investigates its impacton portfolio companies and thee c o n o m y.

We believe that the influence thatprivate equity has in supportingefficiencies, profitability and economicgrowth — combined with SA privateequity fund managers’ increasingexposure to growth in the Africanregion — will continue to buoyinvestor interest. Erika van der Merwe

Savca CEO Erika van der Merwe

Financial Mail -7 -07/06/2013 03:52:22 PM

7FINANCIAL MAIL • June • 2013 Savca Yearbook 2013FINANCIAL MAIL • June • 2013Savca Yearbook 2013 6

Promising shoots ofgrowth in sight

The global private equity markethas experienced one of the mostdifficult periods in its history.

The market has been plagued by thelack of debt available for new deals,increasing pressure to return capital toinvestors and the toughest fundraisingclimate in a decade.

SA ’s private equity firms are feelingthe squeeze too. Many are fundraising,having fully invested their fundsraised at the height of the market in2007 and 2008.

Some may not succeed in raisingfresh capital and will fold. Others willlimp on, and those who impresscapital providers with their trackrecord and strategy will thrive.

For the firms that are looking,the green shoots of growth arebecoming evident. The number ofprivate equity deals concluded inSA in the past year is gainingmomentum.

According to the latest Zephyrprivate equity report — whichtracks the largest deals in theindustry — 11 deals worth acombined US$966m wereconcluded in 2012, representing a38% increase in volume and 62%increase in value.

The deals were not theheadline-grabbing billion-randdeals of the past. They were low-key transactions that reflect whatis good about private equity —enabling the growth of portfoliocompanies and supportingcapable management teams.

For instance, the acquisition ofSA-based medical equipmentdistributor Respiratory CareAfrica by RMB Corvest and

Shalamuka Capital allows the investor— Wo m e n ’s Private Equity Fund — anorderly exit. More importantly, thenew investors are set to take thecompany to the next stage of growth.

Similarly, RMB Ventures and RMBCorvest backed the managementbuyout of SA-based water tanksmanufacturer JoJo Tanks from a groupof investors. The Oppenheimerfamily’s Stockdale Street privateequity vehicle and Pan-African CapitalHoldings also invested in the deal.

About 6m of SA’s 14m householdsdo not have access to in-home waterreticulation. The investors believe thecommunity would benefit significantlyfrom residential rainwater harvesting.

“We are operating in an alteredr e a l i t y, ” says Medu Capital founderNhlanganiso Mkwanazi. “Theenvironment is tough and we need tobe more involved with ourmanagement teams than before.”

To achieve the growth objectives, hesays, one has to explore moreopportunities more vigorously.

This is not necessarily a reflectionon the strength, or lack thereof, of amanagement team.

“In some sectors things are justtough, despite the best will in theworld,” he says. For instance, 2012was particularly difficult formanufacturers supplying the miningindustry. In other sectors, such ashealthcare and foodstuffs, demand hasbeen quite strong.

What is clear is that vintage year isan important determinant of privateequity returns. According to researchfrom RisCura, funds with a vintageyear of between 2000 and 2004brought in the highest returns, at

36,9% in Q4 2012.Fund managers are hoping that

successful fund closures by the likes ofEthos, which raised $800m for its FundVI from local and global investors,bodes well for others. “SA managersdon’t have a great depth ofinstitutional investors,” says Mkwanazi.

Additional funding from theGovernment Employees Pension Fund,which has increased its allocation toprivate equity, is a boost for theindustry, he says.

But the international communityremains essential to local fund-raisers.“International investors are verycautious, which makes Ethos’s raise abig positive statement,” he says.

Questions are now being askedabout whether SA funds are beingpassed over in favour of pan-Africanfunds as investors grow steadily moreexcited about Africa.

Many of Africa’s markets arecharacterised by a growing consumerclass, with increasing consumptionpower and GDP growth rates that aredouble those of SA. This is creatingthe need for infrastructure, health andeducation services as well as housing,logistics and transportation.

As such, foreign investors arewondering where the best place is tomake their point of entry.

SA ’s economy is considered“mature”, with sophisticated capitalmarkets and financial infrastructure,making the country an ideal gatewayto gain exposure to the wider growth

story in sub-Saharan Africa. Butothers are choosing to go directly intoeconomies such as Nigeria, Kenya andEgypt, which are among the moredeveloped markets on the continent.

“We are seeing some SA fundsbeing passed over in favour of higherGDP growth,” says Harith head ofinfrastructure investments Emile duToit. “But there is recognition that SAprovides a good springboard into therest of Africa.” Other countries, suchas Namibia and Botswana, have madepension fund reforms to enableinvestment in domestic asset classes,including private equity.

“Increasingly we will see Africainvesting in itself,” says Du Toit.

A handful of pan-Africanchampions has emerged in varioussectors. These include Nigeria’s GTBank and Togo’s Ecobank, whichoperate in over 30 African countries;Export Trading Group in agriculture;retailer Shoprite; MTN in telecoms;and Dangote Cement in industrials.

Most private equity operators aresatisfied that there are sufficientopportunities in fast-growing midtierfirms and that growth in the rest ofAfrica will support growth in SA.

In this regard, private equity’s greenshoots are expected to blossom thiscoming year. Sasha Planting

Source: Riscura SA Private Equity Report December 2012

Returns by vintage year (R)

40

%

30

20

10

0

Pre-2000 2007–20082005–20062000–2004

32,6%

36,9%

9,2% 10,3%

Pooled IRR

Tracking the deals

Source: Zephyr Annual M&A Report SA, 2012

Total deal value(US$m)

No ofdeals

Announceddate

2012 11 966

2011 8 595

2010 9 86

2009 33 639

2008 41 1 195

2007 45 6 919

Private equity deals by volume and value

Emiledu Toit

Financial Mail Page 8 -07/06/2013 03:52:36 PM hhh

8 FINANCIAL MAIL • June • 2013Savca Yearbook 2013

Africa’s untappedpotential gets a boost

The case for investing in sub-Saharan Africa is clear. It hassome of the fastest growing

economies in the world, boosted by agrowing consumer class hungry foreverything from bank accounts topizza.

The private equity (PE) industry istaking note. There are now 57 Africa-focused private equity funds in themarket, most of them headquartered inSA , according to data companyPreqin. Collectively they plan to raiseUS$13,1bn in capital commitmentsover the next 18 months.

Fund managers are chasingopportunities created on a continentthat is in a rush to bridge itsdevelopmental 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 GovernmentEmployees Pension Fund says that50% of Africans will be living in cities

by 2030 and roughly 1,1bn will be ofworking age.

Growing cities bring needs. Up to30% of the African population doesnot have access to clean drinkingwater, which he says will retardeconomic progress if not addressed.Investment in infrastructure is acritical component for Africa’s growth.

Urbanisation and middle-classgrowth reflect the successfulimplementation of economic andpolitical reforms over the past decade.The potential is difficult to quantify,but just the food and consumer goodsmarket in sub-Saharan Africa couldreach $185bn by 2020, Oliphant says.

All this talk about Africa’sopportunities has brought in a glut ofnew private equity investors headingto Africa from Brazil, the Middle Eastand the US.

Brazilian investment bank BTGPactual attracted attention with itsintention to raise a $1bn Africa-focused private equity fund. US-basedSchulze Global Investments launcheda $100m fund in Ethiopia, thatcountry’s first private equity fund.

And Fairview Capital Partners addedinterest with its plan to raise a fund-of-funds, one of the few Africa-focused funds offering this strategy.

The average size of the 57 solelyAfrica-focused funds is $229m, withthe largest, the Pan AfricanInfrastructure Development Fund II,aiming to raise $1,2bn in capitalcommitments. The fund is managed byHarith, headquartered in SA.

African Development Partners II isthe third largest exclusively Africa(excluding SA) -focused fund inmarket (after BTG) and targets $500m

NgalaahChuphi


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. www.capitalworksip.com

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

CW_Generic_SAVCA_170x225_FINAL.indd 1 2012/04/25 02:38:58 PM

Financial Mail Page 10-11 -07/06/2013 03:53:05 PM


Though the goal of these labs is tofoster the development ofentrepreneurs and developcommercially applicable solutions, thisis not always the case. The purpose ofReconstructed Living Labs (RLabs) isto enable community-driveninnovation and reconstruction. “InEurope and America you’re looking atmobile [phones] as an entertainmenttool, but here in Africa it has realsocial purpose. We can use mobile tohelp solve societal problems such asdrugs, gangs and HIV/Aids,” saysRLabs founder Marlon Parker.

One of RLabs’ initiatives is theAngel Network, which uses Mxit toprovide real-time help andcounselling to people in the CapeFlats.

This model of anonymous,instant, mobile text support hasbeen adopted by a number of otherorganisations such as the Family &Marriage Association of SA.

Cities such as Cape Town, Lagos(Nigeria), Kampala (Uganda), andNairobi (Kenya) are positioningthemselves as digital gateways intothe continent.

“The Western Cape has a highlynetworked, innovative,entrepreneurial IT start-upc o m m u n i t y, ” says Cape ITInitiative and Bandwidth Barndirector Jenny McKinnel.

This community is supported byeight tertiary institutions, a well-developed cluster of mobileapplication and mobile paymentscompanies; innovative softwaredevelopment houses; and a varietyof accelerators and incubators, shesays. Sasha Planting

in capital commitments. It focuses oncompanies that serve Africa’semerging middle class, such asfinancial institutions, pharmaceuticalsand hospitals, telecommunications,food services and agribusinesses.

That said, the fund raisingenvironment is tough. Funds raised forthe region grew to $1,4bn last year, up8% from $1,3bn, but still below therecord $2,2bn raised in 2008,according to the Emerging MarketsPrivate Equity Association (Empea).

Ethos, which has been investing inthe region for over 25 years, closedone of the continent’s largest fundslast year after securing $800m frominvestors, but says fundraising has notbeen easy. “We have an advantage inthat we have a strong track record ofinvesting,” says Ngalaah Chuphi,partner at Ethos Private Equity. “Thereare many deals out there.”

Ethos intends to invest the bulk ofits fund into SA companies withproducts and services that are relevantin various African destinations.

Investments in Africa still face twokey challenges, says Chuphi: a lack ofscale and a shortage of managerial,technical and governance skills. Forthis reason Ethos prefers to supportthe growth of SA companies into therest of the continent. “We prefer towork with companies andmanagement teams that we knowhave the capability to deliver.”

Around 20% of the Ethos fund hasbeen allocated to direct investmentson the continent. These are focused onNigeria and Ghana in West Africa andKenya, Tanzania and Uganda in EastAfrica, where the larger deals are morelikely to be found. In these cases Ethoslinks up with a local partner. “Weneed a presence on the ground.Private equity is largely a local game.We influence change — and you can’tdo this at arm’s length,” he says.

This is echoed by Sev Vettivetpillaiwho has made dozens of African

investments and exits as head ofAureos, which was bought by AbraajCapital of the UAE last year. He saysthe days of flying in and out of Africaand managing investments from adistance are over.

“The growth story is very realacross Africa, but if you pick thewrong partner and the wrong industry,you’re not likely to be benefiting fromthat growth story.”

The search is on for big $100m plusdeals. “There are deals, but they aref e w e r, ” says Chuphi. “A multinationalmay sell certain of their assets. Orthere are some sizeable entrepreneursfacing generational change.”

The notable deal of last year wasconcluded by Carlyle and the PembaniRemgro Infrastructure Fund, whichinvested $210m into Tanzania-basedagribusiness Export Trading Group(ETG). Standard Chartered’s Africa PEdivision, the first PE investor in ETG,is also increasing its investment.

However, Roger Leeds, founder ofEmpea, says the smarter money istargeting middle-market deals worthless than $50m, which he believeshave stronger growth prospects.

“The fund managers are happy totake investors’ money but it putstremendous pressure on them to dobigger deals and they’re going to runout,” he says. “They’re all complainingabout trouble finding deals andthey’re competing with each other anddriving up valuations.”

Below this tier there is growingawareness of the opportunities amongAfrican SMEs — they have thepotential for high growth but are notbig enough to get on the radar of mostWestern investors, and have troublegetting lending from local banks.

Some niche PE funds are targetingthis market, aiming to do deals around$1m-$5m.

The facts are impossible to ignore:Private equity in Africa is on themove. Sasha Planting

Tech invasion highlightsAfrica’s hidden gems

A decade ago less than 50mmobile phones were in useacross Africa. Today the

continent is the world’s fastest-growing region for mobilepenetration, with more subscribersthan the US or the European Union.

The change began in 2009 whenundersea cables hit East and SouthernAfrica in a big way. By 2010 mobileoperators were fighting for marketshare and prices were tumbling.

Combine cheaper phones andincreasing bandwidth with atechnology-hungry, upwardly mobilepopulation — the majority of which isunder the age of 20 — and the resultsare electric.

In the past two years there has beena proliferation of tech hubs andincubators. “There are more than 50collaborative technology hubs in 20countries across Africa that aretraining and connecting techentrepreneurs and encouraging openinnovation,” says Knife Capitalcofounder Keet van Zyl.

Back in 2010, the World Bank, inpartnership with Nokia, initiated thefunding of mobile applicationslaboratories in Africa. In 2011Samsung launched its first innovationunit in Africa.

It partnered the University of CapeTo w n as well as the Cape IT incubatorBandwidth Barn.

And last year Blackberry openedtwo applications labs — one in CapeTown and the other at the Universityof Pretoria. The BlackBerry apps labsform part of Research In Motion’sdeveloper programme that spansAfrica and includes facilities inNigeria, Kenya and Egypt.

Ke etvan Zyl



Venture capital gets anew lift under its wings

I t has taken years of effort butthere is a spark in SA’s venturecapital scene that will not be

extinguished.There is an energy that suggests the

ecosystem is operating moreeffectively and is friendlier forentrepreneurs. It’s the “gaps” in thesystem that are being filled in asventure capital matures in SA.

There have been a number ofsignificant developments, saysStephan Lamprecht of VentureSolutions, which produced a report forthe SA Venture Capital & PrivateEquity Association (Savca) on theventure capital (VC) industry last year.

The establishment of AngelHubabout 18 months ago is a significantdevelopment. “This is an interventionthat is designed to stimulate anincrease in early-stage high-growthinvestments,” Lamprecht says.

AngelHub’s goal is to combine thewisdom and wealth of established but“under the radar” executives to helpentrepreneurs get their businesses pastthe beginning stage.

AngelHub founder and CEO BrettCommaille says: “The aim is to investa little capital to help entrepreneursget their businesses on their feet. Thenyou can follow on with money togrow the now-proven model.”

Another development, saysLamprecht, is the establishment ofseveral new funds that are addingdepth to this and the more traditionalVC environment.

This includes the establishment ofinternational players such as theOmidyar Network. This networksupports start-ups with a socialimpact.

But a new phenomenon isemerging. It is called enterprisefunding and it is a result of therequirement that companies need toengage in enterprise development aspart of their BEE scorecardobligations.

Edge Growth director DanielHatfield says: “We select SMEs thathave the greatest potential to growand create employment.”

For instance, Edge has channelledfunding to a crèche franchise — whichemploys black matriculants — inJohannesburg, and a business thatgrows tulips hydroponically and is runby (and for) single coloured women inthe Western Cape.

Enterprise development, whether it’sthrough angel, VC or enterprisefunding, has the ability to transformSA ’s future. And the increasingvibrancy in the space is welcomed.

Sasha Planting

Brett Commaille


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.

For more information, please contact

Warren Watkins on 011 647 7128 or email

[email protected]

kpmg.co.za©

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National treasury has moved torefine legislation intended toaddress the erosion of the tax

base stemming from leveraged buy-out transactions.

In his presentation of the nationalbudget this year, finance ministerPravin Gordhan announced thattreasury will introduce new rules forthe deduction of interest incurred onacquisition finance.

The intention, he said, is to providemore certainty for investors and debtproviders. In reality though, until thechanges are made, it perpetuates theu n c e r t a i n t y.

These new rules will replace thecurrent approvals process whereby theSA Revenue Service (Sars) determines

the amount of deductible intereston a case-by-case basis.

The process started two yearsago when Sars began toinvestigate leveraged buyouttransactions. These transactionsare often characterised bysignificant levels of gearing and,as a result, high interestrepayments on that debt.

It was aggrieved by thosetransactions where significantdebt was raised to finance theacquisition of the business.

The use of acquisition debt“effectively eliminates” taxableprofits for years to come incorporate restructuring, treasurysaid in February. Where theholder of the debt was anonresident, the interest receivedwould not be taxable. Thisresulted in a net loss to the fiscus.

Legislation was introduced in2011 to curb these losses, says

Lesley Isherwood, KPMG’s associatedirector for corporate tax. “It requiresthat taxpayers entering into so-called

‘reorganisation transactions’ obtainapproval from Sars regarding theextent to which an interest deductioncan be claimed.”

The difficulty of this approach,which Sars is trying to remedy, is thatthe approval process itself createsu n c e r t a i n t y.

As a result, under the new rulesinterest on excessive debt will beallowed to roll over for up to fiveyears. In addition, the new system willreplace the discretionary system appliedto interest on discretionary debt.

The problem, says Isherwood, is thattreasury does not indicate what will beregarded as excessive debt. It is alsounclear whether the legislation willaffect existing transactions.

Even if the new legislation does notaffect existing transactions, Sars’approach to Edcon could be seen as anindication that historical deals are byno means in safe water.

Last year the retail group movedswiftly to settle after Sars announcedit was unhappy with the company’stax treatment of interest payable onthe financing of the acquisition of thegroup by Bain Capital.

Edcon does not disclose the netfinancial impact of this settlement. Butit’s clear that it will be paying tax alot sooner than it planned. Accordingto a business & trading updatereleased by Edcon in February, thefirst leg of the settlement has resultedin Edcon agreeing to reduce its taxloss carry forward by a hefty R9bn.

The company has also agreed tolimit its deduction — for tax purposes— of interest payable on its seniorsecured notes due 2014 and its seniornotes due 2015 to 50% of such interest.

This may leave a bad taste in themouth for some private equityinvestors. Sasha Planting

Focus on debt-laden deals New requirements scarebanks off transactions

Investing in private equity fundshas become far more challengingfor banks, following the regulatory

changes that have been imposed toprotect the integrity of the financialsystem.

High-risk investment andspeculation places an unacceptablelevel of systemic risk on thecommercial banking system —regulators say. So new rules,introduced by Basel 3 and the VolckerRule (part of the Dodd-Frank Act inthe US), have curbed the ability ofbanks to invest in asset classes likeprivate equity and hedge funds.

SA was one of seven countries inthe G20 to implement the first phasesof Basel 3 in January. This introducesthe liquidity coverage ratio that aimsto ensure banks have enough fundingand easily liquidated assets to survivea short-term market crisis.

“This has the potential to dampenbanks’ appetite for private equity dealsas the capital holding costs for theseinvestments increase,” says Investecprivate equity consultant Peter Amm.

This limits banks’ abilities toperform other business that requiresless equity.

Within the private equity limitedpartner universe, banks had become asignificant source of capital. Globalresearch conducted by consulting firmPreqin — in terms of aggregate capitalcurrently invested in private equity —says that banks fall just behind publicand private-sector pension funds,foundations and insurance companies.

Banks accounted for 11% of thetotal capital invested in private equityfunds in 2008 (US$115bn), thecompany notes. However, onerous

capital and liquidity requirements arecausing them to reconsider theirinvestments in private equity. In 2011banks accounted for 8% ($110bn) ofprivate equity funds.

The same trend is evident in SA.“The new rules have placed an

increased focus on liquidity — andcombined with less readily availableleverage, it makes investing in privateequity less attractive,” says AbsaCapital head of private equity AndrewD e w a r. Once an aggressive player inthe space, Absa has reined in itsambitions. “We won’t inject freshcapital, but Absa is comfortable withthe portfolio and its performance, so itwill take a while to get out of it.”

Standard Bank will make no furthercommitments to its fund and willwind down its portfolio.

Nedbank has reduced the size of itsprivate equity portfolio over the pastthree years. “We have reduced the sizeof the portfolio [to about R1bn] andhave realised some of the value thatwas held on our balance sheet,” saysNedbank Capital Private Equity headClive Howell.

Investec and Rand Merchant Bankstill have an appetite. “We still thinkthis is an asset class in which one canget a superior return,” says Amm.

The regulations are having thedesired effect. At least 45% of banksaffected by the new regulations willreduce their private equity exposure orcease investing in the asset class inthe longer term, according to Preqin.

What is telling is that the majorityof banks not affected by theregulatory changes plan to continueinvesting in the asset class.

Sasha Planting

P rav i nG o rd h a n



More interest in ventureinvesting from corporates

Corporate venture capitalinvesting is back in vogue.Some of the most prominent

names in the corporate landscape,including BMW, General Electric, TheNew York Times and Google, haveestablished formal venture capitalunits and made well publicisedinvestments in start-ups.

Other firms are following suit. TheUS-based New York Times has starteda media incubator, TimeSpace, whichwill host up to five start-ups in thepublisher’s New York City office.

More than 750 companies aroundthe world have venture units inoperation, according to research bythe Boston Consulting Group (BCG).

In SA, corporate venturing has hada slow start, but it is taking hold.Passionate adopters include SAB,whose Kickstart programme has led tothe development of about 3 000 smallbusinesses. Remgro launchedInVenFin, its venture capital fund, in2008; and Naspers has MIH, which hasbeen innovating for years and recentlyestablished TouchLab, a stand-alonebusiness that develops new mediaproducts for Naspers’s old media printbusinesses.

MIH has also established the MIHMedia Lab at Stellenbosch University,where student research is at thecutting edge of technologicalinnovation. Students there areencouraged to commercialise theirprojects.

Smaller companies are also feelingthe need to develop intellectualproperty and alternative revenuestreams: Maxxor Business Solutions, asoftware development company, andincubated Blue Leaf Games, a mobile

game development business.“The game ran out of runway, but

we are taking our learning in buildingand marketing a product and targetinga different market,” says AdrianFrielinghaus, who cofounded BlueLeaf with software developer RajM o o d a l e y.

BCG research suggests corporateventuring is maturing. Companies arelooking at start-ups not just togenerate financial returns but also tocomplement their R&D efforts,penetrate fast-growing emergingmarkets, and gain early access topotentially disruptive technologies.

“Venture investing is, of course, aninherently risky activity,” says BCGpartner and co-author of the reportAlexander Roos. “But considering thedisruptive potential of the innovationsemerging from start-ups, the greaterrisk is not to invest at all.”

A key to innovating in a corporateenvironment, says Touchlab GM LeoRedelinghuys, is that the team needsto be free of corporate processes andred tape. “You have to move fast. Weaim to build something quickly andput it into the market. If the marketdoes not respond then we take itdown.”

Touchlab has developed the paywallfor Naspers’s Afrikaans dailies DieBurger, Beeld and Vo l k s b l a d . Pa y w a l lis a system that prevents Internet usersfrom accessing webpage contentwithout a paid subscription.

