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    The Private Equity Industry in South Africa 2023

    Stephen Timm | South Africa | 24 March 2023

    The Private Equity Industry in South Africa 2020

    Carole Veitch | South Africa | 27 March 2020

    The Private Equity Industry in South Africa 2018

    Louise Mitchell | South Africa | 07 November 2018

    The Private Equity Industry in South Africa 2016

    Ebrahim-Khalil Hassen | South Africa | 09 March 2016

    Report Info

    Report Summary Table of Contents
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    Report Coverage

    This report covers the private equity sector in South Africa including venture capital and SME funding. It includes information on the size and state of the sector, investment and corporate activity, funds under management, funds raised and returns, notable players and developments, including regulatory developments which could result in new investment trends. There are profiles of 28 companies including RMB Corvest and RMB Ventures, Metier, African Rainbow Capital, Hlayisani Capital, Vantage Capital and the SA SME Fund.

    Introduction

    • Private equity funds under management have increased, but value and number of investments has slowed since 2018.
    • Returns have also been falling recently.
    • The slowing global and local economy is likely to mean a tougher 2023 for fund managers.
    • South Africa’s grey listing and ratings downgrades are other challenges.
    • Pension Funds Act amendments, which came into effect in January 2023, could help increase investment in venture capital and in infrastructure.
    • The local venture capital sector has boomed recently.

    Strengths

    • Private equity supports socio-economic development.
    • South Africa’s well-established private equity industry is the most mature and sophisticated in Africa.
    • The industry plays a valuable role in nurturing and catalysing the growth of SMEs.
    • The resilience of the private equity and venture capital sector which operates in a tough environment.

    Weaknesses

    •  There is a shortage of auditors which makes it more difficult for private equity firms to timeously track portfolio investments.
    • Although the investor base is expanding, the asset class remains under-utilised, with local pension fund allocations still well below the (new) permissible threshold of 15%.
    • Exchange controls often necessitate South African startups having to register and move offshore to raise venture capital.
    • Returns on investments have slowed in recent years.
    • The industry is relatively small in comparison with developed markets.
    • There is a lack of follow-on funding for venture capital investments

    Opportunities

    • Amendments to Section 28 of the Pension Funds Act could spur investment in infrastructure and private equity.
    • An increasing number of local venture capital companies are making investments in startups in the rest of Africa.
    • Investment in infrastructure public-private partnerships, in particular digital infrastructure and renewable energy, both locally and in sub-Saharan Africa.
    • Section 12B of the Income Tax Act, which provides tax deductions for investors that invest in renewable energy.
    • The delisting trend, and ongoing emigration offers local private equity firms an opportunity to snap up companies.
    • The development of alternative online funding platforms, such as equity crowdfunding.
    • The SA SME Fund is looking to raise new funding to invest in funds, including venture capital funds, that in turn invest in SMEs.

    Threats

    • Cybersecurity risks.
    • Emigration makes it more difficult to hire quality managers to lead portfolio companies.
    • Funds under management are increasing faster than investments, which could result in a bubble building, with too much capital chasing too few investments.
    • Grey listing could limit South African fund manager’s ability to raise capital from offshore investors.
    • Loadshedding threatens to drive down the growth of portfolio company investments.
    • Other African countries are surpassing South Africa in venture capital investments.
    • The weakening domestic macroeconomic environment, with the possibility of further credit rating downgrades.

    Outlook

    • While the private equity sector has long proven resilient, the country’s low growth outlook is likely to continue to suppress investment.
    • Assets under management continued to grow, but the number of transactions was not growing at the same rate, with too much capital chasing too few transactions, which could create an investment bubble.
    • Exit from investments to offshore players is becoming more difficult and scarce.
    • Grey listing could limit South African fund managers’ ability to raise capital from offshore investors.
    • Investment appears to be slowing in the venture capital sector after the recent boom.

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    The Private Equity Industry in South Africa
    The Private Equity Industry in South Africa 2023

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    The Private Equity Industry in South Africa 2020-03-27

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    The Private Equity Industry in South Africa 2018-11-07

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    The Private Equity Industry in South Africa 2016-03-09

