Lion of Africa Fund Managers

http://www.lionfunds.co.za/aboutus.htm

"

Lion of Africa Fund Managers boasts a credible investment team with a wealth of industry experience. Our team members have lived through numerous market cycles and conditions over the years.

The team constitutes a group of passionate professionals with a diverse set of skills, views and insights, blending the burning desire of youth with the quiet, considered expertise and patience that comes with time.

Collectively our backgrounds cover experience in investment management, mathematics, actuarial science, economics, accounting, marketing, information systems, corporate finance, entrepreneurship, social dynamics and corporate governance.

The team is headed by individuals who have developed and managed a number of successful businesses, which are thriving in the financial services industry today..."

Imbewu Capital Partners

"OVERVIEW

Imbewu (which means “seed” in Zulu) Capital Partners (Pty) Ltd (“Imbewu”) is a black owned and controlled private equity and investment holding company. Imbewu invests, structures and raises funding for management buy outs, leveraged buy outs and strategic Black Economic Empowerment (“BEE”) transactions in partnership with management teams and shareholders.

Imbewu leverages the long-standing working relationships of the executives who collectively have more than 31 years of private equity and investment banking experience. The executives have the expertise required to identify attractive investment opportunities, design and implement appropriate transaction structures and add value to the underlying investments. The executives have experience in business strategy, implementation of corporate governance guidelines and transformation strategy and have built an extensive business network over the years.

Imbewu has a track record of leading and managing complex equity transactions and consortiums. Imbewu is further strengthened by its non-executive directors who collectively have operated at the highest level in business and have complementary skills and networks.

VALUE ADD PROPOSITION

 

Imbewu undertakes to add value to the underlying investments by:

• Providing strategic input, including independent assessment of the future strategy of the business;
• Providing assistance where appropriate with the growth acquisition strategy, by identifying, assessing, negotiating, structuring and acquiring potential businesses that complement the investee company;
• Negotiating with potential financiers when raising capital to fund growth;
• Ensuring that the business has an appropriate capital structure to maximise returns;
• Introducing and implementing corporate governance recommendations and guidelines;
• Assisting in the formulation and implementation of the Black Economic Empowerment (“BEE”) strategy;
• Unlocking business opportunities with clients that require strong BEE credentials; and
• Sourcing appropriately qualified black candidates to fill positions available for Employment Equity (“EE”) candidates...."

 http://www.imbewucapital.co.za/index.htm

Investec Principal Investments

"Principal Investments

Investec’s principal investments include private equity and BEE transactions.

Finding a BEE partner for your company requires resources such as funding, contacts and expertise. Access all the resources you need with our passionate team of equity specialists.

A combination of entrepreneurial operators and financiers, we offer sustainable returns through solid investing, strategic involvement and trusted partnership development over the long-term.

With us you get:

•        Access to international markets and contacts.
•        An international corporate and investments bank.  
•        The dynamic entrepreneurial minds of our people.

Delivering returns for more than ten years, we have a remarkable track record of successful partnerships with respected brands across the globe...."

 

 https://www.investec.co.za/products-and-services/advisory-services/principal-investments.html

Kagiso Tiso Holdings

"Investment Approach

KTH (through its legacy companies KTI and Tiso), boasts a track record of investment performance and creating long term sustainable shareholder value. Historically, the group’s impeccable BEE credentials allowed them to partner with strong companies (as an empowerment partner) and assisted those companies to create wealth for all shareholders. As a result, KTH currently has a portfolio of investments comprising market leading companies across key sectors. With the creation of KTH, the group is now poised to leverage this experience to become a leading investment company across Africa.

KTH focusses on investing in companies in specific sectors with strong, involved management teams. We aspire to become active shareholders of reference in our portfolio companies, through participation at board level and the various sub-committees. These companies are generally, high growth or cash generative and meet our investment criteria of inter alia generating market related returns for KTH. We maintain a long term horizon and can therefore partner with companies through-out cycles without any pressure to exit.

KTH sees the African continent at its primary market and will seek to manage a portfolio spanning across various sectors on the continent.

We adhere to the strictest code of ethical and professional conduct as an organization and ensure that through our participation in various corporate governance structures of our investee companies, the highest standards of corporate governance are adhered to. KTH believes it can be a catalyst for the transformation of our society by assisting to drive a broad based transformation agenda in our portfolio companies. We are equally proud of the charitable work and social agenda of our key shareholders and seek to invest in companies that share these values..."

http://www.kagiso.com/about.php

Lereko Investments

"Welcome to Lereko Investments (Pty) Ltd. Established in July 2004, Lereko believes that it is ideally suited to be a significant black-owned and black-led investment house in South Africa with the credentials and intent to play a ground-breaking role in the transformation of the local economy and for its neighbours in Africa. The primary ambition is to build and grow Lereko into a relevant investment institution that will succeed beyond the original vision and personality of its founders and be known as a fair, ethical and value-adding partner in all its business dealings.