It also launched the online shoppingsite for popular fashion magazineSarie. Work is beginning on threemobile-focused projects. “Watch thisspace in four months’ time,” saysRedelinghuys. Sasha Planting


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37

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



Address: Belmont Square, Belmont Road, Rondebosch, Cape Town 7701Tel: 021 659-2042Fax: 021 689-1151E-mail: [email protected]: www.4dicapital.com

FUND DETAILS

Name of fund: 4Di Capital Fund 1Size of fund: —Nature of fund: Seed to early stage investmentsFunds invested to date at cost: —Sources of funds: Institutional, privateCurrent portfolio size: —Total number of private equity/venturecapital investments made to date: —Number of investment executives: 5

INVESTMENT PREFERENCES

Minimum investment: R100 000Maximum investment: R5mWilling to syndicate: Ye sAverage current investment size: R2,5mIndustry preference: Technology (focus on Internet,

software, mobile)Industries excluded: —Stage of investment: Start-up/seed/early stageAll stages except: —Minimum and maximumequity usually taken: 15%/40%Geographical preferences: Southern AfricaContact: [email protected]

Remarks: 4Di is an independent early-stage technology venture capital fundbased in South Africa’s “Silicon Cape”. Nurture capital is the term that bestdescribes 4Di’s purpose and philosophy. Using tried and tested internationalventure capital best practices, adapted for local use, 4Di believes in agileentrepreneur-friendly finance without frills, and in working as a team with theirinvestees to achieve their true potential. 4Di targets startup investmentopportunities with high growth potential at the seed- and early-stages in themobile, enterprise software and web sectors, seeking founder teams with hungrypassion, commitment, domain expertise and deep insights into the large marke tproblems they wish to solve with their technology solutions.

4Di Capital


ANOTHER AWARD WINNING INFRASTRUCTURE PROJECT PUT TOGETHER BY A TEAM THAT IS VERY PASSIONATE ABOUT AFRICA!

Financing Africas

future

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 fi nancing.

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

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Address: 8 Rivonia Road, Illovo 21 9 6Tel: 011 895-6896Fax: 011 895-7812E-mail: [email protected]: http://www.absacapitalprivateequity.com

FUND DETAILS

Name of fund: Absa Capital Private Equity Fund ISize of fund: R4,2bnNature of fund: Mid-market MBOs & LBOs; expansion

and growth capitalFunds invested to date at cost: Significantly investedSources of funds: Absa Bank, institutional investorsCurrent portfolio size: 5Total number of private equity/venturecapital investments made to date: 32Number of investment executives: 6


Minimum investment: R250mMaximum investment: R1bnWilling to syndicate: Ye sAverage current investment size: R 700mIndustry preference: Va r i o u sIndustries excluded: Primary agriculture, property,

armaments and miningStage of investment: Expansion, growth, MBO, LBO,

replacement capitalAll stages except: Seed, start-up and early stageMinimum and maximumequity usually taken: 40%/75%Geographical preferences: SA and sub-Saharan AfricaContacts: Andrew Dewar: 011 895-6511 or

a n d r e w. d e w a r @ a b s a c a p i t a l . c o m ;Gareth Druce: 011 895-7266 [email protected]

Remarks: The Absa Capital Private Equity (ACPE) team focuses on takingsubstantial equity positions in medium to large companies that have experiencedmanagement teams. Such companies should preferably have excellent profithistories and/or good growth opportunities as well as be number one or two intheir industries. The ACPE team forms strong relationships with the managementteams of its portfolio companies and works closely with them in determining thestrategy and implementing value-enhancing initiatives.

Absa Capital Private Equity



Address: Unit A3, The Beachhead, 10 Niblick Way, Somerset WestTel: 021 852-2887; Fax: 021 852-3161E-mail: [email protected]; c a r l . n e e t h l i n g @ a c o r n e q u i t y. c o mWebsite: www.acornequity.com

FUND DETAILS

Name of fund: Acorn General Fund OneSize of fund: R60m (final close)Nature of fund: LLP — General private equityFunds invested to date at cost: R 51 m

Name of fund: Acorn Venture Technology Fund OneSize of fund: R18m (final close)Nature of fund: LLP — Te c h n o l o g yFunds invested to date at cost: R 11 m

Sources of funds: High-net worth individualsCurrent portfolio size: 6Total number of private equity/venturecapital investments made to date: 6Number of investment executives: 6


Minimum investment: R5m (general fund), no limit ontechnology

Maximum investment: R50mWilling to syndicate: Ye sAverage current investment size: R 11 m / R 5 mIndustry preference: Food, water, energy, healthcare,

technology driven companiesIndustries excluded: Property and miningStage of investment: At least two years profitable track

record, but will look at early stageand start-ups in our technology fund

All stages except: Limit of 35% in VCMinimum and maximumequity usually taken: Minimum 25,1%, with no maximum,

but must be able to influenceGeographical preferences: Southern AfricaContacts: Pierre Malan, Carl Neethling

Remarks: The Acorn Venture Technology Fund One focuses on companies in thestart-up, early stage, growth and expansion stages and up to 35% of the fund canbe invested in venture capital. The Acorn General Fund One only invests incompanies with a proven profit history.

Ac o r n Equity


For transactions ofUS$50m or moreplease contact us at 011 778 5900 or [email protected]

Actis is a pan-emerging markets private equity investor backing

companies in consumer, energy, ¿��

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Today 43% of Actis’s investments ��

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Address: PO Box 2396, Saxonwold 2132Tel: 011 778-5900 Fax: 011 327-7407E-mail: [email protected]; Website: www.act.is

FUND DETAILS

Name of fund: Actis Africa Fund 1Size of fund: US$396m across AfricaNature of fund: Generalist PE fundFunds invested to date at cost: $396mSources of funds: European investorsCurrent portfolio size: 1 (SA), 2 (Africa)Total number ofcapital investments to date: 12 (SA), 25 (Africa)

Name of fund: Actis Africa Fund 2 and CanadaInvestment Fund for Africa (CIFA)

Size of fund: $566m across AfricaNature of fund: Generalist PE fundFunds invested to date at cost: $544mSources of funds: European, US, Canadian, Middle East

and African investorsCurrent portfolio size: 2 (SA), 12 (Africa)Total number ofcapital investments to date: 4 (SA), 20 (Africa)Number of investment executives: 8 (SA), 24 (Africa)

Name of fund: Actis Africa Fund 3Size of fund: $ 910 mNature of fund: Generalist PE fundFunds invested to date at cost: $648mSources of funds: European investorsCurrent portfolio size: 2 (SA), 6 (Africa)Total number ofcapital investments to date: 2 (SA), 7 (Africa)Number of investment executives: 8 (SA), 24 (Africa)

Name of fund: Actis Africa Empowerment FundSize of fund: $50m across AfricaNature of fund: Empowerment fundFunds invested to date at cost: $44mSources of funds: European investorsCurrent portfolio size: 2 (SA), 2 (Africa)Total number ofcapital investments to date: 4 (SA), 4 (Africa)Number of investment executives: 2 (SA), 2 (Africa)

Ac t i s


27FINANCIAL MAIL • June • 2013 FINANCIAL MAIL • June • 2013Savca Yearbook 2013 26 Savca Yearbook 2013


Minimum investment: $50mMaximum investment: $200m/$250mWilling to syndicate: Ye sAverage current investment size: $50mIndustry preference: Generalist PE fundIndustries excluded: Military and gamblingStage of investment: Management buyouts/buy-ins,

leveraged buyouts, expansion andreplacement capital, privatisations

All stages except: Start-ups and early stageMinimum/maximum equity taken: 10 % / 9 0 %Geographical preferences: AfricaContacts: SA: Tel: +27 11 778-5900, John van

Wyk, [email protected];Egypt: Tel: +202 2792-9220Rick Phillips, [email protected]: Tel: +254 (20) 374-3584Michael Turner, [email protected]: Tel: +234 (1) 448-5700Ngozi Edozien, [email protected]

Remarks: Actis is an emerging markets alternative assets investor, investing andmanaging capital for third-party investors. It has more than 60 years of experienceand an unrivalled on-the-ground presence across Africa. Funds under managementon the continent at present total $1bn, with $300m to invest over the next year.

Adlevo CapitalAddress: Adlevo Capital Managers, LLCLes Cascades BuildingEdith Cavell StreetPort LouisMauritiusTel: +230 212-9800Fax: +230 212-9833E-mail: [email protected]: www.adlevocapital.com

FUND DETAILS

Name of fund: Adlevo Capital Africa, LLCSize of fund: US$43mNature of fund: Expansion capitalFunds invested to date at cost: $13mSources of funds: DFIs, strategicsCurrent portfolio size: 3Total number of private equity/venturecapital investments made to date: 3Number of investment executives: 3


Minimum investment: $3mMaximum investment: $30mWilling to syndicate: Ye sIndustry preference: Technology-based business modelsIndustries excluded: NoneStage of investment: Start-up, expansionAll stages except: —Minimum and maximumequity usually taken: Deal dependentGeographical preferences: Sub-Saharan AfricaContact: [email protected]

Remarks: Adlevo Capital is a Mauritius-based private equity fund managerfounded on the conviction that meaningful development in sub-Saharan Africawill be driven by the increasing application of technology to business processes.We actively seek to invest in ambitious companies, to which we can addsignificant value through our collective experience, relationships and value-drivenapproach. To facilitate working closely with portfolio companies, we maintainactive local presence through our offices in West and Southern Africa.



Matrix reference

Full members Fund name

Fund size orfunds investedto date Min investment Max investment

Start-upsinvestment Excluded industries

Absa Capital Private Equity ACPE Fund 1 (Open-ended) R4,2bn R250m R1bn No Primary agriculture, property, armaments, mining

Actis Actis Africa Fund 1 US$396m $50m $200 /$250m No Military and gamblingActis Africa Fund 2 and Canada Investment Fundfor Africa (CIFA)

$566m

Actis Africa Fund 3 $910mActis Africa Empowerment Fund $50m across Africa

Acorn Equity Acorn General Fund One R60m (final close) R5m R50m No Property and miningLLP - General Private Equity 51mAcorn Venture Technology Fund R18m (final close) No limit No limit YesLLP - Technology R11m

Adlevo Capital Manager LLP Adlevo Capital Africa (LLC) US$43m $3m $30m Yes None

African Infrastructure Investment Managers(Pty) Ltd

South African Infrastructure Fund R1,7bn R140m R900m Greenfield andbrownfield

Weapons, tobacco and radioactive and alcohol

African Infrastructure Investment Fund R1,3bnKagiso Infrastructure Empowerment Fund R649mAfrican Infrastructure Investment Fund 2 R3,6bnApollo Investment Partnership II R424m

A g r i - Vi e Agri-Vie: Africa Food & Agribusiness InvestmentFund

R835m R20m R100m No All except agribusiness: Food & beverages,vertically integrated agribusiness, fiber agrilogistics& services, agricultural inputs, renewable energy

AngelHub AngelHub Open-ended R5m R1m R10m Yes 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) R228m - - No NoneBrait II (fully invested and fully realised) R690m - -Brait III (fully invested) US$409m - -Braitec (fully invested) R227m - -Proprietary investing (Open-ended) Over R10bn R5m R1bnBrait IV $880m ±R800m

Business Partners Limited Inland East R1,410bn R500 000 R20m Yes Agriculture and on-lendingInland West R1,480bn R500 000 R20m YesEast Coast R1,940bn R500 000 R20m YesWest Coast R2,110bn R500 000 R20m YesThe Business Partners -Khula Start-up Fund R150m R150 000 R3m YesProperty Fund R250m R500 000 R20m YesVenture Fund R400m R500 000 R10m Yes

Capitau Capitau Investment Partners Special OpportunitiesFund

R300m R15m N/A No Mining

Capricorn Capital Partners (Pty) Ltd Capricorn Capital Partners R600m R10m R150m No Mining

Capitalworks Investment and Equity Partners(Pty) Ltd

Capitalworks Private Equity I R1,5bn R70m R450m No Oil and gas exploration

Carlyle South Africa Advisors (Pty) Ltd Carlyle Sub Saharan Africa Fund N/A US$30m +$100m No Mining property, tobacco and gambling

Coast2Coast Investments Coast2Coast R500m R50m (annualprofits over R15m)

R1bn No Mining, agriculture, technology

Collins Private Equity Holdings (Pty) Ltd Collins Private Equity R200m 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 US$613m $30m $90m Yes Arms and ammunition, tobacco, gaming, alcoholPan African Growth Funds $2bn (committed capital)

Enablis Financial Corporation SA (Pty) Ltd Enablis Khula Loan Fund R40m R100 000 R5m Yes Product and IP developmentKhula Enablis SME Acceleration Fund R50m R25 000 R2,5mPPC Ntsika Fund R20m - -

Eris Property Fund (Pty) Ltd Eris Property Fund (Pty) Ltd R1bn R30m R250m No All except commercial property assets

Ethos Private Equity Fund IV (fully invested and realised) R2,5bn - - - -Fund V (fully invested and partially realized) R5,5bn R100m R800m NoFund VI (current inesting) R7bn R300m R1bn No -Tech Fund I (fully invested and partially realised) R270m - - - -



Matrix reference (cont)




4Di Capital (Pty) Ltd 4Di Capital Fund 1 N/A R100 000 R5m Yes N/A

Global Capital (Pty) Ltd Global Capital Fund 2 R50m R20m No limit No MiningGlobal Capital Fund 4 2bn

Global Environment Fund GEF Africa Sustainable Forestry Fund (ASFF) ASFF US$160m (closed) $5m $20m No VentureGEF Africa Growth Fund (AGF) US$150m fundraising - - - -

Grindrod Bank Limited Grindrod Bank Private Equity R100m R10m R30m No None

Grovest Venture Capital Company (Pty) Ltd Grovest (Venture Capital Fund) R100m (Fundraising) R1m R10m Yes Property, finance and consultancy

Harith General Partners Pan African Infrastructure Development Fund US$630m $10m $100m No Arms, liquor, gambling and child labour

Hasso Plattner Ventures Africa Hasso Plattner Ventures Africa Fund R380m R5m R35m Yes Property, mining and agriculture

Horizon Equity Partners Horizon Fund III R300m R20m R60m No Property, gaming,tobacco, alcohol,armaments, miningand primary agric

Imbewu Capital Partners (Pty) Ltd Imbewu Capital Partners On balance sheet R1m None No None

Industrial Development Corporation of SouthAfrica Limited (IDC)

IDC Loans & advance at 31March 2012; R15,978bn;Investments at 31 March2012; R70,897bn

R1m Depending on nature oftransaction

Yes Gambling

Inspired Evolution Investment Management (Pty)Ltd

Evolution One Fund US$90m (circa R750m) R10m R100m plus (with co-investment rights)

Only for early-stageinfrastructure

Tobacco, alcohol, gaming, fixed asset (property)defense, select environmental category exclusions

International Housing Solutions (Pty) Ltd South African Workforce Housing Fund R1,9bn (US$230m) R25m R250m Yes Industrial

Invenfin Invenfin Fund Undisclosed None None Yes Property & traditional infrastructure, manufacturinginfrastructure, primary agriculture, servicebusiness, gambling and franchisee operations

Investec Africa Frontier Private Equity Fund(IAFPEF)

Investec Africa Frontier Private Equity Fund US$155m EV generally than$20m

No limit, but EV generallybelow $250m

No Venture, start-up/seed and turnaround

Investec Private Equity Investec Principal Investments Open ended EV >R150m No limit No Primary agriculture, mining and property

Kagiso Tiso Holdings (Pty) Ltd (KTH) Kagiso Tiso Holdings Proprietary Limited One balance sheet R8bnNAV

R2000m Depending on naturetransaction

No Tobacco, alcohol, gaming, fixed asset (property),defence, select environmental category exclusions,morally objectionable industries

Ke Nako Capital (Pty) Ltd Ke Nako Private Equity Fund R1,350m R50m No limit Yes None

Knife Capital HBD Fund 2 R138m (Fully invested) R10m R30m Yes Morally objectionable industriesKnifeCap Growth Equity Fund R150 to R250m targeted - - - -

Leaf Capital (Pty) Ltd Leaf Private Equity Fund No. 1 R115m R25m R150m No Property development, mining exploration

Lereko Metier Capital Growth Fund Managers Lereko Metier Capital Growth Fund R3,5bn R50m R750m No Spirits and gambling(Pty) Ltd Lereko Metier Sustainable Capital Fund Targeting to exceed R1bn R5 to R15m 15% of fund size No Unbankable technology

Makalani Management Company (Pty) Ltd Makalani Holdings Ltd R2,5bn R15m R150m No None

Marlow Capital Marlow Not disclosed R75m R400m Yes Property and commodity exploration

Medu Capital Medu Capital Fund I R300m R30m R175m No Tobacco, liquor, gambling and military weaponsMedu Capital Fund II R900m

Mineworkers Investment Company (MIC) Mineworkers Investment Company ProprietaryLimited

R2bn> NAV R75m R350m (with ability to investup to R500m and moredepending on opportunity)

No Extrative industries, primary agriculture,construction services, primary power generation(Eskom)

Molash Capital Molash Capital Fund 1 - SA Partnership R170m R20m R100m No Venture capital, biotech oil and gas

Motseng Investments Holdings N/A N/A R25m R250m No None

Musa Capital Musa Kubu Fund R400m R5m R100m No Alcohol, tobacco, gambling, weapons and military

National Empowerment Fund National Empowerment Fund R5,3bn R250 000 R75m Yes Morally reprehensible sectors

Nedbank Capital Private Equity Nedbank Capital Private Equity R1,3 bn R30m R150m No Real estate and primary agriculture

New Africa Mining Fund New African Mining Fund II (launched in Feb 2011) R910m R5m R130m Yes Uranium and diamond mining

Nodus Equity Nodus Equity Open-ended, currentlyR130m

R5m R35m No Agriculture, mining and property

NOVARE Equity Partners Novare Africa Property Fund 1 R677m R42m R168m Yes All except property

Old Mutual Investment Group, Alternative OMPE Funds I, II, III R6bn R100m R2bn No Infrastructure, propertyInvestments Old Mutual SA Multi-Manager Private Equity Fund I, II

& IIIR2bn

OMIGSA International Private Equity Fund ofFunds I and II

US$430m



Matrix reference (cont)




Old Mutual Investment Group, Alternative IDEAS Fund & International Infrastructure Fund R5bnInvestments (cont.) Financial Sector Charter Fund R4bn

Housing Impact Fund South Africa R9bnSchools & Education Investment Impact Fund of SA R1bn - - All except independent schls & related educ. assets

Paean Private Equity Paean Private Equity 1 N/A R50m (enterprisevalue R100m)

R125m (enterprise valueR1bn)

No None

Pan-African Private Equity 1 Fund Managers(Pty) Ltd (PAPE)

Pan-African Private Equity Fund 1 (PAPEF1) (Pty) Ltdand Pan-African Private Equity Fund 2012 (Pty) Ltd(PAPEF2012)

R550m R20m R120m No Property

Pembani Remgro Infrastructure Managers (Pty)Ltd

Pembani Remgro Infrastructure Fund Target size fo US$1bn(ZAR and USD)

None Not more than 20% ofaggregate commitments in asingle investment

No Resources mining and extraction activites

Phatisa Group African Agriculture Fund (AAF)) US$243m $5m 10% of fund size Yes (with provensponsors)

Forestry, tobacco and biofuel

Pan Africa Housing Fund $4,1m first closed; finalclose target $80m-$100m

$2m 15% of fund size All except, real estate

Public Investment Corporation Isibaya Fund R61bn (5% of GEPFassets under mngmnt)

R50m Usually not more than R2bn Yes Gambling, high-risk projects and ammunition

RMB Corvest RMB Corvest Open-ended R5,09bn(R2,68bn in BEE deals)

R10m R500m No Mining, agriculture and property

RMB Private Bank RMB Private Bank - Leverage & AcquisitionFinance

Open-ended Equity - R5m; debt- R20m

Equity - R25m; debt -R100m

No Property, primary agriculture and mining

RMB Private Equity RMB Private Equity Open-ended R7,2bn - - No -RMB Ventures Open-ended (in excess

of >R2bn invested)R50m R750m Mining, agriculture and property

RMB Leveraged Finance Open-ended Invested N/A R50m None Property, resources and infrastructure

Sanlam Private Equity National Funds R4bn R100m R250m No Property, mining and primary agriculture

Sanlam Properties Sanlam Africa Core Real Estate Fund Limited US$100m $5m No maximum amount No Non-commercial real estate

Sasfin Private Equity Fund Managers Sasfin Private Equity Fund R500m - max of 10% oftotal group assets

R10m R25m Direct resources

General Private Equity R200m R10m R25m No Direct resources

Senatla Capital Senatla Capital Empowerment Fund I R102m (fully investedand closed)

R10m-R25m R50m No None

Senatla Capital Empowerment Fund II R100m (first close;raising additional capital

Senatla Capital Property Fund I R100m (first close);raising additional capital

South Suez Capital Ltd South Suez Africa Fund Ltd US$278m - 20% (secondary investment),20% (co-investment), 30%(single underlying fund)

Yes -

Sphere Private Equity Sphere Private Equity Fund 1 R302m (Final closing) R10m R50m No Primary agriculture, mining and property

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

Health Fund $105m $1m $10mAbraaj Buyout Fund IV $1,6bn $50m $300m

Treacle Private Equity (Pty) Ltd Treacle Fund II R463m R10m 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 Morally objectionable industries

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 fundmanager’s co-investment)

R60m R350m (with co-investment) No Primary agricultural, low-margin trading business,businesses selling arms, loss making operationalturnaround opportunities, junior mining businesses

Vantage Capital Mezzanine Fund II R1,85bn

Venture Partners Botswana CEDA Venture Capital Fund P200m P0,5m P30m Yes NoneVPB Namibia Growth Fund N$160m $5m $32mVPB III P450m (Fund raising) - - -

VICI Private Equity Partners (Pty) Ltd VICI Private Equity Fund II Ltd R100m R10m R500m Yes Military, gambling, liquor, morally objectionableindustries

Zico Capital (Pty) Ltd Zico Capital Fund 1 R500m R15m R500m No Resources, agriculture and properties



Address: Colinton House, The Oval, 1 Oakdale Rd, Newlands, Cape Town SouthAfricaTel: 021 670-1234Fax: 021 670-1220E-mail: [email protected]

FUND DETAILS

Name of fund: South Africa Infrastructure FundSize of fund: R 1 , 7 31 mNature of fund: Unlisted infrastructure fund — fully

invested

Name of fund: African Infrastructure Investment FundSize of fund: R1,320mNature of fund: Unlisted infrastructure fund — fully

invested

Name of fund: Kagiso Infrastructure EmpowermentFund

Size of fund: R649mNature of fund: Unlisted infrastructure fund — fully

invested

Name of fund: African Infrastructure InvestmentFund 2

Size of fund: R3,645mNature of fund: Unlisted infrastructure fund, investing

Name of fund: Apollo Investment Partnership IISize of fund: R424mNature of fund: Unlisted infrastructure fund, investing

Funds invested to date at cost: R5,483m (includes amountscommitted to investments but not yetdrawn)

Sources of funds: Leading SA, internationalinstitutional investors anddevelopment finance institutions

Current portfolio size: R11,596m (current equity undermanagement as at 31 December 2012)

Total number of private equity/venturecapital investments made to date: 32Number of investment executives: 11

African Infrastructure InvestmentManagers (Pty) Ltd




Minimum investment: R140mMaximum investment: R900mWilling to syndicate: Ye sAverage current investment size: R300mIndustry preference: InfrastructureIndustries excluded: Weapons, tobacco, alcohol and

radioactive materialsStage of investment: Greenfield and brownfieldMinimum and maximumequity usually taken: 26%-80%Geographical preferences: Africa — focus on sub-Saharan AfricaContact: Andrew Johnstone

Remarks: Manages and advises unlisted infrastructure equity funds targetingAfrican projects such as toll roads, rail, airports, power generation and renewablee n e r g y.