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    Table of Contents

    [ Close ]
    PAGE
    1. INTRODUCTION 1
    2. DESCRIPTION OF THE INDUSTRY 1
    2.1. Industry Value Chain 4
    2.2. Geographic Position 5
    2.3. Size of the Industry 6
    3. LOCAL 10
    3.1. State of the Industry 10
    3.2. Key Trends 16
    3.3. Key Issues 21
    3.4. Notable Players 21
    3.5. Corporate Actions 22
    3.6. Regulations 27
    3.7. Enterprise Development and Social Development 31
    4. AFRICA 33
    5. INTERNATIONAL 37
    6. INFLUENCING FACTORS 40
    6.1. Economic Environment 40
    6.2. Labour 41
    6.3. Technology, R&D, Innovation 42
    6.4. Government Involvement 43
    6.5. Pension Fund Investment 44
    6.6. Infrastructure Investment 45
    6.7. Environmental Issues, ESG and Responsible Investing 46
    6.8. Cybersecurity 48
    7. COMPETITIVE ENVIRONMENT 48
    7.1. Competition 48
    7.2. Ownership Structure of the Industry 49
    7.3. Barriers to Entry 51
    8. SWOT ANALYSIS 51
    9. OUTLOOK 52
    10. INDUSTRY ASSOCIATIONS 53
    11. REFERENCES 53
    11.1. Publications 53
    11.2. Websites 54
    APPENDIX 1 56
    Summary of Notable Players 56
    COMPANY PROFILES 61
    4Di Group (Pty) Ltd 61
    Acorn Private Equity (Pty) Ltd 63
    African Rainbow Capital Investments Ltd 65
    Altvest Capital Ltd 68
    AYO Technology Solutions Ltd 70
    Bopa Moruo Private Equity Fund Managers (Pty) Ltd 73
    Convergence Partners Management (Pty) Ltd 75
    Edge Growth Business Development (Pty) Ltd 78
    Grovest Venture Capital Company (Pty) Ltd 80
    Havaic Holdings South Africa (Pty) Ltd 82
    Hlayisani Fund Managers (Pty) Ltd 84
    Horizon Equity Partners (Pty) Ltd 85
    IDF Capital (Pty) Ltd 87
    Jozi Angels Investment Group (Pty) Ltd 89
    K2018565981 (South Africa) (Pty) Ltd 90
    Launch Africa Ventures Fund 1 91
    Metier Investment and Advisory Services (Pty) Ltd 93
    Naspers Ltd 96
    NESA Venture Capital Investments (Pty) Ltd 100
    Pallidus Holdings (Pty) Ltd 102
    Pembani Remgro Infrastructure Managers (Pty) Ltd 104
    Phatisa Managers (Pty) Ltd 106
    RMB Corvest (Pty) Ltd 109
    RMB Ventures (Pty) Ltd 111
    SA SME Fund Ltd (The) 113
    Vantage Capital Group (Pty) Ltd 115
    Vuna Partners (Pty) Ltd 117
    Vunani Capital Partners Ltd 119

    Report Coverage

    This report focuses on the South African Private Equity Industry and includes comprehensive information on the state and size of the industry, influencing factors, corporate actions and issues affecting SME funding. There are profiles of 45 companies including private equity players such as Ethos, Actis, African Rainbow Capital, Brait and Metier. Other profiles include government-owned Industrial Development Corporation and the National Empowerment Fund, industry participants in the SME space such as AngelHub Ventures and Newtown Partners, and Section 12J companies such as Westbrooke and Grovest.

    Introduction

    Southern African private equity funds under management recorded a compound annual growth rate of around 9.3% over the past two decades, rising to an estimated R185bn in 2020. Given the resilience of the asset class, role players suggest that South Africa’s private equity industry is well positioned to stimulate economic growth in the sub-region. Besides generating attractive financial returns for investors, private equity investments across all sectors of the economy are increasingly delivering positive outcomes for the environment and society at large. By nurturing and catalysing the growth of SMEs, private equity funds, together with other alternative investment platforms, such as angel finance and venture capital, continue to play a vital role in job creation.

    Strengths

    • Private equity supports socio-economic development.
    • South Africa’s well-established private equity industry is the most mature and sophisticated in Africa.
    • The industry is a driver of job creation.
    • The industry plays a valuable role in nurturing and catalysing the growth of SMEs.
    • The resilient asset class offers diversity and has outperformed publicly-listed equity since 2008.

    Weaknesses

    • Although the investor base is expanding, the asset class remains under-utilised, with local pension fund allocations still well below the permissible threshold of 10%.
    • Information about the asset class is inadequate. Many investors are not familiar with private equity and do not understand its value.
    • The asset class is illiquid.
    • The industry is relatively small in comparison with developed markets.

    Opportunities

    • Further expansion of the investor base, with a specific focus on pension funds and other institutional investors.
    • Investment in infrastructure public-private partnerships, both locally and in sub-Saharan Africa.
    • The development of alternative online funding platforms, such as equity crowdfunding.
    • The establishment of smaller venture capital fund managers and ‘stokvels’, or similar pooled investment schemes.
    • The uptake of impact investing, with pension funds and other investors increasingly focusing on investments offering positive environmental and social outcomes.

