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Private Equity
BY Louise Mitchell
South Africa
07 November 2018
R 10 080.00 (ZAR)  
estimated $ 715.05 (USD) *
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Private Equity


Private equity’s capital penetration, or capital injected into the economy through private investments, was equal to 0.7% of GDP in 2017, and the sector is an important role player in the development of companies and infrastructure projects in the country. South Africa’s private equity industry had R158bn in funds under management in 2017. The volume and value of private equity and venture capital deals targeting South African companies declined year-on-year in 2017 with 43 deals worth a combined US$312m, compared to the US$896m invested across 60 deals in 2016. In terms of value, 2017’s results were the lowest since 2010. Private equity continues to outperform listed equity.


Influencing Factors


The relatively expensive level of equities on the Johannesburg Stock Exchange, regulatory acceptance of investment by South African pension funds in private equity funds, government’s renewable energy programme, the need for banks to reduce their loan books, infrastructure requirements and the economic growth enjoyed by some sub-Saharan African countries are fuelling renewed interest in private equity investment. While the recent focus has been on deploying rather than raising funds, the decline in fundraising is a concern to industry role players.


Report Coverage


The Private Equity report describes important changes and key developments, current conditions, recent merger and acquisition activity and factors influencing the success of the industry. The report profiles 25 public and private companies including the Public Investment Corporation, Ethos, Brait, African Rainbow Capital, Lereko and the private equity arms of major fund managers including Old Mutual and Sanlam.


Page
1. INTRODUCTION 1
2. DESCRIPTION OF INDUSTRY 1
2.1. Industry Body 4
2.2. Industry value chain 4
2.3. Geographic Position 6
3. SIZE OF THE INDUSTRY 6
4. STATE OF THE INDUSTRY 8
4.1. Local 8
4.1.1. Corporate Actions 11
4.1.2. Regulations 14
4.1.3. Enterprise Development and Social Economic Development 18
4.2. Continental 22
4.3. International 24
5. INFLUENCING FACTORS 26
5.1. Economic environment 26
5.2. Pension Fund Investment 27
5.3. Infrastructure Investment 28
5.4. Responsible Investing 29
5.5. Impact Investing 30
5.6. Labour 31
5.7. Information Technology (IT), Research and Development and Innovation 32
5.8. Cybersecurity 33
6. COMPETITION 33
7. SWOT ANALYSIS 34
8. OUTLOOK 35
9. INDUSTRY ASSOCIATIONS 35
10. REFERENCES 36
10.1. Publications 36
10.2. Websites 37
APPENDIX 1 38
Summary of Major Players 38
COMPANY PROFILES 46
ACTIS AFRICA LTD 46
AFRICAN RAINBOW CAPITAL INVESTMENTS LTD 48
BRAIT SE 51
BUSINESS PARTNERS LTD 54
CAPITALWORKS INVESTMENT PARTNERS (PTY) LTD 59
DEVELOPMENT BANK OF SOUTHERN AFRICA 61
DEVELOPMENT PARTNERS INTERNATIONAL LLP 64
EPE CAPITAL PARTNERS LTD 66
ETHOS PRIVATE EQUITY (PTY) LTD 69
HULISANI LTD 72
INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTH AFRICA LTD 75
INTEL SOUTH AFRICA CORPORATION 86
INTERNATIONAL FINANCE CORPORATION 88
KZN GROWTH FUND TRUST 91
LEREKO INVESTMENTS (PTY) LTD 94
MINEWORKERS INVESTMENT COMPANY (RF) (PTY) LTD 97
NATIONAL EMPOWERMENT FUND TRUST 100
NEDBANK LTD 105
OLD MUTUAL PRIVATE EQUITY (DIVISION OF OLD MUTUAL INVESTMENT GROUP (PTY) LTD) 114
PEMBANI REMGRO INFRASTRUCTURE MANAGERS (PTY) LTD 117
PUBLIC INVESTMENT CORPORATION SOC LTD 119
REMGRO LTD 126
RMB PRIVATE EQUITY (PTY) LTD 131
ROCKWOOD PRIVATE EQUITY (PTY) LTD 133
SANLAM PRIVATE EQUITY (DIVISION OF SANLAM INVESTMENT MANAGEMENT (PTY) LTD) 135