Agri-VieAddress: Barinor South, Building A, Vineyards Office Estate, 99 Jip de JagerDrive, Bellville 7530Tel: 021 913-5662Fax: 021 913-8954E-mail: [email protected]: www.agrivie.com

FUND DETAILS

Name of fund: Agri-Vie: Africa Food & AgribusinessInvestment Fund

Size of fund: R835mNature of fund: Closed-end private equity fundFunds invested to date at cost: 60% InvestedSources of funds: Institutional investorsCurrent portfolio size: 8Total number of private equity/venturecapital investments made to date: 8Number of investment executives: 6


Minimum investment: R20mMaximum investment: R 10 0 mWilling to syndicate: Ye sAverage current investment size: R40mIndustry preference: Food and beverages, vertically

integrated agribusiness, fibre, agri-logistics & services, agriculturalinputs, renewable energy

Industries excluded: Industries not listed aboveStage of investment: Expansion and development, partial

buyouts, limited early stageinvestments

All stages except: Venture capitalMinimum and maximumequity usually taken: 25%/50%Geographical preferences: Sub-Saharan AfricaContacts: Herman Marais, 083-377-6234

Izak Strauss, 082-826-2344Avril Stassen, 083-253-0062Lynette Thomas, 083-255-4477



Address: E5B Century Square, Heron Crescent, Century City, Cape TownTel: 021 551-1269Fax: 086-553-9740E-mail: [email protected]: www.angelhub.co.za

FUND DETAILS

Name of fund: AngelHubSize of fund: Open-endedNature of fund: Business Angel Investment GroupFunds invested to date at cost: R5mSources of funds: Individual and corporate business

angel investorsCurrent portfolio size: 3 companiesTotal number of private equity/venturecapital investments made to date: 3Number of investment executives: 3


Minimum investment: R1mMaximum investment: R 10 mWilling to syndicate: Ye sAverage current investment size: R1mIndustry preference: Highly scalable, technology enabled

industriesIndustries excluded: Alcohol, armaments, infrastructureStage of investment: Start-up and early stageAll stages except: ConceptMinimum and maximumequity usually taken: 10 % / 4 9 %Geographical preferences: South AfricaContact: Brett Commaille

Remarks: AngelHub is a manager-led business angel investment group thatpools funding, expertise and networks from a diverse range of early-stage angelinvestors for investment in high-growth SA ventures to accelerate growth andcreate value. Through aggregating knowledge and resources through a broadnetwork of angels, AngelHub increases the probability of success forentrepreneurial ventures. AngelHub aims to unlock new funding resources forstart-ups, support SA entrepreneurship innovation and generate both economicvalue and jobs.

AngelHubAddress: 1st Floor, 6A Sandown Valley Crescent, Sandown, Sandton 2196Tel: +27 11 722-7317Fax: +27 (0)86 661-8230E-mail: [email protected]

FUND DETAILS

Name of fund: Ata Fund 1Size of fund: R285mNature of fund: BEE EquityFunds invested to date at cost: R 110 mSources of funds: Va r i o u sTotal number of private equity/venturecapital investments made to date: 4Number of investment executives: 3


Minimum investment: R5mMaximum investment: R75mWilling to syndicate: Ye sAverage current investment size: R30mIndustry preference: Va r i o u sIndustries excluded: N/AStage of investment: Growth, replacement capital, buyoutAll stages except: Early stageMinimum and maximumequity usually taken: N/AGeographical preference: South AfricaContact: Lelo Rantloane, 011 722-7317,

[email protected]

Remarks:The fund focuses on:❑ Providing investment capital to BEE entities with access to attractiveopportunities;❑ Providing liquidity to BEE entities against their performing portfolioinvestments; and❑ Making direct equity investments as a BEE entity.The fund will favour:❑ Investments with indexed or listed underlying exposures, transparent valuationmethodologies and the ability to exit via a traded market; and❑ Private equity investments in industries and companies of strategic importance.

Ata Capital (Pty) Ltd



Address: 92nd Floor, The Zone II, 177 Oxford Road, Rosebank, Johannesburg, 2196Tel: 011 507-1000Fax: 011 507-1001Website: www.brait.com

FUND DETAILS

Name of fund: Brait ISize of fund: R228mNature of fund: General private equity investments —

fully invested and realised

Name of fund: Brait IISize of fund: R690mNature of fund: General private equity investments —


Name of fund: Brait IIISize of fund: US$409mNature of fund: General private equity investments —


Name of fund: Brait IVSize of fund: $880mNature of fund: General private equity investments —

fully invested

Name of fund: BraitecSize of fund: R277mNature of fund: Early stage technology investments —


Name of fund: Proprietary investingSize of fund: Open-endedNature of fund: Long-term, large, unlisted equity

investments.Funds invested to date at cost: More than R10bnSources of funds: Leading SA and international

institutional investorsCurrent portfolio size: 14Total number of private equity/venturecapital investments made to date: 94Number of investment executives: 10

Brait Private EquityINVESTMENT PREFERENCES

Minimum investment: R800m±Willing to syndicate: Ye sIndustry preference: All industries consideredIndustries excluded: NoneStage of investment: Generally later stageAll stages except: Start-upsMinimum and maximumequity usually taken: 15%/80%Geographical preferences: Principally focused on Southern

AfricaContact: John Gnodde, 011 507-1532

E-mail: [email protected]

Remarks: Brait Private Equity, established in 1991, is a leading private equityfund manager in terms of team size, committed and invested capital as well astrack record. The investment team has a proven ability to combine domesticprivate equity investment skills with the experience of managing internationaland domestic private equity capital and has achieved a highly accomplishedinvestment record. Brait's active involvement with its portfolio companies and itsreadiness to provide ongoing strategic, operational and financial support has beencritical to its success.


Business PartnersBusiness Partners Ltd, 37 West Street, Houghton Estate, JohannesburgWeb address: www.businesspartners.co.za; E-mail: [email protected] Telephone Number: 0861 SME FIN (0861 763 346)Facebook.com/Business.Partners.LimitedTwitter:@BizPartnersLtd

Specialised funds

Inland East Inland West East Coast West Coast PropertyThe Business Partners —Khula Start-up Fund

Venture Fund

Te l : 012 347-3208 011 713-6600 031 240-7700 021 464-3600 031 240-7700 031 240-7700 011 713-6600

Fa x : 012 347-2198 011 713-6650 031 266-7286 021 461-8720 031 266-7286 031 266-7286 011 713-6650

FUND DETAILS

Size of fund R150m R400m

Nature of fund General General General General General Black start-up Innovative and high-growthpotential

Funds invested to date at cost R1,410bn R1,480bn R1,940bn R2,110bn R250m R123m R0 m

Sources of funds Private individuals, listed/unlistedcompanies, institutions (79%) andgovernment (21%)

Private individuals, listed/unlistedcompanies, institutions (79%) andgovernment (21%)

Private individuals,listed/unlisted companies,institutions (79%) andgovernment (21%)



Khula (80%) and BusinessPartners (20%)

Private individuals, listed/unlistedcompanies, institutions (79%) andGovernment (21%)

Current portfolio size R336m R399m R494m R774m R130m R37m R0m

Total number of private equity/venture capitalinvestments 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 Agriculture and on-lending Agriculture and on-lending Agriculture and on-lending Agriculture and on-lending Agriculture and on-lending,sin industries

Agriculture and on-lending

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 minorityshareholding

Normally minority shareholding Normally minorityshareholding

Normally minority shareholding Normally minorityshareholding

Normally minority shareholding

Geographical preference Pretoria, East Rand andJohannesburg (Gauteng), Limpopoand Mpumalanga

Free State, North West, NorthernCape, South and West Rand(Gauteng)

KwaZulu-Natal, East Londonand surrounding areas (EasternCape)

Western Cape, PortElizabeth and surroundingareas (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 [email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

FINANCIAL MAIL • June • 2013 43FINANCIAL MAIL • June • 2013Savca Yearbook 2013 42 Savca Yearbook 2013



Address: Private Bag X116, Centurion 0046Tel: 012 345-7520Fax: 012 345-7603E-mail: [email protected]: www.botenya.co.za

FUND DETAILS

Name of fund: BotenyaSize of fund: R250mNature of fund: Early stage private equityFunds invested to date at cost: R 10 0 mSources of funds: Own and partnersCurrent portfolio size: R200mTotal number of private equity/venturecapital investments made to date: OneNumber of investment executives: Four


Minimum investment: R 10 mMaximum investment: R80mWilling to syndicate: Ye sAverage current investment size: R 70 mIndustry preference: ICT & EnergyIndustries excluded:Stage of investment: All, with focus on early stageAll stages except: NoneMinimum and maximumequity usually taken: 26%-75%Geographical preferences: SA and sub-Sahara AfricaContact: Khudusela Pitje

Botenya Advisors



Address: 24 Central Building, 3rd Floor, Cnr Gwen Lane and Fredman Drive,Sandown, Sandton 2196Tel: 011 301-3000/1Fax: 011 883-5560E-mail: [email protected]: www.capitalworksip.com

FUND DETAILS

Name of fund: Capitalworks Private Equity Fund 1Size of fund: R1,5bnNature of fund: Growth, expansion, replacement,

MBOSources of funds: 3rd partyCurrent portfolio size: 6Total number of private equity/venturecapital investments made to date: 6Number of investment executives: 6


Minimum investment: R 70 mMaximum investment: R450mWilling to syndicate: Ye sAverage current investment size: R150mIndustry preference: NoneIndustries excluded: Oil and gas explorationStage of investment: Growth, expansion, replacement,

MBOAll stages except: Seed, start-upMinimum and maximumequity usually taken: Significant minority or majorityGeographical preferences: SA and sub-Saharan AfricaContacts: Chad Smart, Darshan Daya

Garth Willis

Remarks: Capitalworks seeks equity or equity-related investments in middlemarket companies — operating principally in SA — which can benefit fromstrategic, operational, commercial or financial initiatives. The fund’s investmentstrategy and philosophy is centred on building exceptional businesses, alongsideleading entrepreneurs and management teams.

Capitalworks Equity PartnersAddress: 5 Viscounts Road, BedfordviewTel: 011 621-4900Fax: 011 621-4901E-mail: [email protected]: www.capitau.com

FUND DETAILS

Name of fund: Capitau Investment Partners SpecialOpportunities Fund

Size of fund: R300mNature of fund: Special opportunitiesFunds invested to date at cost: R135mSources of funds: Limited partners & third partiesCurrent portfolio size: R 210 mTotal number of private equity/venturecapital investments made to date: 5Number of investment executives: 5


Minimum investment: R15mMaximum investment: N/AWilling to syndicate: Ye sAverage current investment size: R40mIndustry preference: AgnosticIndustry excluded: MiningStage of investment: Expansion/buyoutAll stages except: Start-upMinimum and maximumequity usually taken: FlexibleGeographical preferences: Sub-Saharan AfricaContact: Paul Sykes

Capitau



Address: PO Box 652090, Benmore 2010Tel: 011 666-0700Fax: 011 666-0725E-mail: [email protected]

FUND DETAILS

Name of fund: Capricorn Capital PartnersSize of fund: R600mNature of fund: Expansion, MBOs and LBOsFunds invested to date at cost: R500mSources of funds: Own balance sheet, captive fundsCurrent portfolio size: 11Total number of private equity/venturecapital investments made to date: 14Number of investment executives: 4


Minimum investment: R 10 mMaximum investment: R150mWilling to syndicate: Ye sAverage current investment size: R45mIndustry preference: NoneIndustries excluded: MiningStage of investment: Expansion, MBO, LBO, replacement

capitalAll stages except: Seed capital and early start-upsMinimum and maximumequity usually taken: 2 0 % / 70 %Geographical preferences: SA and Southern AfricaContacts: Gavin Chadwick, Rob Fihrer

Remarks: Capricorn Capital Partners focuses on building value through long-term partnerships with entrepreneurs and strong management teams.

Capricorn Capital PartnersAddress: Unit 6A, 1st Floor, No. 3 Melrose Boulevard, Melrose Arch, MelroseNorth, 2196, Johannesburg, South AfricaTel: +27 11 034-2000Fax: +27 11 034-2020E-mail: [email protected]: www.carlyle.com

FUND DETAILS

Name of fund: Carlyle Sub-Saharan Africa FundSize of fund:Nature of fund: MBOs; LBOs; Expansion and Growth

CapitalFunds invested to date at cost: —Sources of funds: —Current portfolio size: —Total number of private equity/venturecapital investments made to date: —Number of investment executives: 9


Minimum investment: US$30mMaximum investment: $ 10 0 m +Willing to syndicate: Ye sAverage current investment size: —Industry preference: Va r i o u sIndustries excluded: Mining; propertyStage of investment: Expansion; growth; replacement;

MBOAll stages except: Seed; start-up; early stageMinimum and maximumequity usually taken:Geographical preferences: Sub-Saharan AfricaContacts: Bruce Steen: +27 11 034-2000 or

[email protected]

Remarks: Carlyle Sub-Saharan Africa Fund backs good management teams on apan-African basis. We typically back managers/entrepreneurs to grow anddevelop their business. Our global franchise gives us a competitive advantagewhen it comes to adding value to portfolio companies.

Carlyle South Africa Advisors (Pty) Ltd



Coast2Coast InvestmentsAddress: Block E, The Terraces, Steenberg Office Park, Cape Town, South AfricaTel: 021 701-2232Fax: 021 701-3343E-mail: [email protected]: www.c2c.co.za

FUND DETAILS

Name of fund: Coast2CoastSize of fund: R500mNature of fund: Equity investments, 70%-100%

buyouts, MBOsFunds invested to date at cost: R400mSources of funds: Own fundsCurrent portfolio size: R500mTotal number of private equity/venturecapital investments made to date: 15Number of investment executives: 7


Minimum investment: R50m (annual profits over R15m)Maximum investment: R1bnWilling to syndicate: Ye sAverage current investment size: R 10 0mIndustry preference: Pharmaceuticals, complimentary

medicines, personal care, health andb e a u t y, medical equipment anddevices, agro-chemicals, gardenchemicals, animal health, foods,consumer products, insurance

Industries excluded: Mining, agriculture, technologyStage of investment: Mature, 7-50 years in operationAll stages except: Start-up and early stageMinimum and maximumequity usually taken: 70 % / 100%; 7-year minimum, no

maximumGeographical preferences: SA (Cape Town, Gauteng or KwaZulu

Natal), Africa, internationalContacts: Gary Shayne: 072-714-4573

[email protected] Dillon: [email protected]


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“It’s artists and designers who tell stories to move, inspire, entertain, and

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challenges the 21st century presents to us.”

-John Maeda President of the Rhode Island School of Design



Address: 1 Richefond Circle, Ridgeside Office Park, Umhlanga 4320Tel: 031 536-8004Fax: 031 536-8013E-mail: [email protected]

FUND DETAILS

Name of fund: Collins Private EquitySize of fund: R200mNature of fund: IndependentFunds invested to date at cost: R130mSources of funds: Private individualsCurrent portfolio size: 5Total number of private equity/venture 10 own, 4 follow-on and 7 portfolioNumber of investment executives: 4


Minimum investment: NilMaximum investment: R25mWilling to syndicate: Ye sAverage current investment size: R14mIndustry preference: NoneIndustries excluded: NoneStage of investment: Development capital and buyoutAll stages except: Seed and start-upMinimum and maximumequity usually taken: 20%/45%Geographical preferences: NoneContact: Bruce Chelius

Remarks: Our preferred deals are to partner experienced management teams tofinance medium-sized buyouts valued between R50m and R150m. Typically, wetake a minority stake in the business. However, we are prepared to take acontrolling stake if appropriate. In addition, we have provided developmentcapital financing in targeted sectors.

Collins Private Equity Holdings Convergence PartnersAddress: 33 Fricker Road, Illovo, Johannesburg 2196Tel: 011 550-5320Fax: 011 550-5321E-mail: [email protected]: www.convergencepartners.co.za

FUND DETAILS

Name of fund: Convergence Partners InvestmentsSize of fund: R900mNature of fund: ICT investments in AfricaFunds invested to date at cost: Not disclosedSources of funds: Founder capital, drawdown funding

facilitiesCurrent portfolio size: Not disclosedTotal number of private equity/venturecapital investments made to date: 17Number of investment executives: 7


Minimum investment: No minimumMaximum investment: No maximumWilling to syndicate: Ye sAverage current investment size: Not disclosedIndustry preference: Information and communications

technology (ICT)Industries excluded: Non-ICTStage of investment: Growth/expansion, buyout,

greenfields/ brownfields, ventureAll stages except: Seed capital, start-upMinimum and maximumequity usually taken: 26%/49%Geographical preferences: AfricaContact: Idan Segal

Remarks: Convergence Partners is a long-term, active, strategic investor in theICT sector in Africa. As a sector focused investor, Convergence Partners has aproven track record of adding value to investee companies and developing newinvestment opportunities. We have a strong investment focus on ICTinfrastructure projects that increase availability of communications, broadbandservices and new technology offerings in Africa.



Address: 1258 Lever Road, Headway Hill, MidrandTel: 011 313-3126Fax: 011 206-3126E-mail: [email protected], [email protected]: www.dbsa.org

FUND DETAILS

Name of fund: DBSA On Balance SheetSize of fund: DBSA balance sheetNature of fund: Institutional investor in PE fundsFunds invested to date at cost: R6bnSources of funds: DBSA balance sheetCurrent portfolio size: N/ATotal number of private equity/venturecapital investments made to date: N/ANumber of investment executives: N/A


Minimum investment: R 10 0 mMaximum investment: R500mWilling to syndicate: Ye sAverage current investment size: N/AIndustry preference: InfrastructureIndustries excluded: Arms, gambling, liquor, pornographyStage of investment: Start-up and early stage, expansion

and developmentAll stages except: BuyoutMinimum and maximumequity usually taken: Maximum 20%Geographical preferences: African continent, preferably SADCContacts: Cyprian Marowa, Seison Reddy

Remarks: The Development Bank of Southern Africa (DBSA) is southern Africa'sleading development finance institution. In addressing the challenges of bothphysical and economic infrastructure in the region, the major focus areas of thebank’s infrastructure investment activities are regional integration, job creationand BEE/indigenisation. DBSA provides long-term debt, quasi-debt and equityfunding for such transactions in SA and across the region. It is also aninstitutional investor in a number of private equity funds. In response to thecritical shortfall of equity capital in key sectors of the regional economy, DBSAsupports the establishment and growth of private equity funds with high levels ofdevelopment impact. DBSA-supported funds assist regional economies to securelong-term growth capital, access management skills and financial expertise.

Development Bank of Southern AfricaAddress: Development Partners International LLP, 28 Chelsea Wharf, Lots Road,SW0 0QJTel: +44 207 349-5030Fax: +44 207 349-5038E-mail: [email protected]: www.dpi-llp.com

FUND DETAILS

Name of fund: African Development Partners ISize of fund: à270m — Fund closed in Dec 2009Nature of fund: Pan-African generalist private equityFunds invested to date at cost: Cannot discloseSources of funds: Endowments/foundations, funds of

funds, family offices,pension/retirement funds,development finance institutions

Current portfolio size: 9Total number of private equity/venturecapital investments made to date: 9Number of investment executives: 7


Minimum investment: à10 mMaximum investment: à40mWilling to syndicate: —Average current investment size: Cannot discloseIndustry preference: Pan-African industries including

manufacturing, computer-related,chemicals and materials, medical andlife sciences, construction, mining,consumer-related, electronics,services, telecoms, communications,financial and insurance,transportation, food and beverages

Industries excluded: N/AStage of investment: Replacement and expansion capitalAll stages except: Start-upMinimum and maximumequity usually taken: —Geographical preferences: Pa n - A f r i c aContact: [email protected]

+44 207 349-5030

Development Partners International LLP



Address: 1st Floor, Block E, Hurlingham Office Park, 59 Woodlands Avenue,HurlinghamTel: 010 001-3715Fax: 086 551-5505E-mail: [email protected]: www.edgegrowth.com

FUND DETAILS

Name of fund: Vumela Enterprise Development FundSize of fund: R186mNature of fund: Enterprise Development Fund (grow

SMEs)Funds invested to date at cost: R60mSources of funds: FirstRand BankCurrent portfolio size: R60mTotal number of private equity/venturecapital investments made to date: 5Number of investment executives: 3 (total investment team 8)


Minimum investment: R2mMaximum investment: R20mWilling to syndicate: Ye sAverage current investment size: R12,5mIndustry preference: No preference, if addressing a broader

social needIndustries excluded: Hi-tech, dot-comStage of investment: Early-stage & growthAll stages except: Seed and R&DMinimum and maximumequity usually taken: 10 % / 5 0 %Geographical preferences: SAContacts: Jason Goldberg

Remarks: The fund manager for the Vumela Enterprise Development Fund is analliance between First National Bank and Edge Growth. Legally, First NationalBank is the fund management entity, with the fund management operations beingrun by Edge Growth (that is, the investment team handling evaluation ofinvestment proposals, the due diligence process and post-investment businessdevelopment).

Edge GrowthAddress: ECP — Southern Africa,8th Floor, The Forum Building,2 Maude Street, Sandton 2196Tel: 011 685-0830Fax: 011 784-9112E-mail: [email protected], [email protected]: www.ecpinvestments.com

FUND DETAILS

Name of fund: ECP Africa Fund IIISize of fund: U S $ 61 3 mNature of fund: Pan-African growthFunds invested to date at cost: $1,2bn ($2bn in committed capital)Sources of funds: Va r i o u sCurrent portfolio size: $500m-$600mTotal number of private equity/venturecapital investments made to date: 50Number of investment executives: 27


Minimum investment: $30mMaximum investment: $90mWilling to syndicate: Ye sAverage current investment size: $45m-$60mIndustry preference: No preferencesIndustries excluded: Arms and ammunition, tobacco,

gaming, alcoholStage of investment: Expansion and developmentAll stages except: N/AMinimum and maximumequity usually taken: N/AGeographical preferences: Pa n - A f r i c a nContact: Alex-Handrah Aime, managing

director

Emerging Capital Partners



Address: PO Box 2287, Cape Town 8000Tel: 021 422-0690Fax: 021 422-0744E-mail: [email protected]: www.enablis.org

FUND DETAILS

Name of fund: Khula Enablis Loan Fund/Khula Enablis SME Acceleration Fund(Investment period ended)/PPC Ntsika Fund

Size of fund: R40m/R50m/R20mNature of fund: Loan guarantee fund/equity fund/debt

fundFunds invested to date at cost: R68mSources of funds: Khula Enterprise Finance/

Canada Fund for Africa, FNB andPretoria Portland Cement

Current portfolio size: R60mTotal number of private equity/venturecapital investments made to date: 69Number of investment executives: 2


Minimum investment: R100 000/R25 000Maximum investment: R5m/R2,5mWilling to syndicate: Ye sAverage current investment size: R1mIndustry preference: SMEIndustries excluded: —Stage of investment: Early stage expansion and

expansionary financeAll stages except: Product and IP developmentMinimum and maximumequity usually taken: 26%/49% where applicableGeographical preferences: SAContacts: Ebenise Bester

Remarks: We provide early-stage and expansionary finance for SMEs withaccess to capital, in conjunction with intensive business support programmesthrough a non-profit organisation.