    Threats

    • Competition from alternative online investment platforms.
    • Cybersecurity risks.
    • External geopolitical threats.
    • Global macroeconomic pressures, which could result in lower levels of investment.
    • Regulatory uncertainty relating to the possible suspension of Section 12J venture capital tax benefits if a ‘sunset clause’ is implemented in June 2021.
    • The negative impact of climate change and extreme weather events on global growth.
    • The weakening domestic macroeconomic environment, with the possibility of a further credit rating downgrade to junk status.

    Outlook

    With geopolitical tensions escalating, climate-related shocks intensifying and the coronavirus proliferating globally, analysts warn that 2020 will be a turbulent year for the world’s capital markets. For South African investment managers, the prevailing climate of uncertainty is exacerbated by a strong possibility that rating agency Moody’s will downgrade South Africa’s credit rating to junk status in 2020. Although investor confidence is not expected to recover in the short-term, some economists predict that investors with a longer-term view will increasingly be attracted to alternative investment asset classes, such as private equity and its sub-classes, venture capital and angel finance, which offer greater diversity and the potential of attractive returns. Meanwhile, the progressive shift from the traditional risk-return model of investing, to a more responsible approach, continues to gather momentum, with investors increasingly prioritising impactful investments that offer positive benefits for society and the environment.

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    The Private Equity Industry in South Africa
    The Private Equity Industry in South Africa 2020

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    Industry Landscape

    R 1 330.00(ZAR) estimated $ 70.92 (USD)*

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    Historical Reports

    The Private Equity Industry in South Africa 2023-03-24

    R 6 500.00(ZAR) estimated $346.58 (USD)*

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    The Private Equity Industry in South Africa 2018-11-07

    R 1 900.00(ZAR) estimated $101.31 (USD)*

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    The Private Equity Industry in South Africa 2016-03-09

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    Table of Contents

    [ Close ]
    PAGE
    1. INTRODUCTION 1
    2. DESCRIPTION OF THE INDUSTRY 1
    2.1. Industry Value Chain 4
    2.2. Geographic Position 5
    3. SIZE OF THE INDUSTRY 6
    4. STATE OF THE INDUSTRY 9
    4.1. Local 9
    4.1.1. Corporate Actions 11
    4.1.2. Regulations 13
    4.1.3. Enterprise Development and Social Economic Development 16
    4.2. Continental 20
    4.3. International 23
    5. INFLUENCING FACTORS 26
    5.1. Economic Environment 26
    5.2. Pension Fund Investment 26
    5.3. Infrastructure Investment 27
    5.4. Responsible Investing 27
    5.5. Impact Investing 28
    5.6. Labour 29
    5.7. Technology, Research and Development (R&D) and Innovation 30
    5.8. Cybersecurity 30
    6. COMPETITION 31
    6.1. Barriers to Entry 31
    7. SWOT ANALYSIS 32
    8. OUTLOOK 33
    9. INDUSTRY ASSOCIATIONS 33
    10. REFERENCES 34
    10.1. Publications 34
    10.2. Websites 34
    APPENDIX 1 36
    Private Equity Deals in 2019 36
    APPENDIX 2 39
    Summary of Notable Players 39
    COMPANY PROFILES 50
    ACORN PRIVATE EQUITY (PTY) LTD 50
    ACTIS AFRICA LTD 52
    AFRICAN RAINBOW CAPITAL INVESTMENTS LTD 54
    AGILE CAPITAL (PTY) LTD 57
    ANGELHUB (PTY) LTD 59
    BOXCARS DOZEN (PTY) LTD 60
    BRAIT SE 62
    BUSINESS PARTNERS LTD 64
    CAPITALWORKS INVESTMENT PARTNERS (PTY) LTD 69
    DEVELOPMENT BANK OF SOUTHERN AFRICA 71
    DEVELOPMENT PARTNERS INTERNATIONAL LLP 74
    EDGE GROWTH BUSINESS DEVELOPMENT (PTY) LTD 76
    EPE CAPITAL PARTNERS LTD 78
    ETHOS PRIVATE EQUITY (PTY) LTD 81
    EXEO CAPITAL (SA) (PTY) LTD 84
    GROVEST VENTURE CAPITAL COMPANY (PTY) LTD 86
    HARITH GENERAL PARTNERS (PTY) LTD 88
    HORIZON EQUITY PARTNERS (PTY) LTD 91
    HULISANI LTD 92
    INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTH AFRICA LTD 95
    INTEL SOUTH AFRICA CORPORATION 106
    INTERNATIONAL FINANCE CORPORATION 108
    KALON VENTURE PARTNERS LTD 111
    KNIFE CAPITAL (PTY) LTD 113
    KZN GROWTH FUND TRUST 115
    LEBASHE INVESTMENT GROUP (PTY) LTD 118
    LEREKO INVESTMENTS (PTY) LTD 120
    LUCID VENTURES (PTY) LTD 123
    MINEWORKERS INVESTMENT COMPANY (RF) (PTY) LTD 124
    NATIONAL EMPOWERMENT FUND TRUST 127
    NEDBANK LTD 132
    NESA VENTURE CAPITAL INVESTMENTS (PTY) LTD 141
    NEWTOWN PARTNERS (PTY) LTD 143
    NOVARE EQUITY PARTNERS (PTY) LTD 145
    OLD MUTUAL PRIVATE EQUITY (DIVISION OF OLD MUTUAL INVESTMENT GROUP (PTY) LTD) 147
    PALLIDUS HOLDINGS (PTY) LTD 149
    PEMBANI REMGRO INFRASTRUCTURE MANAGERS (PTY) LTD 151
    PUBLIC INVESTMENT CORPORATION SOC LTD 153
    REMGRO LTD 161
    RH BOPHELO LTD 166
    RMB PRIVATE EQUITY (PTY) LTD 168
    ROCKWOOD PRIVATE EQUITY (PTY) LTD 170
    SANLAM PRIVATE EQUITY (DIVISION OF SANLAM INVESTMENT MANAGEMENT (PTY) LTD) 172
    SASFIN CAPITAL (PTY) LTD 174
    WESTBROOKE ALTERNATIVE ASSET MANAGEMENT (PTY) LTD 176