Since its inception Lereko has established and maintains excellent relationships with a number of leading financial institutions in South Africa. Lereko considers funding sources on a deal by deal basis seeking attractive terms through strong relationships. Lereko also has strong relationships with all the development financing institutions.

The Lereko Metier Fund, established in 2006 provides a further source of funding. The Fund seeks to make equity and equity-related investments of R50 million to R500 million each. These investments are generally privately negotiated in both listed and unlisted securities...."

http://www.lereko.co.za/ 

Makalani Management Company

"About Us

History of Makalani

Makalani Management Company (Pty) Ltd (“Makalani”) was established in 2005 to perform the activities of managing the R2.5 billion mezzanine asset portfolio of Makalani Holdings Ltd (“Fund I”). These activities included deal origination, mezzanine and debt structuring as well as portfolio management. Fund I is fully invested and is in a process of returning funds to its investors. Makalani is in the final stages of raising capital for a second mezzanine fund (“Fund II”) of R1 billion from a range of South African and/or foreign investors.

Mezzanine Finance

Mezzanine Finance is a hybrid of debt and equity financing that is typically used to finance the expansion of existing companies. Mezzanine financing is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full. It is generally subordinated to debt provided by senior lenders such as banks and venture capital companies.

Mezzanine finance is considered a useful financing solution when companies and/or their shareholders want to raise capital and not be subject to the restrictions of more traditional finance or equity solutions. Benefits of mezzanine finance include:

• Avoiding of significant equity dilution which accompanies traditional private equity deal structures;
• Avoiding potentially disruptive shareholder disputes;
• Assisting new BEE participants in obtaining equity ownership in established businesses;
• Providing the funding required for the buy-out of a business currently run by a management team or assisting managers in buying into a new business; and
• Helping managers expand their existing business by providing expansionary capital that can also be used to fund the purchase of businesses which complement the existing operations and provide critical mass...."

http://www.makalani.co.za/

Medu Capital

"Medu Capital... changing the way we invest

Medu Capital is a professional investment management company, strategically positioned as a specialised private equity company with a sound and disciplined investment philosophy and process. With funds under management of R1.5 billion, Medu Capital partners established businesses that require equity risk capital and/or BEE partners.

Overview

Click to enlarge Medu Capital invests institutional capital in various portfolio companies. The executive management team invests alongside it's investors. Medu Capital is actively involved in portfolio companies through board representation and assumes a non-executive role in the companies and the subcommittees of the boards.

Investment Objectives and Criteria

Objectives

• To make medium- to long-term equity and equity related investments
• To achieve above-average investment returns
• To champion and promote transformation and BEE in portfolio companies

Strategy / Criteria

• Partner-established companies seeking medium- to long-term equity partners
• Invest in profitable and established businesses with strong management teams
• Acquire significant minority and/or control positions in portfolio companies (varying from 15% to 80% equity interest)
• Key executives in portfolio companies will be encouraged to share in the equity risks and rewards
• Where possible, employee share ownership schemes will be implemented
• Investment horizon of up to seven years
• Investment size ranges from R50 million to R175 million
• Investments in most industries, excluding tobacco, liquor, gambling and military weapons industries
• Focus on investments in South Africa with an ability to invest in the rest of Africa...."

 http://www.meducapital.co.za/default.asp

Pan-African Private Equity Funds

"Who are we?

We are an African business that aspires to improve the lives of all South Africans through the work we do. Pan-African Private Equity Funds is the private equity arm of Pan-African Capital Holdings (Pty) Ltd and we are a black-owned and managed private equity fund manager. We are active managers of long-term equity risk capital.

Our mission

Pan-African Private Equity Funds strives to partner with like-minded entrepreneurs in pursuit of growth and superior returns. We select investments based on sound private equity principles, and provide active strategic advice to boards and sub-committees. We pursue transformation in all aspects of the BBBEE balanced score card. Certificate available on request.

Our value add

• We facilitate transformation on two levels - shareholding and employment equity
• We provide unencumbered black money
• We deploy our investment professionals in the investee companies at board and subcommittee levels
• We offer significant multi-sector expertise and in-house research capability
• We are a majority black-owned (69%) and managed (75%) fund
• We facilitate BEE secondary replacement-liquidity without compromising deal parameters such as lock-in periods
• We facilitate new entrants, in particular black promoters who have the vendor relationship but need to be funded, and
• We enhance the BEE credentials for other PE funds investing.

http://papefunds.co.za/

Pembani Group

"Pembani Group (Pty) Ltd is a private equity firm specializing investments in mezzanine, middle market, later stage, mature, mature, turnaround, emerging growth, recapitalizations, buyout, growth capital. It prefers to invest in all aspects of the energy sector mineral resources, and infrastructure industries. The firm prefers to invest in companies based in sub-Saharan Africa. It typically invests a minimum of ZAR10 million ($1.13 milion) in companies with enterprise value ZAR1000 million ($113.67 million). It invests through its balance sheet. Pembani Group (Pty) Ltd was founded in 1994 and is based in Sandton, South Africa..."

http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=24948676 

Sphere Holdings

"Founded in 2003, Sphere is a high performing investment holding company driven to create value for funders, shareholders and business partners. With a solid track record shaped over nearly a decade, we actively seek out investment partnerships with high quality privately owned businesses across a range of strategic sectors.