Enablis Financial Corporation SAAddress: 35 Fricker Road, Illovo, Sandton 2196Tel: 011 328-7400Fax: 011 328-7410Contact: Chelsea Wilkinson; E-mail: [email protected]: www.ethos.co.za

FUND DETAILS

Name of fund: Fund IVSize of fund: R2,5bnStatus: Fully invested and realised

Name of fund: Tech Fund ISize of fund: R 2 70 mStatus: Fully invested and partially realised

Name of fund: Fund VSize of fund: R5,5bnStatus: Fully invested and partially realised

Name of fund: Fund VISize of fund: R7bnStatus: Currently investing

Sources of funds: Ethos’ investor base comprises blue-chip global and South Africaninstitutions

Total number of private equity/venturecapital investments made to date: 102 investments as at December 2012


Minimum investment: Fund VI: R300mMaximum investment: Fund VI: R1bn and greater with

preferred partnersWilling to syndicate: Ye sInvestment Style: Control/joint control and selective

minorityStage of investment: Market leading businesses and

selective growth capital opportunitiesGeographical preferences: South Africa and selectively in sub-

Saharan Africa

Remarks: Founded in 1984, Ethos Private Equity is a leading SA private equitymanager. With more than 25 years of successful investing, our strategy is time-tested and proven across a range of economic and political cycles. Independentlyowned and managed by its investment professionals, Ethos is a management-driven firm whose interests are strongly aligned with those of our stakeholders.

Ethos Private Equity



As a control and growth investor, Ethos takes an active ownership role in itsportfolio companies, utilising proven value creation strategies to generate superiorand consistent returns for investors. Our core premise is that the businesses intowhich Ethos invests are stronger, more robust, more sustainable and morevaluable on exit than they were prior to Ethos’ ownership. Ethos recently closedFund VI at R7bn. This fund focuses on control acquisitions and expansion capitalin medium-to-large businesses in South Africa and selectively in sub-SaharanAfrica.

Address: 3 Gwen Lane, Sandton CentralTel: 011 775-1113Fax: 011 775-1001E-mail: [email protected]

FUND DETAILS

Name of fund: Eris Property Fund (Pty) LtdSize of fund: R1bnNature of fund: PropertyFunds invested to date at cost: R 10 0 mSources of funds: —Current portfolio size: R800mTotal number of private equity/venturecapital investments made to date: 5Number of investment executives: 4


Minimum investment: R30mMaximum investment: R250mWilling to syndicate: Ye sAverage current investment size: R 10 0 mIndustry preference: —Industries excluded: —Stage of investment: —All stages except: —Minimum and maximumequity usually taken: —Geographical preference: Sub-Saharan AfricaContacts: —

Eris Property Fund (Pty) Ltd



Address: 1 Melrose Boulevard, Unit 6, Melrose Arch 2076 JohannesburgTel: +27 (0)11 063-9000E-mail address: George McPherson, [email protected];Gloria Mamba, [email protected]; Gordon Carrihill,[email protected]; Web: www.globalenvironmentfund.com

FUND DETAILS

Name of funds: GEF Africa Sustainable Forestry Fund(ASFF); GEF Africa Growth Fund( AG F )

Size of funds: ASFF, US$160m, closedAGF, $150m, fundraising

Nature of funds: Pan-African fundsTarget industries are clean/renewableenergy, energy managementtechnologies and services,environmental services,water/wastewater treatment,agricultural processing andtransportation logistics

Funds invested to date at cost: ASFF: 5 investments, about $ 10 0 mAGF: Actively fundraising; noinvestments made yet

Sources of funds: Institutional LPsCurrent portfolio size: ASFF: About $100m

AGF: No investments completedTotal number of private equity/venturecapital investments made to date: N/ANumber of investment executives: 8 (SA); 30 (global)


Minimum investment: $5mMaximum investment: $20mWilling to syndicate: Yes; typically rely on LPsAverage current investment size: $14,7m (for all 51 GEF investments)Industry preference: ASFF: Timber assets only

AGF: Clean energy, energy efficiency,environmental services

Stage of investment: Growth stage — companies must haverevenue of at least $5m

All stages except: Ve n t u r eMin/max equity usually taken: FlexibleGeographical preferences: Sub-Saharan AfricaContact: George McPherson, gmcpherson@

globalenvironmentfund.com+001 240 482-8933

Global Environment FundAddress: 21 West Street, Houghton 2198Tel: 011 728-0255Fax: 011 728-8921E-mail: [email protected]: www.glocapital.com

FUND DETAILS

Name of fund: Global Capital Fund No.2, and GlobalCapital Fund No.4

Size of fund: R50m, R2000mNature of fund: Private EquityFunds invested to date at cost: R500mSources of funds: Private individuals and institutionsCurrent portfolio size: 11Total number of private equity/venturecapital investments made to date: Private equity 10; venture capital 1Number of investment executives: 5


Minimum investment: R20mMaximum investment: No limitWilling to syndicate: Ye sAverage current investment size: N/AIndustry preference: NoneIndustries excluded: MiningStage of investment: Private equity, expansion/acquisition,

MBOs, LBOs, BEEAll stages except: Start-upMinimum and maximumequity usually taken: 2 5 % / 10 0 %Geographical preferences: SAContacts in SA: Larry Nestadt (chairman)

Frank Boner (CEO)David Vinokur, Brett Boner

Contact in Australia: 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 itsinvestments, providing the experience and network of contacts to help take thecompany to the next stage of its development. It views each investment as apartnership and as such all parties involved must be comfortable and able to worktogether. Global acts swiftly, avoiding common bureaucracy, and maximises onfirst-to-market opportunities to ensure that no opportunity is missed.

Global Capital



Address: First Floor, Building 3, Commerce Square, 39 Rivonia Road, Sandton21 9 6Tel: 011 459-1860Fax: 011 459-1872Website: www.grindrodbank.co.za

FUND DETAILS

Name of fund: Grindrod Bank Private EquitySize of fund: R 10 0 mNature of fund: General private equity, growth capitalFunds invested to date at cost: R28mSources of funds: Grindrod Bank captive fundCurrent portfolio size: R28mTotal number of private equity/venturecapital investments made to date: 2Number of investment executives: 2


Minimum investment: R 10 mMaximum investment: R30mWilling to syndicate: Ye sAverage current investment size: R14mIndustry preference: No preferenceIndustries excluded: No exclusionsStage of investment: Refer belowAll stages except: Early stage, start-ups or turnaroundsMinimum and maximumequity usually taken: 20%/49%Geographical preference: SAContacts: Jannie Grobbelaar, 011 459-1888

Aris Malliaros, 011 459-1879

Remarks: Launched in January 2011, Grindrod Bank Private Equity is the captiveprivate equity arm of Grindrod Bank. The fund generally focuses on equity typeinvestments in established, well managed small to mid-market companies with atrack record of profits and cash generation. The diverse and experiencedinvestment team is able to leverage off Grindrod Bank’s corporate financeadvisory, capital markets and debt lending divisions to advise and structureinvestment deals tailored to the specific needs of each investment opportun i t y.

Grindrod Bank Private EquityAddress: 164 Katherine Ave, Pinmill Office Park, Building 2, Strathavon, SandtonTel: 011 262-6858Fax: 086 630-2556E-mail: [email protected]: www.grovest.co.za

FUND DETAILS

Name of fund: GrovestSize of fund: Raising R100mNature of fund: Sec 12(j) venture capital fundFunds invested to date at cost: High net worth individuals, family

offices, venture capital funds, life andpension offices

Sources of funds: Currently investingCurrent portfolio size: Currently investingTotal number of private equity/venturecapital investments made to date: Currently investingNumber of investment executives: 5


Minimum investment: R1mMaximum investment: R 10 mWilling to syndicate: Ye sAverage current investment size: R5mIndustry preference: Te c hIndustries excluded: Property, finance and consultancyStage of investment: Early stageAll stages except: All stagesEquity usually taken: Ye sGeographical preference: South AfricaContact: Jeff Miller

Remarks: Grovest is a section 12(j) VCC fund, formed under the auspices of theSA Revenue Service, which allows investors to deduct a 100% of their investmentfrom their taxable income. The fund is managed by Venture Capital ManagementServices (VCMS), which has a very experienced team that includes Malcolm Segal,Jeff Livingstone and Jeff Miller.

Grovest Venture Capital Company



Address: Harith General PartnersNo 1 Chislehurston, 33 Impala Road, Sandton, 2146Tel: 011 384-4000Fax: 086 756-4583E-mail: [email protected]: www.harith.co.za

FUND DETAILS

Name of fund: Pan African InfrastructureDevelopment Fund

Size of fund: US$630mNature of fund: InfrastructureFunds invested to date at cost: Around 80%Sources of funds: DFIs, financial institutions, pension

funds, investment banksCurrent portfolio size: Invested in nine investee companies

across North, West, East and SouthernAfrica

Total number of private equity/venturecapital investments made to date: 9Number of investment executives: 10


Minimum investment: $ 10 mMaximum investment: $ 10 0 mWilling to syndicate: Ye sAverage current investment size: $50mIndustry preference: Energy, transport, telecoms, water and

sanitationIndustries excluded: Arms, liquor, gambling and child

labourStage of investment: Greenfield and brownfieldAll stages except: Seed capital, ventureMinimum and maximumequity usually taken: 20%/49% (minority)Geographical preferences: Pan AfricanContact: Emile du Toit

Remarks: The Pan African Infrastructure Development Fund primarily invests inprivate equity interests in infrastructure development projects in sectors such aspower and energy, telecoms, transport, water and sanitation in the Africancontinent. The 15-year-old fund is managed by Harith General Partners, led by aprofessional, diligent and highly dedicated team of transaction executives withclose to 150 years of collective investment experience in Africa.

Harith General PartnersAddress: First Floor, Old Warehouse Building, Black River Park, Fir Street,ObservatoryPO Box 13264, Mowbray, 7705Tel: 021 486-1060E-mail: [email protected]: www.hp-ventures.co.za

FUND DETAILS

Name of fund: Hasso Plattner Ventures Africa FundSize of fund: R380mNature of fund: Venture capitalFunds invested to date at cost: R190mSources of funds: Prof Hasso PlattnerCurrent portfolio size: 7Total number of private equity/venturecapital investments made to date: 12Number of investment executives: 2


Minimum investment: R8mMaximum investment: R50mWilling to syndicate: Ye sAverage current investment size: R16mIndustry preference: Mobile, telecommunications, IT,

cleantechIndustries excluded: Property, mining and agricultureStage of investment: Growth stage and expansionAll stages except: Seed, commercialisation, research &

developmentMinimum and maximumequity usually taken: 25%/49%Geographical preferences: AfricaContact: Odette Pretorius

Remarks: Hasso Plattner Ventures Africa was launched in February 2008 by ProfHasso Plattner, cofounder of software giant SAP. HPVA invests in companies thathave innovative offerings, particularly in the areas of telecommunications, mobileapplications, media and software, as well as clean technology investments such asrenewable energy and energy-saving concepts. Companies with internationalexpansion strategies are the core target market for the fund. Where Hasso PlattnerVentures Africa adds the greatest value to its portfolio companies — over andabove the capital injection and active management support — and its keydifferentiator is the access it provides to its national and international network ofinvestors, investment committee members and the expertise of its managementteam.

Hasso Plattner Ventures Africa



Address: Two Commerce Square, 39 Rivonia Road, Sandhurst, Sandton 21 9 6Tel: 011 502-6940; Fax: 011 268-2275E-mail: [email protected]; Website: www.horizonequity.co.za

FUND DETAILS

Name of fund: Horizon Fund IIISize of fund: R300mNature of fund: Generalist PE fund, specialising in

growth capitalFunds invested to date at cost: R200mSources of funds: DFIs, FOFs, asset managersCurrent portfolio size: 5Total number of private equity/venturecapital investments made to date: 22Number of investment executives: 3


Minimum investment: R20mMaximum investment: R60mWilling to syndicate: Ye sAverage current investment size: R40mIndustry preference: GeneralistIndustries excluded: Property, gambling, tobacco, alcohol,

armaments, mining and primaryagriculture

Stage of investment: All except seed and start-upMinimum and maximumequity usually taken: 25% minimum, no maximumGeographical preferences: Southern AfricaContacts: Kgosi Monametsi, Richard Flett,

Garth Jarvis

Remarks: Horizon Equity Partners is the most experienced provider of growthand buyout capital to small and medium-sized enterprises in SA. Established in1996, its core strength is providing capital to strong management teams whosegrowth aspirations are capital constrained. Our executives have, on average,nearly 20 years’ experience across varied industry sectors in both investment andoperational disciplines. The firm has partnered more than 20 companies in SAsince its founding and successfully realised most of these investments, generatingsignificant value for shareholders in these companies.

Horizon Equity PartnersAddress: Suite 5, Unit 10 Rydall Vale Office Park; Douglas Saunders Drive, LaLucia Ridge, 4051Tel: +27 (0)31 566-1484Fax: +27 (0)87 231-2962E-mail: [email protected]: www.imbewucapital.co.za

FUND DETAILS

Name of fund: N/ASize of fund: N/ANature of fund: N/AFunds invested to date at cost: R40mSources of funds: Balance sheetCurrent portfolio size: 15Total number of private equity/venturecapital investments made to date: 12Number of investment executives: 2


Minimum investment: R1mMaximum investment: N/AWilling to syndicate: Ye sAverage current investment size: R2,5mIndustry preference: No preferencesIndustry excluded: NoneStage of investment: MBO, MBI, LBO, Expansion,

Mezzanine and BEEAll stages except: Seed, start-up and other early stagesMinimum and maximumequity usually taken: 25%/45%Geographical preferences: NoneContact: Gcina Zondi (chief executive)

Remarks: Imbewu Capital Partners is a black-owned and controlled privateequity and investment holding company. Imbewu Capital Partners invests,structures and raises funding for management buyouts, leveraged buyouts andstrategic BEE transactions in partnership with management teams andshareholders. The company has a track record of leading and managing complexequity transactions and consortiums.

Imbewu Capital Partners (Pty) Ltd



Address: 19 Fredman Drive, Sandown 2196; PO Box 784055, Sandton 2146Tel: 011 269-3000; Fax: 011 269-3116E-mail: [email protected]; Website: www.idc.co.za

FUND DETAILS

Name of fund: IDCSize of fund: Loans & advances at Mar 31 2012:

R15,978bn: Investments at Mar 2012:R 70,891bn

Nature of fund: Captive/on balance sheetSources of funds: Capital markets, mature investmentsCurrent portfolio size: N/A


Minimum investment: R1mMaximum investment: Dependent on nature of transactionWilling to syndicate: Ye sIndustry preference: Agroprocessing, mining and

beneficiation, manufacturing,tourism, ICT, industrial infrastructure,health care, film, green industries,metals, chemicals, wood, textiles

Industries excluded: GamblingStage of investment: From prefeasibility stage onwardsMinimum and maximumequity usually taken: Depends on transactionGeographical preferences: AfricaContact: Call centre 0860-693-888

Remarks: The IDC is a state-owned national development finance institution thatprovides financing to entrepreneurs engaged in competitive industries. It followsnormal company policies and procedures in its operations; pays income tax atcorporate rates and dividends to its shareholder; and reports on a consolidatedbasis, with its annual report available to the public. The IDC’s primary objectivesare to contribute to the generation of balanced sustainable economic growth inAfrica and to the economic empowerment of the SA population, promoting theeconomic 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.

Industrial Development Corporation (IDC)

Address: Suite 10, 1st Floor, Amdec House, Steenberg Office Park, Tokai 7945,Cape TownTel: 021 702-1290; Fax: 021 702-1483E-mail: [email protected]; Website: www.inspiredevolution.co.za

FUND DETAILS

Name of fund: Evolution One FundSize of fund: US$90m (circa R750m)Nature of fund: Green industries & cleantech: New

energy and environmentFunds committed and investedto date at cost:

Committed: R576mInvested: R402m

Sources of funds: IFC, FinnFund, Sifem, Castleway,Norfund, African Development Bank,IDC, GEEREF (EIF)

Number of investment executives: 5 principals, 3 analysts/associates,1 nonexecutive chairman


Minimum investment: R 10 mMaximum investment: R100m plus (with coinvestment

rights)Willing to syndicate: Ye sAverage current investment size: R 3 0 m - R 70 mIndustry preference: Multisectoral cleantech – new energy

& environmentIndustries excluded: Tobacco, alcohol, gaming, fixed asset

(property), defence, selectenvironmental category exclusions

Stage of investment: Mostly expansion stage/select earlystage and limited LBO

All stages except: Angel and seed (some seed capacity)Minimum and maximumequity usually taken: Significant minority 25,1% to control

positions of 51% plus (may dilute inlarger project finance investments)

Geographical preferences: SADC regionContacts: Michael Brooks, Christopher Clarke,

Guy Baxter, Kholofelo Molewa,Wayne Keast, Sandile Sokhela

Remarks: Inspired Evolution offers specialised, deep sector expertise, combinedwith a global track record for investors and enterprises.

Inspired Evolution InvestmentManagement (Pty) Ltd



Block H, Ground Floor, 54 Peter Place, BryanstonTel: 011 300-8600Fax: 011 463-1391E-mail: [email protected]: www.ihsinvestments.co.za

FUND DETAILS

Name of fund: South Africa Workforce HousingFund

Size of fund: R1,9bn (US$230m)Nature of fund: Investment in affordable housing

projectsFunds invested to date at cost: R1,2bn (R1,5bn committed)Sources of funds: International and domestic equity

investorsCurrent portfolio size: R1,2bnTotal number of private equity/venturecapital investments made to date: 33 closed projectsNumber of investment executives: 5


Minimum investment: R25mMaximum investment: R250mWilling to syndicate: Ye sAverage current investment size: R50mIndustry preference: Affordable housing, real estateIndustries excluded: All others excludedStage of investment: DevelopmentAll stages except: N/AMinimum and maximumequity usually taken: Up to 80%Geographical preferences: SA and African continentContacts: Soula Proxenos (managing partner);

Pamela Lamoreaux (investorrelations)

International Housing Solutions (Pty) LtdAddress: PO Box 456, Stellenbosch 7599Tel: 021 888-3395E-mail: [email protected]: www.invenfin.comTwitter: @Invenfin

FUND DETAILS

Name of fund: InvenfinSize of fund: UndisclosedNature of fund: Private company, owned by Remgro

Ltd. Early stage fund focused ondifferentiated products or businesseswith a sustainable competitiveadvantage and internationalexpansion potential

Sources of funds: ShareholderCurrent portfolio size: 6Number of investment executives: 3


Minimum investment: NoneMaximum investment: NoneWilling to syndicate: Ye sAverage current investment size: R 10 mIndustry preference: All except belowIndustries excluded: Property & traditional infrastructure,

manufacturing infrastructure, primaryagriculture, service businesses,gambling, franchisee operations

Stage of investment: Early stageAll stages except: As per aboveMinimum and maximumequity usually taken: (Significant minority) 26% to 49%Geographical preferences: NoneContacts: Alexandra Fraser

Remarks: Invenfin seeks investments in early stage businesses that areunderpinned by high quality, differentiated intellectual property and have strong,global prospects. We invest into businesses that are post proof-of-concept orbeyond “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.

Invenfin



fullmembers

Address: PO Box 785700, Sandton 2146Tel: 011 286-8433Fax: 011 286-7909E-mail: [email protected]: www.investec.com

FUND DETAILS

Name of fund: Investec Principal InvestmentsSize of fund: Open-endedNature of fund: MBOs, LBOs, expansion, acquisitionFunds invested to date at cost: N/ASources of funds: Investec balance sheetCurrent portfolio size: R5bnTotal number of private equity/venturecapital investments made to date: 43Number of investment executives: 13


Minimum investment: EV greater than R150mMaximum investment: No limitWilling to syndicate: Ye sAverage current investment size: R300mIndustry preference: AllIndustries excluded: Primary agriculture, mining and

propertyStage of investment: AllAll stages except: Venture, start-up and seedMinimum and maximumequity usually taken: 25%/49%Geographical preferences: Southern Africa, sub-Saharan Africa,

the UK, AustraliaContact: Arlene Lubbe

Remarks: Investec Principal Investments focuses on taking influential equitypositions in medium to large companies that have strong management teams,strong earnings potential, as well as market and growth potential. Investec is ableto leverage off its global and local expertise to provide complete deal structuring,including senior debt, mezzanine debt and equity, within tight timelines/deadlines.

Investec Principal Investments

Address: PO Box 1655, Cape Town 8000Tel: 021 416-1916; Fax: 021 416-2916E-mail: [email protected]

FUND DETAILS

Name of fund: Investec Africa Frontier PrivateEquity Fund

Size of fund: US$155mNature of fund: Pan African Private Equity FundFunds invested to date at cost: $ 111 mSources of funds: SA institutional investors and DFIsCurrent portfolio size: 6Total number of private equity/venturecapital investments made to date: 6 (in companies operating in Nigeria,

Zimbabwe, Angola, Mozambique andSA )

Number of investment executives: 5


Minimum investment: EV generally greater than $20mMaximum investment: No limit, but EV generally below

$250mWilling to syndicate: Ye sAverage current investment size: $20m (range $10m-$30m)Industry preference: AllIndustries excluded: Project finance, limited interest in

(early stage) resourcesStage of investment: —All stages except: Venture, start-up/seed and

turnaroundMinimum and maximumequity usually taken: Range $10m-$30m (larger

transactions jointly with co-investors), aimed at obtaining asignificant minority or controllingshareholding

Geographical preferences: Pan-Africa, with a focus on sub-Saharan Africa, including SouthAfrica (25%)

Contact: Gerben Dijkstra

Investec Africa Frontier Private EquityFund (IAFPEF)



Address: Kagiso Tiso House, 100 West Street, Wierda Valley, Sandton 2196Tel: 011 562-2500Fax: 011 562-2501Website: www.kth.co.za

FUND DETAILS

Name of fund: Kagiso Tiso Holdings ProprietaryLimited

Size of fund: On balance sheetNature of fund: Investment holdingFunds invested to date at cost: Approximately R8bn NAVSources of funds: Balance sheetCurrent portfolio size: 40Total number of private equity/venturecapital investments made to date: N/ANumber of investment executives: 11


Minimum investment: R200mMaximum investment: Depending on nature of transactionWilling to syndicate: Ye sAverage current investment size: N/AIndustry preference: Financial services, industrials, health,

media, power, mining, foodIndustries excluded: Tobacco, alcohol, gaming, fixed asset

(property), defence, selectenvironmental category exclusions,morally objectionable industries

Stage of investment: MBO, MBI, acquisition, secondarypurchase

All stages except: Seed and start-up, early stageMinimum and maximumequity usually taken: 25% minimumGeographical preferences: SA and sub-Saharan AfricaContacts: Jacob Hinson, chief investment

officer

Remarks: KTH boasts a track record of investment performance and creatinglong-term sustainable shareholder value. As a result, KTH has a portfolio ofinvestments comprising market leading firms across key sectors. KTH aspires tobecome active shareholders of reference in portfolio companies, throughparticipation at board level and the various subcommittees. These companies aregenerally high-growth or cash generative and meet strict investment criteria ofinter alia generating market related returns for KTH. KTH maintains a long termhorizon and can partner companies throughout cycles.