    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.

    Introduction

    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.

    Strengths

    • Regulatory environment is conducive to private equity investments.
    • Strong sector, with established industry players.

    Weaknesses

    • Overregulation under new regulatory dispensation for the financial industry could increase costs.
    • Weak uptake of pension fund investment in private equity.

    Opportunities

    • Infrastructure development in Africa is driving private equity investments.
    • Market volatility could increase private equity investments as a safe haven.
    • Smaller investors and investments could be facilitated via online platforms.
    • The need for social economic development is driving alternative investment strategies that combine private equity with other asset classes.

    Threats

    • Competition from alternative investment sources such as sovereign wealth funds.
    • Decrease in fund raising activities.
    • Exits are negatively affected by the weak economic environment and currency volatility.

    Outlook

    According to the World Economic Forum, increasing volatility in market returns, interest rates and commodity prices will see private equity benefiting as investors seek safer havens. Industry role players expect increased exits from existing private equity investments since many funds were established some years ago. Increased fundraising activity can also be expected. Although South African private equity funds are likely to have increased exposure to other sub-Saharan African countries, the trend is for most South African private equity funds to maintain a primary focus on investment in South Africa. Van Lill expects to see a growing number of specialised funds targeting areas where the public sector has failed to deliver, such as infrastructure, healthcare and education. EY expects private equity investment to increase in other sectors, such as fintech, education, consumer products and services, healthcare and energy sectors. Analysts believe the challenge for private equity investors is to find opportunities in a low growth environment. In addition, the sector will need to continue to play, and increase its role in the development of the wider entrepreneurial ecosystem.

    Read More..
    The Private Equity Industry in South Africa
    The Private Equity Industry in South Africa 2018

    Full Report

    R 1 900.00(ZAR) estimated $101.31 (USD)*

    Buy Now +

    Industry Landscape

    R 1 330.00(ZAR) estimated $ 70.92 (USD)*

    Buy Now +

    Historical Reports

    The Private Equity Industry in South Africa 2023-03-24

    R 6 500.00(ZAR) estimated $346.58 (USD)*

    View Report Add to Cart

    The Private Equity Industry in South Africa 2020-03-27

    R 1 900.00(ZAR) estimated $101.31 (USD)*

    View Report Add to Cart

    The Private Equity Industry in South Africa 2016-03-09

    R 1 900.00(ZAR) estimated $101.31 (USD)*

    View Report Add to Cart

    Table of Contents

    [ Close ]
    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

    Report Coverage

    The Private Equity report describes important changes and key developments since 2009, current conditions, recent merger and acquisition activity, and factors influencing the success of the industry. The report profiles 22 companies, including major role players, the Public Investment Corporation SOC Ltd (PIC), the Industrial Development Corporation of South Africa Ltd (IDC) and the Development Bank of Southern Africa\r\nt/a DBSA, as well as smaller concerns such as Rockwood Private Equity (Pty) Ltd and Lereko Investments (Pty) Ltd.