Kagiso Tiso Holdings Pty Ltd (KTH)Address: 7 Kildare Centre, Wheelan Road, Newlands 7700Tel: 021 671-8024Fax: 021 671-3322E-mail: [email protected]: http://www.kenakocapital.co.za

FUND DETAILS

Name of fund: Ke Nako Private Equity FundSize of fund: R1,350mNature of fund: Private equity fund of fundsFunds invested to date at cost: 100% invested in private equity and

other alternative assetsSources of funds: SA pension fundsTotal number of private equity/venturecapital investments made to date: 7 Primaries, 2 Secondaries, 2 Directs.Number of investment executives: 6


Minimum investment: R50mMaximum investment: No limitWilling to syndicate: N/AAverage current investment size: N/AIndustry preference: NoneIndustries excluded: NoneStage of investment: All stages, except venture capitalMinimum and maximumequity usually taken: N/AGeographical preferences: SAContact: Matthew Hunt

Remarks: The fund has been created to provide institutional investors who wishto invest in private equity with a seamless dynamic private equity investmentprogramme. This programme comprises a diversified portfolio of underlyingprivate equity funds managed by the “best of breed” SA private equity fundmanagers.The fund’s investment strategy is to achieve superior returns by investing inprivate equity funds that focus predominantly on the “mid-cap” SA market. Bythe optimal management of both liquidity and private equity participation, thefund will target a net overall internal rate of return of 20%-30% per annum.

Ke Nako Capital



Knife CapitalAddress: E5B, Century Square, Heron Crescent, Century City, 7441Tel: 021 551-1269; Fax: 086 553-9740E-mail: [email protected]; Website: www.knifecap.com

FUND DETAILS

Name of fund: HBD Fund2Size of fund: R138mNature of fund: Growth equity venture fundFunds invested to date at cost: R138mSources of funds: Private individualsCurrent portfolio size: 4Total number of private equity/venturecapital investments made to date: 7Number of investment executives: 3

Name of fund: KnifeCap Growth Equity FundSize of fund: R150m to R250m targetedNature of fund: Growth equity venture fundSources of funds: Private and institutional investorsNumber of investment executives: 3


Minimum investment: R 10 mMaximum investment: R30mWilling to syndicate: Ye sAverage current investment size: R20mIndustry preference: NoneIndustries excluded: Morally objectionable industriesStage of investment: High-growth/expansionAll stages except: Seed capitalMinimum and maximumequity usually taken: 25%/49%Geographical preferences: Southern AfricaContacts: Eben van Heerden, Keet van Zyl,

Andrea Böhmert

Remarks: Knife Capital is a leading SA growth equity fund manager and theincarnation of the SA venture capital division of HBD — a privately ownedemerging market investment group founded by Internet entrepreneur andcosmonaut Mark Shuttleworth. HBD Fund2 is now fully invested and its focus ison growing its investments to replicate recent successful portfolio exits. For thenext fund, Knife Capital brings together an experienced investment team as thelink between credible investors and high-growth ventures. The fund has an exit-centric focus on knowledge-enabled African ventures with proven traction. KnifeCapital is committed to creating African success stories and filling critical gaps inthe local entrepreneurial ecosystem.

Address: Private Bag X11, Northlands 2116Tel: 011 268-4055Fax: 011 268-4001Website: www.lereko.co.za; www.metier.co.za

FUND DETAILS

Name of fund: Lereko Metier Capital Growth FundSize of fund: R3,5bnNature of fund: Expansion, replacement, MBOsFunds invested to date at cost: R2,5bnSources of funds: Third party investors and managerCurrent portfolio size: 8Total number of private equity/venturecapital investment made to date: 8Number of investment executives: 13


Minimum investment: R50mMaximum investment: R750mWilling to syndicate: Ye sAverage current investment size: R 31 6 mIndustry preference: DiverseIndustries excluded: Spirits and gamblingStage of investment: Expansion, replacement, MBOsAll stages except: Seed, start-up and early stageMinimum and maximumequity usually taken: Generally 20% to 60%Geographical preferences: SA and Southern AfricaContact: Paul Botha

Remarks: Lereko Metier Capital Growth Fund focuses on taking substantialequity positions, which may include control, in medium-sized to large companiesthat have strong management teams, an earnings history and good growthopportunities. Lereko Metier has a track record of outstanding performance inprivate equity, with team members having concluded 80 deals and havingachieved a greater than 30% annual internal rate of return over the past twodecades. The fund has an active and effective culture and is ideally positioned topartner investors and portfolio companies alike. We believe that private equityrequires the deep involvement of experienced managers putting their own skills,energy and capital at risk alongside institutional investors.

Lereko Metier Capital Growth



Address: Private Bag X11, NorthlandsTel: 011 268-4055Fax: 011 268-4001Website: www.metier.co.za; www.lereko.co.za

FUND DETAILS

Name of fund: Lereko Metier Sustainable CapitalFund

Size of fund: Targeting to exceed R1bnNature of fund: Resource efficiencyFunds invested to date at cost: NilSources of funds: Third-party investors and managerCurrent portfolio size: NilTotal number of private equity/venturecapital investments made to date: In the process of fundraisingNumber of investment executives: 5


Minimum investment: R5m to R15mMaximum investment: 15% of fund sizeWilling to syndicate: Ye sAverage current investment size: In the process of fundraisingIndustry preference: Renewable energy, energy efficiency,

waste and water managementStage of investment: Growth, project expansion and

development stage capitalAll stages except: Unbankable technologyMinimum and maximumequity usually taken: Generally 20% to 60%Geographical preferences: SA and Southern AfricaContacts: Anthony Hewat

Remarks: The Lereko Metier Sustainable Capital Fund targets energy efficiency,renewables, water and waste management businesses and projects supporting theregion's development objectives and environmental commitments. Its investmentswill be deployed across growth, development capital and later stage transactionsand renewable energy projects.

Lereko Metier Sustainable Capital FundAddress: 5th Floor, Protea Place, Protea Road, Claremont 7708Tel: 021 657-1180; Fax: 086 208-0119E-mail: [email protected]: www.leafcapital.co.za

FUND DETAILS

Name of fund: Leaf Private Equity No.1Size of fund: R 11 5 mNature of fund: Small to mid-cap general private

equityName of fund: Leaf Investment HoldingsSize of fund: Open-ended, currently R250mNature of fund: Mid-cap general private equitySources of funds: Third party investors and proprietary

capitalCurrent portfolio size: 5Total number of private equity/venturecapital investments made to date: 8Number of investment executives: 4


Minimum investment: R25mMaximum investment: R150mWilling to syndicate: Ye sAverage current investment size: R55mIndustry preference: No specific industry preferenceIndustries excluded: Property development and mining

explorationStage of investment: Growth and later stage capitalAll stages except: Venture capitalMinimum and maximumequity usually taken: 25%/80%Geographical preferences: SAContacts: Paul Leaf-Wright, Rick Basson, Nick

Shabason, Tshiamo Molefe.

Leaf Capital



Address: The Reserve, Ground Floor, 52 Melville Road, IllovoTel: 011 428-0680Fax: 011 447-7389E-mail: [email protected]: www.makalani.co.za

FUND DETAILS

Name of fund: Makalani Holdings LtdSize of fund: R2,5bnNature of fund: Mezzanine financing for BEE

transactionsFunds invested to date at cost: R2,5bnSources of funds: SA institutionsCurrent portfolio size: R1,1bnTotal number of private equity/venturecapital investments made to date: 33 (fund closed as fully invested)Number of investment executives: 3


Minimum investment: R15mMaximum investment: R150mWilling to syndicate: Ye sAverage current investment size: R 10 0 mIndustry preference: All industries consideredIndustries excluded: NoneStage of investment: Later stageAll stages except: Seed and start-upsMinimum and maximumequity usually taken: N/AGeographical preferences: SAContact: Keshan Pillay

Remarks: Makalani Management Company (Pty) Ltd ("Makalani") wasestablished in 2005 to perform the activities of managing the listed R2,5bnmezzanine portfolio of Makalani Holdings Pty Ltd (“Fund I”), which wassubsequently delisted in June 2010. These activities included deal origination,mezzanine finance and debt structuring as well as portfolio management. Fund Iis fully invested and is returning capital to its investors. Makalani is in theprocess of raising capital for a second BEE and mezzanine fund (Fund II) from arange of SA and/or foreign investors.

Makalani Management Company (Pty)Ltd Address: 3 Commerce Square, 39 Rivonia Road, Sandhurst 2196

PO Box 75, Strathavon, 2031Tel: 011 280-4160Fax: 086 508-8264E-mail: [email protected]: www.marlowsa.com

FUND DETAILS

Name of fund: MarlowSize of fund: Not disclosedNature of fund: Buyout and growthFunds invested to date at cost: Not disclosedSources of funds: InstitutionalCurrent portfolio size: Not disclosedTotal number of private equity/venturecapital investments made to date: 4Number of investment executives: 5


Minimum investment: R75mMaximum investment: R400mWilling to syndicate: Ye sAverage current investment size: R150mIndustry preference: Manufacturing, business servicesIndustries excluded: Property, commodity explorationStage of investment: AllAll stages except: No exceptionsMinimum and maximumequity usually taken: 25%/90%Geographical preferences: Sub-Saharan AfricaContact: —

Remarks: Marlow Capital participates in mid-market investment buyout andgrowth opportunities in sub-Saharan Africa. We look to invest in established cashgenerative companies that will benefit directly or indirectly from two regionalmacro-economic trends: growing consumer demand and the large public andprivate investments into infrastructure and new capital projects. Marlow works inclose partnership with the management teams of portfolio companies and willtake a hands-on approach to the management of both operational and strategicissues.

Marlow Capital



Address: 2 Fricker Road, Illovo Boulevard, Illovo, Sandton 2196Tel: 011 268-9140Fax: 011 268-9145E-mail: [email protected]; [email protected];[email protected]: www.meducapital.co.za

FUND DETAILS

Name of fund: Medu Capital Fund ISize of fund: R300mStatus: Fully invested and realised

Name of fund: Medu Capital Fund IISize of fund: R900mNature of fund: General private equity fundSources of funds: Institutional investorsCurrent portfolio size: 8Total number of private equity/venturecapital investments made to date: 17Number of investment executives: 6


Minimum investment: R30mMaximum investment: R175mWilling to syndicate: Ye sIndustry preference: NoneIndustries excluded: Tobacco, liquor, gambling and

military weaponsStage of investment: Established companiesAll stages except: Start-up and early stage capitalMinimum and maximumequity usually taken: 15%/80%Geographical preferences: AfricaContacts: Nhlanganiso Mkwanazi,

[email protected];Ernest January,[email protected];Zeyn Angamia,[email protected]

Remarks: Medu Capital aims to acquire significant minority and control interestsin established medium-sized businesses. Investments, which may involve bothlisted and private firms, typically take the form of expansion capital, entrepreneurpartnering, management buyout/buy-in and replacement capital.

Medu CapitalAddress: 4 Eton Road, Parktown, 2193Tel: +27 11 088-1800Fax: +27 11 088-1842E-mail: [email protected]: www.mic.co.za

FUND DETAILS

Name of fund: Mineworkers Investment CompanyProprietary Limited

Size of fund: NAV >R2bnNature of fund: Investment Holding CompanyFunds invested to date at cost: N/ACurrent portfolio size: Assets under management >R10bnTotal number of private equity/venturecapital investments made to date: 13Number of investment executives: 6


Minimum investment: R75mMaximum investment: R350m (with ability to invest up to

R500m and more depending oninvestment opportunity)

Willing to syndicate: Ye sAverage current investment size: R 21 5 mIndustry preference: Industrial, financial services, media,

gaming & hospitality,telecommunications, IT services,consumer products, mining services &supplies, pharmaceuticals, logistics,healthcare, renewable energy, agri-processing and infrastructure supportservices

Industry excluded: Extractive industries (mining),primary agriculture, constructionservices and primary powergeneration (Eskom)

Stage of investment: Later stage — buyout, replacementcapital, expansion and development

All stages except: Start-up and early stageMinimum and maximumequity usually taken: 25%–49%Geographical preferences: South Africa (with sub-Saharan

exposure at investee company level)Contacts: Nchaupe Khaole and Oren Fuchs

Mineworkers Investment Company



Address: Augusta House, Inanda Greens Business Park, 54 Wierda Road West,Wierda Valley, Sandton 2196Tel: 011 883-2897; Fax: 011 883-9462E-mail: [email protected]; Website: www.molash.co.za

FUND DETAILS

Name of fund: Molash Capital Fund 1 SA PartnershipSize of fund: R 1 70 mNature of fund: Opportunity specific — consumerFunds invested to date at cost: Fully invested and exitedSources of funds: SA institutions

Name of fund: Open investment vehicleSize of fund: OpenNature of fund: Opportunity specific — housing

materialFunds invested to date at cost: N/ASources of funds: SA institutions and balance sheetTotal number of private equity/venturecapital investments made to date: 7Number of investment executives: 3


Minimum investment: R20mMaximum investment: R 10 0 mWilling to syndicate: Ye sAverage current investment size: R45mIndustry preference: Housing, building material, consumer

and financial servicesIndustries excluded: Biotech and venture capitalStage of investment: Growth and matureAll stages except: N/AMinimum and maximumequity usually taken: 2 5 % / 10 0 %Geographical preferences: SA, Namibia, Angola, Botswana,

Zambia, Ghana, Mozambique, NigeriaContact: Darren Horwitz

Remarks: Molash looks at setting up opportunity specific vehicles (OSV) togetherwith high net worth family offices and institutions to complement apredetermined investment strategy. This strategy is centred on a focusedinvestment effort to combine the Molash team’s operational skill base togetherwith its access to local and international capital markets to unlock returns.

Molash CapitalAddress: 204, Rivonia Road, Block B, Morningside, Sandton 2196Tel: +27 11 282-2500Fax: +27 11 282-2525Website: www.motseng.co.za

FUND DETAILS

Name of fund: N/ASize of fund: N/ANature of fund: Off balance sheetFunds invested to date at cost: —Sources of funds: —Current portfolio size: —Total number of private equity/venturecapital investments made to date: —Number of investment executives: —


Minimum investment: R25mMaximum investment: R250mWilling to syndicate: Ye sAverage current investment size: R150mIndustry preference: Generalist approachIndustries excluded: N/AStage of investment: Late stage, buyout capital, leverage

buyoutsAll stages except: —Minimum and maximumequity usually taken: 10 % / 9 0 %Geographical preferences: SA, SADCContact: —

Remarks: Our principal investments focus on MIH private equity investmentsand seek to create value by directing capital towards situations where ourstrategic insight and operational support can foster transformational changes thatmaximise the potential of a business. Our aim is to work closely with themanagement teams of our portfolio companies and stay involved in theoperations of the businesses.

Motseng Investment Holdings



Address: 3 Commerce Square, 3rd Floor, 39 Rivonia Road, SandhurstJohannesburg; Tel: 011 771-6300; Fax: 011 771-6333E-mail: [email protected]; Website: www.musacapital.com

FUND DETAILS

Name of fund: Musa Kubu FundSize of fund: R400mNature of fund: Private equity/buyoutFunds invested to date at cost: R391m as at February 28 2010Sources of funds: Institutional and family officeCurrent portfolio size: R650m as at February 28 2012Total number of private equity/venturecapital investments made to date: 9Number of investment executives: 10


Minimum investment: R5mMaximum investment: R 10 0 mWilling to syndicate: Ye sAverage current investment size: R48mIndustry preference: Telecom, financial services, consumer

goods, mining, constructionIndustries excluded: Alcohol, tobacco, gambling, weapons

and militaryStage of investment: Early/expansionAll stages except: Start-upMinimum and maximumequity usually taken: 30% (min); 80% (max)Geographical preferences: Africa (more specifically sub-Saharan

Africa)Contacts: William Jimerson; Richard Akwei

Remarks: We focus on cultivating wealth in small to medium-sized enterprisesthat make up the “missing middle” market in Africa. Musa believes that byoptimising human capital with strategic insights, operational support at theexecutive level and financial monitoring, investment potential can be maximised.The firm tends to limit its active portfolio base to allow its senior team to becomefully engaged in value creation at the investment level, which is facilitated by ourcontrolling positions taken in investments. Often our portfolio managementinvolves assisting our companies with fundraising, acquisitions and finance. Musaactively monitors financial and operational performance on a monthly and, whennecessary, daily basis. We seek to achieve excellent growth and development inour investments, with the added objective of positively impacting the s t a ke h o l d e r sin the communities in which we operate. This approach has resulted in a netreturn of 26% for Fund 1 and value recognition by way of current income to LPsin Fund 2, which is vintage 2008.

Musa CapitalAddress: West Block, 187 Rivonia Road, Morningside 2057PO Box 31, Melrose Arch, Melrose North 2076Tel: 011 305-8000/0861 843 633/0861 (THE NEF); Fax: 011 305-8001E-mail: [email protected] (enquires); [email protected] (funding);Website: www.nefcorp.co.za

FUND DETAILS

Name of fund: National Empowerment FundSize of fund: R5,3bnNature of fund: Development financeFunds invested to date at cost: R4,5bn (approved)Sources of funds: National treasury/department of trade

& industryTotal number of private equity/venturecapital investments made to date: 330Number of investment executives: 51


Minimum investment: R250 000Maximum investment: R75mWilling to syndicate: Ye sAverage current investment size: R 10 , 3 mIndustry preference: Mandate is to promote and facilitate

BBBEE across all industriesIndustries excluded: Morally reprehensible sectorsStage of investment: All stagesMinimum and maximumequity usually taken: Up to 49%Geographical preferences: All nine SA provincesContacts: Setlakalane Molepo, 011 305-8105

Hlengiwe Makhathini, 011 305-8162Nhlanhla Nyembe, 011 305-8158Bothwell Manikai, 011 305-8179Zweli Sapula, 011 305-8197Louisa Stephens, 011 305-8110Eric Zwane, 011 305-8182

INVESTMENT PRODUCTS

The NEF processes funding applications by black businesses for start-up, expansionand equity acquisition purposes through its Fund Management Division, which isdivided into three operations: the iMbewu Fund (R250 000-R10m), the uMnothoFund (R2m-R75m) and the Rural Development Fund (R1m-R50m). It covers:❑ Entrepreneurship finance; ❑ Procurement finance; ❑ Franchise finance; ❑ Newventures finance; ❑ Expansion finance; ❑ Acquisition finance; ❑ Capital marketsand ❑ Liquidity and warehousing.

National Empowerment Fund



Address: PO Box 1144, Johannesburg 2000Tel: 011 294-3321; Fax: 011 295-3321Address: PO Box 5662, Durban 4000Tel: 031 364-1567; Fax: 031 364-2936E-mail: [email protected]: www.nedbankcapital.co.za

FUND DETAILS

Name of fund: Nedbank Capital Private EquitySize of fund: R1,3bnNature of fund: Captive fundFunds invested to date at cost: >R2bnSources of funds: Balance sheetCurrent portfolio size: 17Total number of private equity/venturecapital investments made to date: 81Number of investment executives: 7


Minimum investment: R30mMaximum investment: R150mWilling to syndicate: Ye sAverage current investment size: R80mIndustry preference: All sectorsIndustries excluded: Real estate, primary agricultureStage of investment: MBO, expansion, acquisition,

replacement capital, mezzanineAll stages except: Start-upMinimum and maximumequity usually taken: Significant minority interestsGeographical preferences: SA and SADCContact: Clive Howell

Nedbank Capital Private EquityAddress: 37 Peter Place, Bryanston 2191; Tel: 011 706-1442, Fax: 011 706-1593E-mail: [email protected]; [email protected]; [email protected];[email protected]; Website: www.namf.co.za

FUND DETAILS

Name of fund: New Africa Mining Fund II (launchedin February 2011)

Size of fund: R 910 mNature of fund: Limited partnershipSources of funds: Various investorsNumber of investment executives: 4


Minimum investment: R5mMaximum investment: R130mWilling to syndicate: Ye sAverage current investment size: Va r i e dIndustry preference: Mining onlyIndustries excluded: Uranium and diamond miningStage of investment: Early stage, development, expansionAll stages except: Pure asset fundingMinimum and maximumequity usually taken: Va r i e dGeographical preferences: AfricaContacts: Neil Gardyne, John Taylor, Wayne

Botha, Mark Sewell

Remarks: The New Africa Mining Fund (NAMF) invests in and facilitates thedevelopment of junior mining activities in Africa. NAMF mainly provides fundingfor exploration activities, preliminary economic assessments, prefeasibility studiesand definitive feasibility studies. But it will consider funding mine developmentand expansion. Project promoters are required to motivate their request for fundsby providing appropriate geological data and a business formulation so theproject’s potential can be assessed.

New Africa Mining Fund



Address: First Floor, Entrance 2, 32 Fricker Road, Illovo 2196Tel: 011 327-6907Fax: 011 327-6844E-mail: [email protected]: www.nodus.co.za

FUND DETAILS

Name of fund: Nodus EquitySize of fund: Open-ended, currently R130mNature of fund: Mid-market LBOs & MBOsFunds invested to date at cost: R 91 , 5 mSources of funds: IndividualsCurrent portfolio size: 7Total number of private equity/venturecapital investments made to date: 7Number of investment executives: 2


Minimum investment: R5mMaximum investment: R35mWilling to syndicate: Ye sAverage current investment size: R12,4mIndustry preference: NoneIndustries excluded: Agriculture, mining, propertyStage of investment: Expansion to matureAll stages except: Start-up and seedMinimum and maximumequity usually taken: 10% (min) and 49% (max)Geographical preferences: SAContacts: Erich Schulenburg, Hillie Meyer

Remarks: Nodus Equity focuses on equity investments in established, wellmanaged mid-market companies that have a history of profitability and operateprimarily in South Africa.

Nodus Equity

Address: PO Box 878, Cape Town 8000; Tel: 021 509-5022; Fax: 021 504-7931E-mail: [email protected]; Website: www.omigsa.com

FUND DETAILS

1. PRIVATE EQUITYName of fund: OMPE Fund I, II and IIISize of fund: R6bnNature of fund: General private equity investments


Minimum investment: R 10 0 mMaximum investment: R600mWilling to syndicate: Ye sIndustry preference: All industries consideredIndustries excluded: Infrastructure, propertyStage of investment: Generally later stageAll stages except: Start-upsMinimum and maximum equityusually taken: 10 % - 4 9 %Geographical preference: Southern Africa

Remarks: Old Mutual Private Equity has invested R6,1bn in 23 transactionsacross various industries over the past 12 years. It has realised 15 investmentsover this period. The investment team has over 90 years of collective experience.

2. PRIVATE EQUITY FUND OF FUNDSName of fund: Old Mutual SA Multi Manager Private

Equity Fund I, II and IIISize of fund: R2bn

Name of fund: OMIGSA International Private EquityFund of Funds I and II

Size of fund: US$430mFunds invested in: 12

Remarks: These funds are available to both institutional and retail investors,offering exposure to private equity in a diversified portfolio.

3. INFRASTRUCTUREName of funds: IDEAS Fund & International

Infrastructure FundSize of funds: R5bn

Old Mutual Investment GroupAlternative Investments



Nature of funds: Infrastructure, environmental anddevelopment assets


Minimum investment: R75mMaximum investment: R1bn among funds under managementWilling to syndicate: Ye sIndustry preference: Core infrastructure including

renewable energy projectsIndustries excluded: Non-infrastructureStage of investment: Financial closeAll stages except: Limited ability to finance

development pre-financial closeMinimum and maximumequity usually taken: 20% and upwards

Remarks: We are one of SA’s largest investors in infrastructure, managing overR15bn of infrastructural assets.

4. DEVELOPMENT IMPACT FUNDSName of funds: Financial Sector Charter Fund;

Housing Impact Fund SA; Schoolsand Education Investment ImpactFund of SA

Size of funds: R4bn/R9bn/R1bnNature of funds: Financial sector charter assets;

affordable income housing &development; schools & educationinvestment


Minimum investment: R 10 0 mMaximum investment: R2bnWilling to syndicate: Ye sIndustry preference: Affordable housing, schoolingMinimum & maximumequity usually taken: 25%/50%Geographical preferences: South Africa/Africa

Remarks: The primary focus is on developing affordable housing and providingaccess to quality education through teacher training and upgrading/building ofnew school infrastructure.

Address: Novare Equity Partners (Pty) Ltd, Unit 112, The Cliffs Office Block 1,Niagara Way, Tyger Falls, Carl Cronje Drive, Bellville 7530Tel: +27 (0)21 914-7730Fax: +27 (0)21 914-7733E-mail: [email protected]: www.novareequitypartners.com

FUND DETAILS

Name of fund: Novare Africa Property Fund ISize of fund: R677mNature of fund: Private Equity FundFunds invested to date at cost: R336mSources of funds: Institutions and high net worth

individualsCurrent portfolio size: R677mTotal number of private equity/venturecapital investments made to date: 2Number of investment executives: 5


Minimum investment: R42mMaximum investment: R168mWilling to syndicate: Ye sAverage current investment size: R168mIndustry preference: Financial & insurance & real estateIndustries excluded: All except propertyStage of investment: Early stage (start up) and expansion

& developmentAll stages except: —Minimum and maximumequity usually taken: 2 0 % / 10 0 %Geographical preferences: Sub-Saharan Africa, excluding South

AfricaContacts: Derrick Roper and Craig Lyons

NOVARE Equity Partners



Address: PO Box 1094 Gallo Manor 2052 Sandton South AfricaE-mail: [email protected]: www.paean-private-equity.co.za

FUND DETAILS

Name of fund: Paean Private Equity 1Nature of fund: Buyout and growth capital within the

middle marketFunds invested to date at cost: Newly established business (principals

formerly of Nedbank Private Equity)Sources of funds: Independent investorsTotal number of private equity/venturecapital investments made to date: 50 (as head of Nedbank Private

Equity)Number of investment executives: Initially 2


Minimum investment: R50m (enterprise value R100m)Maximum investment: R125m (enterprise value R1bn)Willing to syndicate: Ye sIndustry preference: Industrial, infrastructure-related,

leisure, logistics, mining related, retailIndustries excluded: NoneStage of investment: Late stage buyout and growth capitalAll stages except: Start-upMinimum and maximumequity usually taken: Majority and minority stakesGeographical preferences: Sub-Saharan Africa (South Africa,

SADC, East Africa)Contact: Dave Stadler

Remarks: Paean Private Equity was established by highly experienced privateequity team members from Nedbank Private Equity. It is an independent privateequity business. The principals’ proven investment approach has deliveredsuperior returns and their 13-year investment history, strong track record andleading position in the Southern African middle market has resulted in themhaving high credibility and strong reputation. Paean Private Equity is an activeinvestor and the principals have historically demonstrated their ability to enhancethe value of investee companies through various strategies in line withopportunities and the requirements of those companies.

Paean Private Equity

Address: Summit Square, 1st Floor, 15 School Rd (Opposite Summit Rd and cnrRivonia Rd), Morningside, Sandton 2196, Gauteng, SATel: +27 (0)11 883-8036/7Fax: +27 (0)86 583-7922/+27 (0)11 883-8038E-mail: [email protected] or [email protected]: www.papefunds.co.za

FUND DETAILS

Name of fund: Pan-African Private Equity Fund 1(Pty) Ltd (PAPEF1) and Pan-AfricanPrivate Equity Fund 2012 (Pty) Ltd( PA P E F 2 01 2 )

Size of fund: R550mNature of fund: BEE/generalist/growth-oriented/pan-

African/no start-upsFunds invested to date at cost: R285mSources of funds: Pan-African Capital Holdings (Pty)

Ltd and SA banking institutionalinvestors (semi-captive)

Current portfolio size: R300mTotal number of private equity/venturecapital investments made to date: 8Number of investment executives: 4


Minimum investment: R20mMaximum investment: R120mWilling to syndicate: Ye sAverage current investment size: R40mIndustry preference: NoneIndustries excluded: PropertyStage of investment: Currently investing in high growth

and mature companiesAll stages except: Start-upsMinimum and maximumequity usually taken: 25%/60%Geographical preferences: SA and sub-Saharan AfricaContacts: Dr Zuko Kubukeli or Mr Kuhle

Kunene

Pan-African Private Equity 1 FundManagers (Pty) Ltd (“PA P E ”)



Address: The Court House; 2 Saxon Road, Sandhurst, Sandton 2196, South AfricaTel: +27 (0)11 290-0231E-mail: [email protected]

FUND DETAILS

Name of fund: Pembani Remgro Infrastructure FundSize of fund: Target size of US$1bnNature of fund: Long-term infrastructure fundFunds invested to date at cost: $75mSources of funds: Institutional investorsCurrent portfolio size: N/ATotal number of private equity/venturecapital investments made to date: 1Number of investment executives: 5


Minimum investment: NoneMaximum investment: Not more than 20% of aggregate

commitments in a single investmentWilling to syndicate: Ye sAverage current investment size: $75mIndustry preference: Infrastructure and associated

companies across AfricaIndustry excluded: Resources mining and extraction

activitiesStage of investment: Greenfield, existing projects and

existing companiesAll stages except: N/AMinimum and maximumequity usually taken: N/AGeographical preferences: Sub-Saharan Africa (top performing

economies)Contact: Marcel Louw

Remarks: The fund aims to invest equity and quasi-equity in private-sectorinfrastructure transactions and companies across the African continent. Apartfrom investments in both greenfield and existing projects throughout the entirespectrum of the infrastructure sector, emphasis will be also placed on companiesassociated with the provision and/or servicing of such infrastructure. Specificfocus will be given to supporting private-sector infrastructure requirementsaround natural resources.

Pembani Remgro InfrastructureManagers (Pty) Ltd 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

FUND DETAILS:

Name of fund: Isibaya Fund(1) Development InvestmentsSize of fund: R61bn (5% of GEPF assets under

management)Funds invested to date at cost: R3,5bnApproved but not yet disbursed: R9,3bnSources of funds: Government Employee Pension Fund

(GEPF)Current portfolio size: R4,1bnTotal number of developmentalinvestments made to date: 25 (inclusive of investments through

Fund of Funds)Number of investment executives: 20

(2) Private EquitySize of fund: R36,6bn (3% of GEPF assets under

management)Funds invested to date at cost: R15,9bnApproved but not yet disbursed: R1,3bnSources of funds: Government Employees Pension FundCurrent portfolio size: R 10 , 7 b nTotal number of private equity/venturecapital investments made to date: 16, inclusive of investments through

Fund of FundsNumber of investment executives: 5


Minimum investment: R50mMaximum investment: Usually not more than R2bnWilling to syndicate: Ye sInvestment preference: Direct equity, BBBEE financing,

economic and social infrastructure,environmental sustainability, SMEsand high job creation projects.

Public Investment Corporation



Industry preference: Energy, including renewable energy,water, transport and logistics,construction and housing, healthcare, education, tourism, agro-processing, beneficiation of mineralresources, business processoutsourcing, manufacturing,broadband infrastructure, skillsdevelopment, SMMEs, services

Industries excluded: Gambling, high risk projects andammunition

Stage of development: Early stage, expansion, buy-in andbuy-out, venture capital

Minimum and maximumequity usually taken Determined on a case-by-case basisGeographical preferences: SA

Development InvestmentContact: Roy Rajdhar (General Manager)

Tel: 012 742-3400;E-mail: [email protected] Equity InvestmentsKoketso Mabe (Fund Principal)Private EquityTel: 012 742-3400,E-mail: [email protected]

Address: Ground Floor, Rosewood House, Ballywoods Office Park,33 Ballyclare Drive, Bryanston 2191, Johannesburg SATel: 011 463-1920; Fax: 011 463-1915; Website: www.phatisa.com

FUND DETAILS

Name of fund: African Agriculture Fund (AAF)Size of fund: US$243mNature of fund: Food — primary (arable and

plantations), secondary (processingand animal feeds) and services/infrastructure (storage, fertilisers,chemicals, packaging, other inputs)

Current portfolio size: $80m


Minimum and maximum investment: >$5m — 10% of fund sizeIndustries excluded: Forestry, tobacco, biofuelsStage of investment: Expansion, MBO/I, acquisition and

early stageMinimum and maximumequity usually taken: 5 % / 10 0 %Geographical preferences: Africa

FUND DETAILS

Name of fund: Pan Africa Housing FundSize of fund: First closed at $41,5m, final close

target $80m-$100m, Q1 2014Nature of fund: Real estate, with a focus on middle

income housing


Minimum and maximum investment: >$2m — 15% of fund sizeInvestment type: Combination of equity, mezzanine

and debt for partner developers

Geographical preferences: Kenya, Zambia, Rwanda,Mozambique, Tanzania and Uganda

Remarks: Phatisa, a private equity fund manager, serves various sectors inAfrica, operating from offices in Port Louis, Nairobi, Lusaka, Johannesburg, Accraand London. The Phatisa team is led by Duncan Owen and Stuart Bradley, whileValentine Chitalu is group chairman.

Phatisa



Address: 8 Melville Road, IllovoTel: 011 380-8300; Fax: 011 380-8310Website: www.rmbcorvest.co.za

FUND DETAILS

Name of fund: RMB CorvestSize of fund: Open-endedNature of fund: Leveraged equity portfolioFunds invested to date at cost: R5,09bn (R2,68bn in BEE deals)Sources of funds: FirstRand, own fundsCurrent portfolio size: 65Total number of private equity/venturecapital investments made to date: 170 (as at Dec 2012)Number of investment executives: 12


Minimum investment: R 10 mMaximum investment: R500mWilling to syndicate: Ye sAverage current investment size: R 5 0 m - R 10 0 mIndustry preference: All industriesIndustries excluded: Mining, agriculture and propertyStage of investment: Expansion, MBO, MBI, replacement,

BEE, acquisitionAll stages except: Seed and start-upMinimum and maximumequity usually taken: 20%/90%Geographical preferences: Africa, with exposure to Australia,

America, EuropeContacts: 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

Remarks: RMB Corvest is a private equity company in the FirstRand Groupspecialising in MBOs, MBIs and the provision of BEE, acquisition and expansionfinance. Founded in 1989, its aim is to invest in established, well-managedbusinesses that have a proven track record of solid performance. With well morethan 150 deals completed to date, an established track record, staff wellexperienced in private equity and access to the resources of RMB, it offers acomprehensive private equity solution. Once invested, it provides ongoingfunding and strategic guidance for further growth, while the management teamremains fully responsible for operational management as well as theimplementation of strategic business plans.

RMB Corvest RMB Leveraged FinanceAddress: 1 Merchant Place, Corner Fredman Drive & Rivonia Road SandtonTel: 011 282-4220/011 282-1815; Fax: 011 282-8849/011 384-3218E-mail: [email protected]; [email protected]: www.rmb.co.za

FUND DETAILS

Name of fund: RMB Leveraged Finance, a businessunit within Rand Merchant Bank(a division of FirstRand Bank Ltd)

Size of fund: Open-endedNature of fund: Debt and preference share funding for

acquisition finance, expansioncapital, MBOs, LBOs

Funds invested to date at cost: N/ASources of funds: FirstRand Bank Ltd


Minimum investment: R50mMaximum investment: NoneWilling to syndicate: Ye sAverage current investment size: R250m-R500m for leveraged dealsIndustry preference: AllIndustries excluded: Property, resources and infrastructureAll stages except: Start-up and seedMinimum and maximumequity stakes usually taken: Not applicable, however, there are

other dedicated businesses withinRMB and FirstRand that focus onpure equity

Geographical preferences: SA and sub-Saharan AfricaContacts: Nielen van de Vyver and Robert Leon

Remarks: RMB Leveraged Finance is the combination of RMB’s Preference Shareand Acquisition & Leveraged Finance businesses. The combined team uses bothdebt and preference share funding to offer senior and/or subordinated debt forMBOs and LBOs. Funding can be sourced from the bank’s own balance sheet orfrom other banks and financial institutions, with RMB Leveraged Finance actingin an arranging or advisory capacity. The team is focused on and pursuesopportunities in SA as well sub-Saharan Africa. The average investment size forleveraged deals is between R250m and R500m, however, hold sizes of up toR2,5bn are possible. In addition, we are able to facilitate even larger deals throughthe use of our underwriting capabilities and distribution network into the bankingand investing markets. In addition to funding MBOs and LBOs, other focus areasfor RMB Leveraged Finance include the funding of BEE transactions, acquisitionand share based lending, balance sheet restructurings and lending related to othercorporate actions.



Address: 5 Merchant Place, 9 Fredman Drive, SandtonTel: 011 303-5709Fax: 011 301-4383E-mail: [email protected]: www.rmbprivatebank.com

FUND DETAILS

Name of fund: RMB Private Bank — Leverage &Acquisition Finance(a division of FirstRand Bank Ltd)

Size of fund: Open-endedNature of fund: Debt and equity finance for

acquisitions, expansion capital,MBOs, LBOs and preference sharefunding

Funds invested to date at cost: N/ASources of funds: FirstRand Bank Ltd


Minimum investment: Equity: R5m; Debt: R20mMaximum investment: Equity: R25m; Debt: R100mWilling to syndicate: Ye sAverage current investment size: N/AIndustry preference: AllIndustries excluded: Property, primary agriculture and

miningAll stages except: Start-up and seedMinimum and maximumequity usually taken: Minority stakesGeographical preference: SAContact: Fritz van Barkenhuizen

Remarks: RMB Private Bank Leverage & Acquisition Finance assists individualsby funding leveraged and acquisition transactions they undertake in theirpersonal capacity and in the businesses that they own or run. RMB Private Bankfunds MBO and LBO transactions by utilising a combination of equity, senior andmezzanine/subordinated debt. Preference share funding is also utilised to enhancethe 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 corporateactions undertaken by individuals.

RMB Private Bank RMB Private EquityAddress: 11th Floor, 1 Merchant Place, Corner Fredman Drive & Rivonia Road,SandtonTel: 011 282-1483Fax: 011 282-8242E-mail: [email protected]; [email protected]: www.rmb.co.za and www.firstrand.co.za

FUND DETAILS

Name of fund: RMB Private EquityFunds invested to date at cost: Open-ended, current value invested

R7,2bnSource of funds: FirstRand LtdContacts: Eutychus Mbuthia, Simon Murray

Remarks: RMB Private Equity is the holding company for all of the FirstRandGroup’s private equity businesses, which comprise two local operations and aninternational one. Locally, RMB Private Equity owns RMB Corvest and RMBVentures. Internationally, RMB Private Equity is represented through RMB CapitalPartners in Australia.



Sanlam Private EquityAddress: PO Box 414085, Craighall 2024Ground Floor, Block C, 3A Summit Road, Dunkeld West 2196Tel: 011 778-6613; Fax: 011 778-6651Email: [email protected]: www.spe.sanlam.com

FUND DETAILS

Name of fund: Not applicable: Notional fundsSize of fund: R4bnNature of fund: Expansion, growth and buyoutsFunds invested to date at cost: R1,9bnSources of funds: Sanlam Life Insurance LtdCurrent portfolio size: R2,8bnTotal number of private equity/venturecapital investments made to date: + 10 0Number of investment executives: 7


Minimum investment: R 10 0 mMaximum investment: R250mWilling to syndicate: Ye sAverage current investment size: R 10 0 mIndustry preference: No preferenceIndustries excluded: Property, mining and primary

agricultureStage of investment: Late stageAll stages except: Seed capital and start-upMinimum and maximumequity usually taken: -> 10 %Geographical preferences: Sub-Saharan AfricaContact: 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. SanlamPrivate Equity has a dynamic and mature team, with extensive experience inbuyouts, deal structuring, fundraising and fund management. Sanlam PrivateEquity focuses on co-investment opportunities in buyout and expansion capital.The fund has also made investments into private equity funds.

Address: 1 Merchant Place, Corner Fredman Drive and Rivonia Road, SandtonTel: 011 282-1483Fax: 011 282-8242E-mail: [email protected]; [email protected]: www.rmb.co.za, www.rmbventures.co.za and www.firstrand.co.za

FUND DETAILS

Name of fund: RMB VenturesSize of fund: Open-endedNature of fund: MBOs, LBOs and expansionFunds invested to date at cost: >R2bnSources of funds: FirstRand LtdCurrent portfolio size: 20Total number of private equity/venturecapital investments made to date: >40Number of investment executives: 12


Minimum investment: R50mMaximum investment: R750mWilling to syndicate: Ye sAverage current investment size: R125mIndustry preference: No preferenceIndustries excluded: Mining, agriculture, propertyAll stages except: Start-up and seedMinimum and maximumequity usually taken: 20%/80%Geographical preferences: SA, East Africa and West AfricaContacts: Simon Murray, Eutychus Mbuthia

Remarks: RMB Ventures is an on-balance-sheet private equity businessoperating within the FirstRand Group. It focuses on providing equity and debtfunding for medium to large buyouts of established businesses with stable trackrecords and experienced management teams. It also provides equity funding tofacilitate growth organically or by acquisition and to fund BEE deals. RMBVentures has long standing relationships with a number of BEE investors, withwhom it partners to provide solutions for a wide variety of transactions.

RMB Ventures



Address: 3A Summit Road, Dunkeld West 2196Tel: 011 778-6000Fax: 011 778-6912E-mail: [email protected]: www.sanlam.co.za

FUND DETAILS

Name of fund: Sanlam Africa Core Real Estate FundLimited

Size of fund: USD 100 millionNature of fund: Core Commercial Real EstateFunds invested to date at cost: USD 55.5 millionSources of funds: Capital Raised through Private

PlacementCurrent portfolio size: USD 83 millionTotal number of private equity/venturecapital investments made to date:

2

Number of investment executives: 3


Minimum investment: USD 5 millionMaximum investment: No maximum amountWilling to syndicate: Ye sAverage current investment size: USD 12.5 millionIndustry preference: Real EstateIndustry excluded: Non- commercial Real EstateStage of investment: Completed Income Earning AssetsAll stages except: GreeenfieldsMinimum and maximumequity usually taken: Majority Equity StakeGeographical preferences: Sub-Saharan Africa excluding the

Common Monetary AreaContacts: Thomas Reilly

Gregory ChalmersThomas SchultzAdam Flekser

Sanlam Africa Fund Advisor (Pty) Ltd Sasfin Private Equity Fund ManagersAddress: 29 Scott Street, Waverley 2090Tel: 011 809-7500; Fax: 011 887-2489E-mail: [email protected]; Website: www.sasfin.com

FUND DETAILS

Name of fund: Sasfin Private Equity FundSize of fund: Maximum of 10% of total group

assets, circa R500mNature of fund: General Private EquityFunds invested to date at cost: R200mSources of funds: Sasfin GroupCurrent portfolio size: 6Total number of private equity/ventureCapital investments made to date: 8Number of investment executives: 2


Minimum investment: R 10 mMaximum investment: R25mWilling to syndicate: Ye sAverage current investment size: R25mIndustry preference: General, subject to exclusions belowIndustries excluded: Direct resourcesStage of investment: Expansion, development,

replacement, MBO, MBI, secondarypurchase and selective turnaround

All stages except: Seed and start-upMinimum and maximumequity usually taken: 15%/30%Geographical preferences: SAContacts: Neil Eppel (011) 455-8012

Remarks: We do proactive fund management with a focus on corporate finance,corporate strategy, corporate governance, performance enhancement and riskmanagement. We also actively seek out growth and development opportunities forInvestee companies.



South Suez Capital LtdAddress: Suite 104, Grand Bay Business Park, Grand Bay, MauritiusTel: +230 263-1491Fax: +230 263-2087E-mail: [email protected]: www.southsuez.com

FUND DETAILS

Name of fund: South Suez Africa Fund LtdSize of fund: US$278mNature of fund: Fund of Private Equity FundsFunds invested to date at cost:Sources of funds: Capital calls from investorsCurrent portfolio size: —Total number of private equity/venturecapital investments made to date: 9Number of investment executives: —


Minimum investment:Maximum investment: 20% in secondary investment, 20% in

co-investment and 30% in singleunderlying fund

Willing to syndicate: Ye sAverage current investment size:Industry preference: Financial services,

telecommunications, real estate,technology, industrials, oil & gas,consumer, advertising, fuels &lubricants, retail, electronic payment

Industries excluded: —Stage of investment: Expansion capital, replacement

capital, greenfield/brownfield,leveraged acquisition, start-up

All stages except: —Minimum and maximumequity usually taken: —Geographical preferences: Ghana, Kenya, Nigeria, Zambia,

South Africa, Ethiopia, Angola,Zimbabwe, West Africa, East Africa,Pan Africa, Senegal

Contact: Shane Rogel

Senatla CapitalAddress: 9th floor, The Forum, 2 Maude Street, SandtonTel: 011 784-5929Fax: 011 883-4481E-mail: [email protected]: www.senatlacapital.com

FUND DETAILS

Name of fund: Senatla Capital Empowerment Fund ISize of fund: R102m (fully invested and closed)Nature of fund: Private equity focused on BEEFunds invested to date at cost: R 10 2 m

Name of fund: Senatla Capital Empowerment Fund IISize of fund: R100m (First Close); raising additional

capitalNature of fund: BEE & Growth Capital focused private

equity

Name of fund: Senatla Capital Property Fund ISize of fund: R100m (first close); raising additional

capitalNature of fund: Real estate focused private equitySources of funds: Pension fundsCurrent portfolio size: 6Total number of private equity/venturecapital investments made to date: 6 (plus 2 follow on)Number of investment executives: 4


Minimum investment: R 10 m - 2 5 mMaximum investment: R50mWilling to syndicate: Ye sAverage current investment size: R17mIndustry preference: NoneIndustries excluded: NoneStage of investment: Late stageAll stages except: Early and start-upMinimum and maximumequity usually taken: 2 0 % / 10 0 %Geographical preferences: NoneContact: Owen Maubane

Remarks: We have R302m committed capital in three investment strategies:growth capital, BEE and real estate.