    Introduction

    This report focuses on the private equity industry in South Africa from 2010 to 2016. The term ‘private equity’ refers to shareholder capital invested in private companies, as distinguished from publicly listed companies. South Africa’s private equity industry had R 162.2bn in funds under management in 2013. This represents, according to the South African Venture Capital and Private Equity Association (SAVCA) and KPMG, a compound annual growth of 11.8% since 1999. Thus since 2009, South African private equity has seen growth, which indicates a recovery since the financial crisis.

    Strengths

    • Regulatory environment is conducive to private equity investments.
    • Strong sector, with established industry structures.
    • Undrawn commitments, which indicates liquidity in the market.

    Weaknesses

    • Lack of a wider base of entrepreneurs and companies in which investments can be made.
    • Negatively affected by weak economic environment and currency volatility.

    Opportunities

    • Changes to pension fund act which allow for higher levels of investment in private equity, will support growth in the industry.
    • Potential to improve matching process of entrepreneurs and investors.
    • Smaller investors and investments could be facilitated via online platforms.

    Threats

    • Policy uncertainty from government.
    • Wider economic environment of low growth will limit the expansion plans of companies.

    Outlook

    The South African private equity industry remains upbeat about future prospects, and the ability to make deals. This is shown in the results of the Africa Private Equity Confidence Survey 2015. The industry has good reason to feel optimistic about future prospects as the industry has matured and there is interest in the market. The challenge for private equity investors, however, will be to find opportunities in a low growth environment. Moreover, analysts believe it will need to continue to play, and amplify its role in the development of the wider entrepreneurial ecosystem. Through this it might enhance the prospects for venture capital at the start-up phase for businesses.

    Read More..
    The Private Equity Industry in South Africa
    The Private Equity Industry in South Africa 2016

    Full Report

    R 1 900.00(ZAR) estimated $101.31 (USD)*

    Buy Now +

    Industry Landscape

    R 1 330.00(ZAR) estimated $ 70.92 (USD)*

    Buy Now +

    Historical Reports

    The Private Equity Industry in South Africa 2023-03-24

    R 6 500.00(ZAR) estimated $346.58 (USD)*

    View Report Add to Cart

    The Private Equity Industry in South Africa 2020-03-27

    R 1 900.00(ZAR) estimated $101.31 (USD)*

    View Report Add to Cart

    The Private Equity Industry in South Africa 2018-11-07

    R 1 900.00(ZAR) estimated $101.31 (USD)*

    View Report Add to Cart

    Table of Contents

    [ Close ]
    PAGE
    1. INTRODUCTION 1
    2. DESCRIPTION OF INDUSTRY 1
    2.1. Industry value chain 3
    2.2. Geographic Position 5
    3. SIZE OF INDUSTRY 5
    4. STATE OF THE INDUSTRY 15
    4.1. Local 15
    4.1.1. Corporate Actions 16
    4.1.2. Regulations 20
    4.1.3. Enterprise Development and Social Economic Development 25
    4.2. Continental 26
    4.3. International 29
    5. INFLUENCING FACTORS 30
    5.1. Economic environment 30
    5.2. Labour Resources 32
    5.3. Technology, Research and Development (R&D) and Innovation 33
    5.4. Environmental Concerns 33
    6. COMPETITION 34
    6.1. Competition Commission Rulings 34
    7. SWOT ANALYSIS 35
    8. OUTLOOK 36
    9. INDUSTRY ASSOCIATIONS 36
    10. REFERENCES 36
    10.1. Publications 36
    10.2. Websites 37
    COMPANY PROFILES 38
    Actis Africa Ltd 38
    Brait SE 40
    Business Partners Ltd 42
    CapitalWorks Investment Partners (Pty) Ltd 46
    Development Bank of Southern Africa 48
    Development Partners International LLC 52
    Ethos Private Equity (Pty) Ltd 54
    Industrial Development Corporation of South Africa Ltd 56
    Intel South Africa Corporation 63
    International Finance Corporation 65
    KZN Growth Fund Trust 68
    Lereko Investments (Pty) Ltd 71
    M FITEC International Ltd 74
    Mineworkers Investment Company (RF) (Pty) Ltd 76
    National Empowerment Fund Trust 79
    Nedbank Ltd 84
    Old Mutual Private Equity (Division of Old Mutual Investment Group (South Africa) (Pty) Ltd) 92
    Public Investment Corporation SOC Ltd 95
    Remgro Ltd 101
    RMB Private Equity (Pty) Ltd 106
    Rockwood Private Equity (Pty) Ltd 108
    Sanlam Investment Management (Pty) Ltd 111

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