Standard Chartered Principal FinanceAddress: 3rd Floor, Marsh Building, 4 Sandown Valley Crescent 2146Tel: 011 217-6885Fax: 011 217-6801E-mail: [email protected]: www.standardchartered.co.za

FUND DETAILS

Name of fund: Standard Chartered Private EquitySize of fund: No specific limit — US$5bn invested

globallyNature of fund: Investor in expansion, growth capital,

LBO and MBO transactions acrosssub-Saharan Africa and into a broadarray of industries

Funds invested to date at cost: Excess of $550mSources of funds: Standard Chartered PLC’s balance

sheetCurrent portfolio size: 7Total number of private equity/venturecapital investments made to date: 7Number of investment executives: 11


Minimum investment: $20mMaximum investment: $150mWilling to syndicate: Ye sAverage current investment size: $80mIndustry preference: AnyIndustries excluded: Military and tobaccoStage of investment: All except early stageMinimum and maximumequity usually taken: 10 % / 4 9 %Geographical preferences: Sub-Saharan AfricaContact: Thato Mahlong

Remarks: SCPE invests alongside clients and prospective clients of StandardChartered Bank. Internationally, SCPE has invested more than $5bn across thebank’s geographic footprint in Asia, Africa and the Middle East. SCPE focuses onmid- to late-stage companies across a wide range of industries that require equityfunding for expansion or to finance changes of ownership, such as acquisitions ormanagement buyouts. We seek to invest alongside top-quality motivatedmanagement teams, who will share in the risks and rewards of the business withus.

Sphere Private EquityAddress: Third Floor, The Place, 1 Sandton Drive, Sandton 2146Tel: 011 944-7800Fax: 011 944-7801E-mail: [email protected]: www.sphereholdings.co.za

FUND DETAILS

Name of fund: Sphere Private Equity Fund ISize of fund: Final closing at R302mNature of fund: Sphere Fund I is applied to equity and

equity-related investments in market-leading, medium-sized to largecompanies

Funds invested to date at cost: R227mSources of funds: Pension funds, DFIs, financial services

companiesCurrent portfolio size: R227mTotal number of private equity/venturecapital investments made to date: 6Number of investment executives: 4


Minimum investment: R 10 mMaximum investment: R50mWilling to syndicate: Ye sAverage current investment size: R 31 mIndustry preference: NoneIndustries excluded: Primary agriculture, mining, propertyStage of investment: Expansion, replacement, MBO, LBOAll stages except: Early stageMinimum and maximumequity usually taken: Significant minority or majority

s t a ke sGeographical preferences: SAContact: Aadil Carim



Stanlib Africa Direct PropertyDevelopment FundAddress: 17 Melrose Arch Boulevard, Melrose Arch 2196Tel: 011 448-5211Fax: 086 521-5468E-mail: [email protected]: www.stanlib.com

FUND DETAILS

Name of fund: Stanlib Africa Direct PropertyDevelopment Fund

Size of fund: US$150mNature of fund: Equity investments in direct property

(mezzanine debt selectively)Funds invested to date at cost: N/ASources of funds: Private investorsCurrent portfolio size: N/ATotal number of private equity/venturecapital investments made to date: N/ANumber of investment executives: 5


Minimum investment: $ 10 mMaximum investment: $50mWilling to syndicate: Yes, subject to conditionsAverage current investment size: N/AIndustry preference: PropertyIndustries excluded: Nonproperty sectorsStage of investment: Landholdings, early in development

stages and near construction assetsAll stages except: Income-producing assetsMinimum and maximumequity usually taken: Preference of 50%-60% (minimum

25% and maximum 80%)Geographical preferences: Pan African, with a focus on Nigeria

and KenyaContacts: Roberto Ferreira and Amelia Beattie

Tamela Holdings (Pty) LtdAddress: Ground Floor Summit Park, 495 Summit Road, Morningside, SandtonTel: 011 783-5027Fax: 011 783-3328E-mail: [email protected]; [email protected],t s h e p i s h o . m a ko f a n e @ t a m e l a . c o . z aWebsite: www.tamela.co.za

FUND DETAILS

Name of fund: On balance sheetSize of fund: +R200m (balance sheet)Nature of fund: Equity and mezzanine investmentsFunds invested to date at cost: R 10 3 mSources of funds: Balance sheet, private investors and

institutionsCurrent portfolio size: 8Total number of private equity/venturecapital investments made to date: 8Number of investment executives: 3


Minimum investment: NoneMaximum investment: NoneWilling to syndicate: Ye sAverage current investment size: N/AIndustry preference: NoneIndustries excluded: Primary agriculture, mining

explorationNature of investments: Expansion/growth capital;

infrastructure projects; BEEtransactions; refinancing; MBOs/LBOs

Stage of investment: NoneAll stages except: Start-upsMinimum and maximumequity usually taken: FlexibleGeographical preferences: SADC regionContacts: Sydney Mhlarhi and Vusi Mahlangu

and Tshepisho Makofane

Remarks: Tamela Holdings (Pty) Ltd is a black-owned and managed investmentcompany established by Vusi Mahlangu and Sydney Mhlarhi. It applies proveninvestment strategies to invest in the engineering, manufacturing, industrial andfinancial services sectors. It primarily focuses on companies in which it canideally partner management to add value and grow the business. The Tamela teamhas a proven track record of creating long-term partnerships with managementand shareholders of its investee companies.



Treacle Private EquityAddress: Gleneagles, Fairway Office Park, 52 Grosvenor Road, BryanstonPO Box 911, Cramerview 2060Tel: 011 463-7476; Fax: 011 463-1213E-mail: [email protected]; [email protected];[email protected]; [email protected]; Website: www.treacle.co.za

FUND DETAILS

Name of fund: Treacle Fund IISize of fund: R463mNature of fund: General sectorFunds invested to date at cost: R376mSources of funds: Absa, Eskom Pension Fund, SANIP,

Public Investment Corp, Citadel,managing partners

Current portfolio size: 4Total number of private equity/venturecapital investments made to date: 5Number of investment executives: 4


Minimum investment: R 10 mMaximum investment: R92mWilling to syndicate: Ye sAverage current investment size: R88mIndustry preference: NoneIndustries excluded: Primary agriculture, real estate and

resourcesStage of investment: Expansion, MBO, LBO, MBI and

replacement capitalAll stages except: No preferencesMinimum and maximumequity usually taken: 15%/49%Geographical preferences: SAContacts: Christoff Botha, Jacob Mashike,

Rudolf Pretorius, Njabulo Mthembu

Remarks: Of particular interest to the fund are medium-sized businesses with thefollowing attributes:❑ Manufacturing businesses in need of expansion capital to grow operations andinternational markets;❑ Businesses that provide services to core industries that drive the economy andare in need of acquisition, development or buyout funding;❑ Development stage companies with sound growth prospects; and❑ Secondary BEE transactions.

Address: 1st Floor The Place, 1 Sandton Drive, Sandton, South AfricaTel: 011 884-2066; Fax: 011 884-2067E-mail: [email protected]; Website: www.abraaj.com

FUND DETAILS

Name of fund: Aureos Africa Fund (2008)/AfricaHealth Fund (2009)/Abraaj BuyoutFund IV (2008)

Size of funds: U S $ 3 81 m / $ 10 5 m / $ 1 , 6 b nNature of funds: General PE, growth capital for mid-

cap companies as well as largerbuyouts

Funds invested to date at cost: $265m/$33m/not disclosedSources of funds: International institutional investorsCurrent portfolio size: 18/8/4Total number of private equity/venturecapital investments to date: 19/8/4Number of investment executives: Global: 155 / Africa: 23


Minimum/maximum investment: $ 5 m - $ 3 8 m / $ 1 m - $ 10 m / $ 5 0 m - $ 3 0 0 mWilling to syndicate: Ye sAverage current investment size: $13m/$3m/not disclosedIndustry preference: AllIndustries excluded: Gambling, alcohol (excluding beer

and wine), tobacco and armamentsStage of investment: Later stage investments: MBO, MBI,

expansions, secondary purchase,acquisitions and buyouts, regionalrollouts. Health fund can considerearlier stage investments

All stages except: Seed/venture capital, turnarounds,rescues

Minimum and maximumequity usually taken: Significant minority or controlGeographical preferences: Sub-Saharan Africa and MENASAContacts: Ron den Besten,

[email protected] Khanna,[email protected]

Remarks: The Abraaj Group is a leading private equity investor in growthmarkets. We manage $7,5bn in assets, operating through 36 offices in Asia,Africa, Latin America and the Middle East.

The Abraaj Group



TriVest – Contributing InvestorsAddress: 31 West Street, Houghton, 2198 JohannesburgTel: +27 (0)10 001-0540; Fax: 012 664-2452E-mail: [email protected]; Website: www.trivest.co.za

FUND DETAILS

Name of fund: N/ASize of fund: N/ANature of fund: N/AFunds invested to date at cost: R60mSources of funds: Private, EuropeCurrent portfolio size: R87m (4 investments)Total number of private equity/venturecapital investments made to date: 8Number of investment executives: 2


Minimum investment: N/AMaximum investment: R20mWilling to syndicate: Ye sAverage current investment size: R15mIndustry preference: Health care, renewable energies,

information securityIndustries excluded: Morally objectionable industriesStage of investment: Expansion capital, early stageAll stages except: N/AMinimum and maximumequity usually taken: Early stage: >50 (sole or joint);

expansion capital: >25%Geographical preference: Sub-Saharan AfricaContacts: André Stürmer, 082-052-6824,

[email protected] 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. TriVe s ttargets companies that are trading in high-growth, fragmented industries andthose that are well positioned to benefit from expansion into other Africanmarkets. TriVest is managed as a holding company and as such is more flexiblethan most funds in terms of its investment strategy, including holding periods.

Trinitas Private EquityAddress: 1 Melrose Blvd, Suite 2, Melrose Arch, 2196Tel: 011 994-9700; Fax: 011 684-1700E-mail: [email protected]: www.trinitaspe.co.za

FUND DETAILS

Name of fund: Trinitas Private Equity FundSize of fund: R 6 70 mNature of fund: Mid-market private equityFunds invested to date at cost: R 21 5 mSources of funds: General partner, pension funds,

banks, fund managers, parastatalsCurrent portfolio size: 4Total number of private equity/venturecapital investments made to date: 4 (current fund)Number of investment executives: 5


Minimum investment: R40mMaximum investment: R150mWilling to syndicate: Ye sAverage current investment size: R54mIndustry preference: Manufacturing, services, retail,

industrialIndustries excluded: Direct resourcesStage of investment: All stages except: Seed, early stage,

venture capitalMinimum and maximumequity usually taken: Minimum of significant influence

(>25%); no maximumGeographical preferences: SA, with allocation to sub-Saharan

AfricaContacts: Andrew Hall:

[email protected];John Stipinovich:[email protected];Soteris Theorides:[email protected]

Remarks: Trinitas Private Equity Fund seeks to partner management teams tomake equity investments in mid-market companies in Southern Africa. Thepartners in the fund include Sasfin, a niche financial services group, and PeotonaGroup, a black-owned women’s group that has an enviable track record in publicand private-sector involvement.



Vantage Risk CapitalJohannesburg: Address: 1st Floor Unit 9B, 3 Melrose Boulevard, Melrose Arch2076; Tel: +27 (0)11 530-9100; Fax: +27 (0)11 530-9101Cape Town: Address: 28 Hudson Street, De Waterkant, Cape Town, 8001Tel: +27 (0)21 418-1130 Fax: +27 (0)21 418-1665E-mail: [email protected]: www.vantagecapital.co.za

FUND DETAILS

Name of fund: Vantage Mezzanine Fund ISize of fund: R1bn (with fund manager’s

co-investment)Nature of fund: SA mezzanine debt fundFunds advanced to date at cost: R980m

Name of fund: Vantage Mezzanine Fund IISize of fund: R1,85bnNature of fund: Pan-African mezzanine debt fund

Current portfolio size: 10Total number of loans advanced to date: 9Number of investment executives: 12Offices: Johannesburg and Cape Town


Minimum loan: R60mMaximum loan: R350m (with co-investment)Willing to syndicate: Ye sAverage current loan size: R 10 0 mIndustry preferences: Financial services, resources,

construction, manufacturing,consumer industries, professionalservices

Industries excluded: Primary agriculture, low margintrading businesses, businesses sellingarms, loss-making operationalturnaround opportunities, juniormining businesses

All stages except: Early stage investmentsMinimum and maximum equityusually taken: Up to 49%Geographical preferences: Southern Africa, West and East AfricaContact: Luc Albinski

Utho Capital Fund ManagersAddress: 2nd Floor Progress House, 354 Rivonia Blvd, RivoniaTel: 011 234-1370Fax: 011 234-1380E-mail: [email protected]: www.utho.co.za

FUND DETAILS

Name of fund: Utho SME Infrastructure FundSize of fund: R62mNature of fund: Private Equity for SA SMEsFunds invested to date at cost: R20mSources of funds: IDC, sefaCurrent portfolio size: R20mTotal number of private equity/venturecapital investments made to date: 4Number of investment executives: 3


Minimum investment: R2mMaximum investment: R 10 mWilling to syndicate: Ye sAverage current investment size: R5mIndustry preference: Infrastructure (construction, transport,

material supplies, renewable energy,manufacturing, propertydevelopment)

Industry excluded: Gambling, alcohol, tobacco andarmaments

Stage of investment: Expansion, early stage, replacement,buyouts

Minimum and maximumequity usually taken: 25%/49%Geographical preference: SAContact: Stephen Pearce

Remarks: Utho Capital Fund Managers seeks to achieve long-term capital gainsby investing in high growth black empowered small and medium enterprises(SMEs) involved in infrastructure development, which encompasses various typesof businesses involved in construction, manufacturing, material supplies,transport, logistics, power, renewable energy and property development in SouthAfrica. Utho Capital Fund Managers goes beyond providing its portfoliocompanies with the capital it needs for growth by enhancing the provision ofcapital with committed and practical hands-on business support in respect ofstrategy, fundraising, financial controls and reporting.



VICI Private Equity Fund II LimitedAddress: 381 Ontdekkers Road, Roodepoort, Gauteng, South AfricaTel: +27 (0)10 593-1000Fax: +27 (0)86 538-7129E-mail: [email protected]: www.vicifin.co.za

FUND DETAILS

Name of fund: VICI Private Equity Fund II LimitedSize of fund: R 10 0 mNature of fund: Private Equity FundFunds invested to date at cost: R 10 0 mSources of funds: Private and institutional investorsCurrent portfolio size: R 10 0 mTotal number of private equity/venturecapital investments made to date: 5Number of investment executives: 5


Minimum investment: R 10 mMaximum investment: R500mWilling to syndicate: Ye sAverage current investment size: R20mIndustry preference: AnyIndustries excluded: Military, gambling, liquor, as well as

any morally objectionable industriesStage of investment: AnyAll stages except: —Minimum and maximumequity usually taken: 51% (minimum)Geographical preferences: SA, SADC & AfricaContact: —

Venture Partners Botswana (VPB)Tel: +267 318-1012; Fax: +267 318-1038E-mail: [email protected]; [email protected]: www.venture-p.com

FUND DETAILS - FUND IName of fund: CEDA Venture Capital FundSize of fund: P200mNature of fund: GeneralFunds invested to date at cost: P200m committedSources of funds: Government of BotswanaContact: A Siwawa

Remarks: This fund is fully committed.

FUND DETAILS — FUND IIName of fund: VPB Namibia Growth FundSize of fund: N$160mNature of fund: GeneralFunds invested to date at cost: NAD32mSources of funds: Namibia pension fundsNumber of investment executives: 2

INVESTMENT PREFERENCESMinimum investment: N$5mMaximum investment: N$32mWilling to syndicate: Ye sAverage current investment size: NAD32mIndustry preference: GeneralStage of investment: AllMinimum and maximumequity usually taken: 25%/49%Geographical preferences: NamibiaContact: Daudi Mtonga (daudi@venture-

p.com.na)

FUND DETAILS — FUND IIIName of fund: VPB Growth FundSize of fund: P450mNature of fund: GeneralFunds invested to date at cost: FundraisingSources of funds: Institutional investors and pension

fundsNumber of investment executives: 4

Remarks: Venture Partners Botswana, now known as VPB, is raising its thirdfund VPB III, through a listing on the Botswana Stock Exchange. The listing isplanned for May 2013.



Alternative Real EstateAddress: 4th Floor, Hyde Park Shopping Mall, Hyde ParkTel: 011 325-6511Fax: 011 325-6514E-mail: [email protected]: www.altre.co.za

COMPANY DETAILS

Type of firm: IncubatorContact: Hayden Bamford

Remarks: Our team has experience in credit underwriting and the debtstructuring of large-scale asset backed transactions. We have managed offshoreand local unit trusts, segregated portfolios and structured funds. Besides ourteam’s experience in asset management of listed equities, bonds and derivatives, italso has experience with property development, analysis and management ofdirect property investments.

Adept Advisory (Pty) LtdAddress: F10A Westlake Square, 1 Westlake Drive, Tokai, 7945Tel: 021 701-7774E-mail: [email protected]; Website: www.adeptadvisory.co.za

COMPANY DETAILS

Type of firm: Consulting/advisoryContacts: Justin van Lienden

Remarks: Adept Advisory delivers risk advisory and finance operationssolutions. We have successfully engaged with major private equity general andlimited partners. We have expertise in due diligence pre-acquisition, as well asembedding governance, project management, performance and risk managementin portfolio companies. Our flexible, personalised, business defining solutions aredeveloped by our highly experienced and globally aligned team. We have built areputation for providing the Southern African private equity market withspecialised expertise tailored to provide our clients with sustainable value andongoing competitive advantage. We are an authorised correspondent of Experis,the global leader in professional resourcing and project-based workforcesolutions. We are a level 3 BBBEE contributor.

Zico Capital (Pty) LtdAddress: 1st Floor, Block B, Cullinan Place, Cullinan Close, Morningside, Sandton21 4 6Tel: 011 217-3300E-mail: [email protected]: www.zico.co.za

FUND DETAILS

Name of fund: Zico Capital Fund ISize of fund: R500mNature of fund: GeneralFunds invested to date at cost: R360mSources of funds: CorporateCurrent portfolio size: 7Total number of private equity/venturecapital investments made to date: 7Number of investment executives: 3


Minimum investment: R15mMaximum investment: R500mWilling to syndicate: Ye sAverage current investment size: R75mIndustry preference: All industriesIndustries excluded: Resources, agriculture & propertiesStage of investment: All except early stage & startupAll stages except: Early stage & startupMinimum and maximumequity usually taken: 20%/80%Geographical preferences: SAContact: 011 217-3300

Remarks: Zico Capital is a private equity company that is fast building anenviable reputation in the business community as a trusted investment partn e r,with solid operational and business development capabilities. We aim toparticipate in established companies whose strengths are measurable and arefocused on contributing to future wealth maximisation.



Bowman GilfillanContact: Lele ModiseE-mail: [email protected]; Website: www.bowman.co.zaTel: 011 669-9365; Fax: 011 669-9001

COMPANY DETAILS

Type of firm: Corporate law firmContacts: Johannesburg: Lele Modise (Head: Private Equity), Neil

Rissik, Francisco Khoza, Rosemary Hunter, David Anderson,Mogola MakolaCape Town: Aneria Bouwer, Anne McAllister, JonathanLang, Wally Horak, Deon de Klerk

Remarks: Bowman Gilfillan Africa Group (Private Equity) advises clientsthroughout Africa, with offices in four countries — SA, Kenya, Tanzania andUganda. We also have established relationships with leading law firms throughoutthe African continent. The group has about 350 lawyers in five cities in Africa:Cape Town, Dar es Salaam, Johannesburg, Kampala and Nairobi. Our serviceoffering and capacity extends to most African cities because of our extensiveexperience and network with leading African law firms.

Bogosi FinanceAddress: Holding 30, Zinnia Road, Glenferness, 1685Tel: +27(0)82 498-1356; +27(0)11 465-1530Fax: 011 252-7371E-mail: [email protected]

COMPANY DETAILS

Type of firm: Finance Consultancy and AdvisoryContact: Tiisang Tisane

Aurik Business AcceleratorAddress: 3rd Floor, 132 Jan Smuts Avenue, JohannesburgPost Net Suite 389, Private Bag X30500, Houghton 2041Tel: 011 447-5575; Fax: 086 517-7809E-mail: [email protected]; [email protected]; Website: www.aurik.co.za

COMPANY DETAILS

Type of firm: Angel and Venture Capital Business DevelopmentAc c e l e r a t o r

Contacts: Pavlo Phitidis, Carien Engelbrecht

Remarks: Aurik works with entrepreneurs to build their businesses into fundableassets. It does this by concluding a business system diagnostic identifying thebusiness systems risks. Aurik then works with the entrepreneur to close the riskgaps in support of the funding process and then provides active mentorship tohelp grow the business. Aurik works with funders to run “business system” duediligence, provide business development support to underlying investments andsource investments that meet specified criteria. The firm also provides systemisedbusiness development support for organisations that are managing enterprisedevelopment funds.

Athena CapitalAd d r e s s :Cape Town Office: 2nd Floor, Bridge House, Boundary Terraces, 1 MariendahlLane, Newlands, 7700Johannesburg Office: 2nd Floor, North Tower, 3 Sandown Valley Crescent,Sandton, 2196London Office: 14 Cork Street, London, W1S 3NSTel: 021 657-3810 Fax: 021 671-2590E-mail: [email protected]: www.athenacapital.co.za

COMPANY DETAILS

Type of firm: Sub - Saharan Private EquityContacts: Jonathan Heinamann

Remarks:Established in 2003 Athena Capital is a leading sub-Saharan Africaprivate equity house. The funds are differentiated in that they are evergreen anduncapped. The result is an open investment horizon without forced exits in theportfolio. Their uncapped nature also ensures an ability to invest additionalcapital into the portfolio companies if required.



Deloitte Corporate FinanceAddress: Private Bag X6, Gallo Manor, Sandton, Gauteng 2052Tel: 011 806-5613; Fax: 011 806-5666E-mail: [email protected]; Website: www.deloitte.com/za

COMPANY DETAILS

Type of firm: Multidisciplinary professional services firmContact: Sean McPhee, 011 209-8615

Remarks: In Southern Africa, Deloitte operates in eight cities, has 243 partnersand about 3 600 employees. It is part of a global organisation that operates inabout 150 countries. It provides an unrivalled depth of integrated services to itsclients. It has more than 50 professionals specialising in: ❑ pre-deal acquisitionand preparation, deal transaction and conclusion; ❑ tax structuring, advisory andsupport; ❑ legal support — document drafting and contract negotiation;❑ competition commission issues; ❑ financial, tax, legal, IT, HR, commercial duediligence and valuation of businesses and assets; ❑ sponsor services (includinglistings); ❑ capital raising (both debt and equity) and restructuring; and❑ consulting services — post-deal solutions and operational improvement. It alsohas a strong focus on BEE deal advisory. Deliotte is a level 2 BBBEE.

Compli-Serve (Pty) LtdAddress: 25 Second Avenue, Harfield Village, Cape Town, 7708Tel: 0861 273-783Fax: 021 674-2821E-mail: [email protected]: www.compliserve.co.za

COMPANY DETAILS

Type of firm: Compliance providerContacts: Jan Scholtz, [email protected]

Remarks: Compli-Serve is a provider of regulatory compliance services to thefinancial services industry.

Johannesburg: Address: 1 Protea Place, Sandown, Sandton 2196Tel: 011 562-1000; E-mail: [email protected] Town: Address: 11 Buitengracht Street, Cape Town 8001Tel: 021 481-6300; E-mail: [email protected]

COMPANY DETAILS

Type of firm: Legal firmContacts: Willem Jacobs/David Thompson

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 andabout 38 lawyers working in private equity, we offer substantial experience andexpertise in all sectors and regions of SA. Our experienced team advises privateequity institutions, investment groups, management teams and acquisition financeproviders and other players in the private equity industry. We provide a full rangeof investment cycle services, including fund structuring and establishment,portfolio acquisitions, portfolio disposals and other exits and restructurings, aswell as assistance with maintaining and improving value in currently heldinvestments.

Address: Private Bag 00504, Gaborone, BotswanaTel: +267 317-0895Fax: +267 319-0001E-mail: [email protected]

COMPANY DETAILS

Type of firm: Institutional investorContacts: Janine Wright

Cliffe Dekker Hofmeyr

Citizen Entrepreneurial DevelopmentAgency (Ceda)



Ernst & Young Advisory Services LtdAddress: Wanderers Office Park, 52 Corlett Drive, Illovo, SATel: 011 772-3000; Fax: 011 772-4000Website: www.ey.com/za/privateequity

COMPANY DETAILS

Type of firm: Assurance, tax, transactions, advisoryContacts: 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 tailoredapproach 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 helpyou meet your evolving requirements and those of your portfolio companies fromacquisition to exit through our highly integrated network of 167 000 professionalsacross audit, tax, transactions and advisory services. Ernst & Young Africa has apresence in 33 countries on the continent, led by a single African leadership team.Our clients receive consistent quality standards, a “single point of contact” serviceand the right Ernst & Young resource across the continent.

Environmental Resources ManagementAddress: Building 32, The Woodlands Office Park, Woodlands Drive, WoodmeadTel: 011 798-4300; Fax: 011 804-2289Website: www.erm.com

COMPANY DETAILS

Type of firm: Environmental, health, safety, risk, social and sustainabilityconsulting

Contacts: Trevor Harraway, 011 798-4300, [email protected] Bettanin, 011 798-4300, [email protected] Soboil, 021 681-5400, [email protected]

Remarks: ERM has four decades of environmental management consultingexpertise, which includes M&A and transaction services support, across the globe.We ’ll efficiently review the environmental, health, safety and social (EHSS) risksand their long-term financial implications on your new investments and existingportfolio companies. ERM adopts a commercial approach that focuses on variablessuch as environmental and social governance, health and safety and sustainabilityrisks, specific to your investment. Our experience covers all sectors and enablesyou to add value to your investment life cycle.

eFrontAddress: 2/4 rue Louis David, 75116 Paris, FranceTel: +33 1 49-964-060; Fax: +33 1 49-966-154E-mail: [email protected]; Website: http://www.efront.com

COMPANY DETAILS

Type of firm: Provider of alternative investment software solutionsContact: Julie Bardin Jimenez: [email protected], marketing

coordinator

Remarks: eFront is a leading software provider of end-to-end solutions dedicatedto the financial services industry, with a recognised expertise in enterprise riskmanagement and alternative investments. The company’s solutions serve morethan 450 customers in 40 countries, including firms in the private equity, realestate, investment, banking and insurance sectors. eFront's primary product suites— FrontInvest Investment Café, Pevara, FrontCRM and FrontERM — offer tightlyintegrated solutions for streamlining the management of alternative investmentsand corporate risk. Founded in 1999, eFront services clients worldwide fromoffices in Asia, Europe, the Middle East and North America. For more informationvisit www.efront.com and follow us at www.linkedin.com/company/efront.

ENS (Edward Nathan Sonnenbergs) IncE-mail: [email protected] Website: ensafrica.com

COMPANY DETAILS

Type of firm: Law, tax, forensics, IP and AfricaContacts: Michael Katz, chairman

Piet Faber, CEMzi Mgudlwa, deputy CE

Office locations: Bujumbura, Cape Town, Durban, Johannesburg, Kampala,Kigali, Stellenbosch

Remarks: ENS is Africa’s largest law firm with a growing footprint across sub-Saharan Africa. The firm has a breadth and depth of experience and specialistexpertise that spans all commercial areas of law, tax, forensics and IP. ENS hasamassed numerous prestigious awards for its innovative, world-class and solutiondriven approach. This year it was recognised as the International Law Firm of theYear at the Legal Business Awards in London. ENS’ practitioners are recognised asleaders in their field by various international ranking agencies includingChambers and Partners Global, Legal 500 and Best Lawyers. In SA the firm hasbeen recognised for its contribution to BBBEE and is a level 3 BBBEE contributor.



Johannesburg Stock Exchange (JSE)Address: One Exchange Square, Gwen Lane SandtonTel: 011 520-7000; Fax: 011 520-8584E-mail: [email protected]; Website: www.jse.co.za

COMPANY DETAILS

Type of firm: Securities ExchangeContact: Patrycja Kula, 011 520-7027, [email protected]

Remarks: The JSE is a key part of SA's economic landscape. As the country’sonly full service securities exchange, it connects buyers and sellers in a variety offinancial markets: equities, financial derivatives, commodity derivatives, currencyderivatives and interest rate instruments. It is the largest African exchange bymarket capitalisation and value traded. It has operated as a marketplace for thetrading of financial products for over 125 years and now provides a primarymarket, trading and post-trade services, technology services and market datasales, while also regulating its primary and secondary markets. The JSE issupervised in the execution of its regulatory responsibilities by the FinancialServices Board (FSB). The JSE is the market of choice for local and internationalinvestors looking to gain exposure to the SA capital markets.

Investment Data Services Group (IDS)Address: Investment Data Services Group, 5th Floor, IDS House, 8 St Georges Mall,Cape Town 8001PO Box 24, Cape Town 8000Tel: 021 402-1600Fax: 086 574-8893E-mail: [email protected]: www.idsfundservices.com

COMPANY DETAILS

Type of firm: Private equity and hedge fund administratorsContacts: Tony Christien, Ian Hamilton

Remarks: Investment Data Services Group (IDS) specialises in providing privateequity and hedge fund administration services to the alternative investmentcommunity in SA and abroad. IDS has offices in Cape Town, , Malta and apresence in Mauritius and the UK, offering a complete range of assetadministration services to fund managers and private equity investment houses.

Grant ThorntonAddress: 137 Daisy Street, Sandown; Private Bag X28, Benmore 2010Tel: 011 322-4500; Fax: 011 322-4545E-mail: [email protected]: www.gt.co.za

COMPANY DETAILS

Type of firm: Audit, tax and advisoryContacts: Jeanette Hern, [email protected]

Steven Kilfoil, [email protected] Paropoulos, [email protected]

Remarks: Led by senior partner, Jeanette Hern, Grant Thornton’s dynamiccorporate finance team offers hands-on, integrated solutions. We provide a fullsuite of corporate finance services to maximise value and ensure seamlesscompletion of transactions. To meet the needs of our market-dynamic andambitious organisations, we leverage off our firm’s multidisciplinary advisory andtax capabilities. By applying both reason and instinct we help our clients unlocktheir potential for growth. ❑ Transaction advisory; ❑ Due diligence;❑ Valuations; ❑ Capital markets; and ❑ Mergers & acquisitions.

Glyn Marais IncAddress: The Place, 2nd Floor, 1 Sandton Drive, SandtonPO Box 652361, Benmore, 2010Tel: 011 286-3700; Fax: 011 286-3900E-mail: [email protected]; Website: www.glynmarais.co.za

COMPANY DETAILS

Type of firm: Law firmContact: Willem de Villiers

Remarks: Glyn Marais has been at the forefront of its practice areas in SA since1990. With a tight-knit and highly specialised team, the firm has built areputation for fleet-footed service and an in-depth understanding of the businessof its blue-chip clients. It acts for various actors in private equity, includingprivate equity funds, family offices, investors, banks and other funding providers.Through its membership of the Dentons association of African firms, it is able toimplement transactions throughout the continent and has successfullyimplemented transactions in more than 10 African countries outside SA.



LLR CapitalAddress: 4 Orwell Place, Orwell Drive, Three Rivers..Tel: +27 (0)86 100-0889; Fax: +27 (0)86 759-2158E-mail: [email protected]: www.llrcapital.com

COMPANY DETAILS

Type of firm: Private equity investment – merger & acquisitionContact: Christo Roets, +27 (0) 83 408-3376

Remarks: At LLR Capital SA we base our business practice on a solid and wellresearched philosophy. We continuously aspire to uncover new ways to enhanceyour business, providing you and your shareholders with financial resources toensure sustainable development of the business. We facilitate without interferingand we assist with the realisation of your vision by finding suitable investors. Assuch, we facilitate monetary growth within parameters that are acceptable to youand your shareholders. LLR Capital SA will adapt and respond to your needs,providing you with a reliable and convenient service. Our aim is to constructsynergy between your business and its investors.

KPMGAddress: 85 Empire Road, Parktown JohannesburgTel: 011 647-7128; Fax: 011 647-6026E-mail: [email protected]; Website: www.kpmg.co.za

COMPANY DETAILS

Type of firm: Provider of professional services (audit, tax and advisory)Contact: Warren Watkins

Remarks: KPMG is a global network of professional firms providing audit, tax andadvisory services. It operates in 150 countries and has 138 000 people working inmember firms around the world. It has 3 200 professionals, working from 11 officesacross SA, and 14 offices across Southern Africa, including Angola, Botswana,Madagascar, Malawi, Mauritius, Mozambique, Namibia, Swaziland, Zambia andZimbabwe. KPMG has private equity groups in more than 146 countries.These offer a multidisciplinary team approach comprising financial, tax and legalprofessionals focused on deal sourcing, due diligence investigations, dealstructuring, corporate restructuring and financial modelling. In SA, KPMG hasassisted with most of the large private equity transactions over the past five years.Its 12th annual PE performance survey for SA is under way.

MaitlandAddress: Maitland House 1, River Park, Gloucester Road, Mowbray, Cape Town7 70 0Tel: +27 (0)21 681-8010E-mail: [email protected]: www.maitlandgroup.com

COMPANY DETAILS

Type of firm: Fund servicesContacts: Andre Le Roux

Remarks: Maitland is an international firm providing multi-jurisdictional legal,tax, fiduciary and fund administration services to private, corporate andinstitutional clients. We have offered independent third-party fund administrationservices since 1998; are ISAE3402 compliant; and have over R1,45 trillion AUA.Maitland’s private equity fund services team supports clients, from the structuringof their funds through to fund administration, supported by our best of breedInvestran technology platform. We have access to legal, tax and accountingspecialists within the Maitland group. We have strategically placed offices inLondon, Luxembourg, BVI, Cayman, Isle of Man, Malta, Mauritius, SA and the US.

Marsh Africa (Pty) LtdAddress: 156 5th Street SandtonPrivate Bag X14, Benmore 2010Tel: +27 11 060-7265; Fax: 086 772-1728; Cellular: +27 72 581-0471E-mail: [email protected]: www.marsh-africa.com / www.marshriskconsulting.com

COMPANY DETAILS

Type of firm: Risk and insurance advisersContact: Spiros Fatouros, Private Equity Mergers & Acquisitions

Practice leader

Remarks: Marsh is a member of the worldwide MMC group of companies andone of SA’s leading corporate risk consultants and insurance brokers. The privateequity, mergers and acquisitions practice (PEMA) provides pre- and post-acquisition risk and insurance due diligence services, transactional risk solutionsand insurance services to the legal, financial, private equity and venture capitalindustries as well as to lenders on infrastructure/project finance transactions. Thefirm’s innovative approach to deal-risk enables it to structure insurance solutionsfor transactions of all sizes. Marsh is an authorised financial services provider.



Norton Rose SAAddress: 15 Alice Lane, Sandton 2196; Tel: 011 685-8500;E-mail: [email protected]; Website: www.nortonrose.com

COMPANY DETAILS

Type of firm: Full service law firmContact: Lance Roderick, 031 582-5654

Remarks: Established in the early 1920s, Norton Rose SA (previously DeneysReitz, Inc.) is a leading SA legal practice that provides specialist services acrossthe spectrum of legal disciplines. The firm’s clients include financial institutions,major industrial and commercial corporations, mining houses, parastatals andgovernment departments. We are a leading adviser in relation to investmentfunds, offering a complete range of legal advisory services to those establishing ormanaging investment funds, particularly private equity funds. Our specialists haveextensive experience advising on fund structures in Africa and in offshorejurisdictions including Mauritius and the Cayman Islands. We are ranked Tier 1for Investment Funds by Legal 500 2012. Norton Rose will join forces withFulbright & Jaworski LLP on June 3 2013, creating Norton Rose Fulbright, aglobal legal practice with significant depth of experience across the world.

PKF chartered accountants and advisersAddress: 42 Wierda Road West, Wierda Valley 2196; Tel: 011 384-8000E-mail: [email protected]; [email protected]

COMPANY DETAILS

Type of firm: Registered auditors and businessadvisers

Contact: Ian Vorster

Remarks: PKF, a Top 10 global network, is one of the largest mid-tier auditingfirms in SA. PKF SA boasts a long-standing and well established history ofexcellence, with a wide range of clients that includes more than 36 listedcompanies. With us as a business partner you know you are working with a teamthat understands the challenges of the local business environment. PKF has theability and the capacity to service large, complex transactions. We alsodifferentiate ourselves in providing personalised client service and support atdirector level. We have six core areas of expertise and within these areas we tailorour services for your business needs. These areas are: audit and corporate services;tax planning and compliance; corporate finance; corporate governance; wealthmanagement; and international services.

Read Hope Phillips AttorneysAddress: 3rd Floor, 30 Melrose Boulevard, Melrose Arch, Melrose North 2196PO Box 757, Northlands 2116Tel: 011 344-7800; Fax: 086 681-8057E-mail: [email protected]: www.rhp.co.za

COMPANY DETAILS

Type of firm: Corporate commercial law firmDirectors: 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 withthe following core practice areas: ❑ Mergers and acquisitions; ❑ Private equitytransactions; ❑ Corporate litigation; ❑ Legal forensic investigations; and❑ Public sector work, including PPPs and project finance. The firm has acted in anumber of significant private equity transactions.

Mazars Corporate Finance (Pty) LtdAddress: 5 St Davids Place Parktown, JohannesburgTel: 011 547-4000Fax: 011 484-7864E-mail: [email protected]

COMPANY DETAILS

Type of firm: Corporate finance advisoryContact: Anoop Ninan

Remarks: Mazars is an international, integrated and independent organisationthat specialises in audit, tax and advisory services. It also specialises in mergers &acquisitions, valuations, due diligence reviews, capital raising advice andtransaction advisory services.



RisCura FundamentalsAddress: 5th Floor, Montclare Place, cnr Campground & Main Road, Claremont 7735PO Box 23983, Claremont 7735Tel: 021 673-6999; Fax: 021 673-6998E-mail: [email protected]: www.riscura.com

COMPANY DETAILS

Type of firm: Independent valuation, risk and performance analysisservices

Contact: Rory Ord

Remarks: We provide private equity fund managers and limited partners acrossAfrica with independent valuations in line with the International Private Equity &Venture Capital Valuation Guidelines. Our services allow for a more transparentand investor friendly environment for all investors in hard-to-value assets. Oursolutions have been backed by many of Africa’s leading pension funds, privateequity funds and funds of funds. Our performance and risk analysis servicescombine RisCura’s extensive private equity and modelling expertise to delivercredible, independent analysis.

SizweNtsalubaGobodo IncAddress: 20 Morris Street East, Woodmead, 2191Tel: 011 231-0600Website: www.sng.za.com

COMPANY DETAILS

Type of firm: Audit, advisory and forensicsContact: Anoosh Rooplal: director, [email protected]

Remarks: SizweNtsalubaGobodo’s Corporate Finance division offers independentcorporate finance and advisory services. These include valuations, due diligenceinvestigations, corporate advisory, mergers & acquisitions, capital raising andstock exchange advisory.Cross-service offerings in the firm include taxation advisory, actuarial advisory, ITadvisory and corporate governance. These divisions support the advisory team ondeal 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.

SJ BerwinAddress: 10 Queen Street Place, London, EC4R 1BE UKLondon Tel: +44 207 111-2222; SA Tel: +27 82 856-7084; Fax: +44 207 111-2000Email: [email protected]; Website: www.sjberwin.com

COMPANY DETAILS

Type of firm: International Law firmContacts: David Parkes, partner; Patrick Deasy, partner; Cindy

Valentine, partner; Ylan Steiner, partner

Remarks: From fund formation to buyouts, investments and exits, our clientsbenefit from our integrated expertise across Europe, the Middle East and Asia withseamless support from our regulatory, tax and finance practices. We work with thefull cross section of investors active in the private equity space, includingdevelopment finance institutions, sovereign wealth funds, institutional investors,pension funds, fund of funds and family offices. Our commitment to delivering ourclients' commercial goals has made us market leaders and keeps us at the centre ofinternational private equity. From last month international funds partner CindyValentine has been working remotely from SA to better serve our clients’ needs.

Rebos Capital (Pty) LtdAddress: 68 Wierda Road, Block A Sandton Place, Wierda Valley, SandtonTel: 011 523-9600Fax: 011 523-9601E-mail: [email protected]

COMPANY DETAILS

Type of firm: Consulting, advising and research firmContacts: Chezo Mokgwatsane

Remarks: Rebos Capital provides investments and advisory services to clients inthe agricultural sector and related agri-businesses. Our key objective is to assist incommercialising South African previously-disadvantaged farmers.



Step Advisory (Pty) LtdAddress: Unit 102, 1st Floor, Lillipark Office Block, 354 Rivonia Boulevard,Rivonia, 2191Tel: +27 (0)11 287-5880E-mail: [email protected]: www.step.co.za

COMPANY DETAILS

Type of firm: ConsultancyContacts: +27 (0)11 287-5880; +(0)82 493-5957

STANLIB Credit PartnersAddress: STANLIB Building, 3rd Floor, 17 Melrose Boulevard, Melrose Arch,Johannesburg 2196; Tel: 011 448-6000E-mail: [email protected]; Website: www.stanlib.com

COMPANY DETAILS

Type of firm: Manager of high yield credit fundsContacts: Phillip Myburgh, 011 448-6581

Walter Hirzebruch, 011 448-5075Dinilesizwe Geya, 011 448-5068Moeketsi Mokuoane, 011 448-6814

Remarks: STANLIB Credit Partners, founded in 2005, originally as a specialistmanager of closed-end mezzanine-only funds (under the name “MezzaninePa r t n e r s ”) has pioneered high-yield credit portfolio management in the SA debtcapital market. The central theme of its investment origination strategy is tocollaborate with well established equity sponsors, mandated lead arrangers, leadingborrowers and experienced management teams in SA to develop customised andinnovative term debt financing solutions, tailored to meet the unique requirementsof each transaction.

Technology Innovation AgencyAddress: 83 Lois Avenue, Menlyn, Pretoria 0181Tel: 012 472-2700Fax: 086 638-4803E-mail: [email protected]: www.tia.org.za

COMPANY DETAILS

Type of firm: Agency as created by the TIA Act 26 of 2008 — an initiativeof the national department of science & technology

Contact: Dumisane Mangwane, GM: Investment Finance,012 472-2700, [email protected]

Remarks: The mandate of the Technology Innovation Agency (TIA) is tostimulate and intensify technological innovation for economic growth and theimproved quality of life of all South Africans by supporting the development andexploitation of technological innovations. The agency became operational during2010/2011 through a merger of several government initiatives and agencies. TIAinvests in the development of new technologies and their commercialisation —specifically where there are insufficient resources to take the innovation forward.

Spencer Stuart South Africa (Pty) LtdAddress: PO Box 411430, Craighall 2024; Tel: 011 557-5300; Fax: 011 463-3371E-mail: [email protected]; Website: www.spencerstuart.com

COMPANY DETAILS

Type of firm: Executive search firmContact: Mpho Seboni

Remarks: We help select clients — ranging from major multinationals toemerging companies and non-profit organisations across industries andgeographies — to address their leadership requirements, which include executivesearch, board services and executive assessment. As the market leader in keygeographies across the globe, we perform well over half of all directorassignments handled by executive search firms. The largest percentage of ourannual 4 500 assignments focus on CEOs, presidents and chief operations officers.Our 350 worldwide consultants possess a unique blend of professional searchexperience and in-depth industry expertise. Spencer Stuart has been in SA since1995, and has been at the forefront of the business and political transformation ofthe country, assisting our listed, privately-owned and state-owned clients to findand assess the very best executives.



Werksmans Attorneys155 5th Street, Sandton, Johannesburg, 2196; 18th Floor, 1 Thibault Square, CapeTown, 8000Tel: 011 535-800; 021 405-5000E-mail: [email protected], [email protected]: www.werksmans.com

COMPANY DETAILS

Type of firm: Law firmContacts: Gareth Driver; Shayne Krige

Remarks: Werksmans Attorneys is a leading SA corporate and commercial lawfirm, with a formidable track record in mergers and acquisitions, commercial law,banking, finance, commercial litigation and dispute resolution. Its dedicatedInvestment Fund & Private Equity practice brings together a team of commercial,tax, private equity, regulatory and finance lawyers to meet the unique requirementsof asset managers, investment advisers and investors. Services range from advisingclients on operating their local and offshore funds to advising foreign investmentmanagement businesses in relation to the distribution of their funds in SA. ThroughLex Africa we also offer clients a single entry point to over 24 African countries.

Webber WentzelAddress: 10 Fricker Road, Illovo 2196PO Box 61771, Marshalltown 2107, JohannesburgTel: 011 530-5253; Fax: 011 530-5120E-mail: [email protected]: www.webberwentzel.com

COMPANY DETAILS

Type of firm: AttorneysContact: 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 taxservices to the private equity industry in Africa, including in relation to fundformation, acquisitions and disposals and management arrangements.We have been consistently involved in the highest profile private equitytransactions 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 withmore than 580 lawyers in 12 jurisdictions) and have entered into an alliance withLinklaters, a global law firm.


MAKING

HAPPEN

PRIVATE EQUITY

PARTNERSHIPS THAT

AMOUNT TO MORE

THAN YOU’D EXPECT

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

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