Our success is driven by an experienced team, our own capital, a disciplined investment process, and broad business networks. Passionate about partnerships, we commit for the long term and actively work with our portfolio companies to build great businesses.

Majority black controlled and managed and boasting 88.8% black ownership, Sphere has the necessary credentials to advance the broad based Black Economic Empowerment goals of South African businesses. As the focus turns to the rest of the continent, we actively support our investments in their pan-African ambitions.

Our strong belief in the principles of broad based empowerment means that 15% of the shares in Sphere are held by charitable organisations. Over the years, more than five million worthy beneficiaries in nine provinces across South Africa have benefited from our track record of delivery..."

 http://www.sphereholdings.co.za/

Tamela Holdings

"Tamela Holdings (Pty) Ltd (Tamela) is a black owned and managed investment company established by Vusi Mahlangu and Sydney Mhlarhi. Tamela has two major business units, being Principal Investments and Corporate Finance Advisor.

Investment Philosophy

To create long term strategic partnerships with investee companies by acquiring significant minority to majority shareholdings.  Tamela seeks to foster a partnership with management and shareholders to add value and grow the business.

Tamela's investment focus is in the manufacturing, industrial and financial services sectors but would invest in other sectors where the companies have strong management and market presence

Tamela includes in its transactions broad based groups in line with the principles of broad based black empowerment including, where possible, employee share ownership schemes.

Investment Criteria

Tamela will target companies that have most of the following characteristics:

• strong corporate or product reputation;
• strong resilience to economic downturns and competitive pressures;
• strong cash generating ability; and
• proven management team.

Tamela will, however, not invest in:

• distressed or turnaround companies;
• primary agriculture; and
• mining exploration...."

http://www.tamela.co.za/index.html 

Treacle Private Equity

"Treacle provides equity capital to mid-market private and small cap listed companies in Southern Africa. We partner management and owners to structure and fund the following types of transactions:

• Management buy-outs
• Growth, expansion and acquisition finance
• Recapitalisation and restructuring of balance sheets
• Development capital for emerging companies
• Replacement of shareholders
• Black Economic Empowerment transactions

After investing, Treacle focusses on delivering a superior service to our investments by providing ongoing strategic marketing input, general business guidance, financial and structuring advice, access to an extensive business network and assistance with employment equity implementation...."

 http://www.treacle.co.za/

Trinitas Private Equity

Trinitas is a black-empowered, independent private equity advisor, formed as a joint venture amongst the principals, Sasfin Bank and Peotona Group, to establish Trinitas Private Equity Fund. The principals of the Fund are Andrew Hall, John Stipinovich and Soteris Theorides, who have worked together as a private equity team since 2001.

The principals, Sasfin and Peotona bring together the various elements of a leading private equity advisor, ensuring access to proprietary deal flow. The Sasfin brand, value investing track-record and history of good governance, coupled with the principals' experience and successful history of sourcing, concluding and realising investments as a team, together with the brand, credibility and diverse network and reach of Peotona, culminated in Trinitas.

Trinitas is a "diversified specialist" private equity fund, investing across most industries with the exception of direct resources (specifically mining and agriculture). Trinitas seeks to partner with management teams to make equity investments in mid-market companies in Southern Africa. The mid-market sector, broadly comprises companies with enterprise values of R100 million to R1billion. These are typically larger private companies and smaller listed companies. The following are the Fund's key investment criteria:

• investment type: management buy-outs and buy-ins, replacement or acquisition capital investments, expansion/growth capital investment
• companies with a history of profit and predictable cash flow
• companies which are either market leaders or significant players in their sector
• the Fund takes equity stakes which are sufficient to offer significant influence over portfolio companies
• typical equity investment by the Fund of between R50 million to R150 million per transaction
• able to introduce BEE partners on a deal by deal basis with the emphasis on bringing strategic value and enhancing growth of the business
• investment horizon of 3-7 years
• predominantly South Africa geographical focus..."

 http://www.trinitaspe.co.za/index.html

Utho

"Utho SME Infrastructure Fund

The Utho SME Infrastructure Fund was established by Utho Capital Fund Managers (Pty) Ltd. The fund achieved a first closing in April 2011 of R61.5 million with commitments from the Industrial Development Corporation (“IDC”), the Small Enterprise Finance Agency (“sefa” previously known as Sefa) and the founder Utho Capital. The Fund Manager is seeking to raise additional capital commitments to secure total fund commitments of R120–300 million.

The Fund seeks to achieve long term capital gains by investing in high growth Small and Medium Enterprises (“SMEs”) involved in “infrastructure development” which encompasses various types of businesses involved in construction, manufacturing, material suppliers, transport, logistics, power, renewable energy and property development in South Africa.

The fund has closed four investments West Coast Power Solutions (a renewable energy business), Bantsho Homes and Maintenance (a construction company), Richards Family Investment Properties (a property development company) and WHTP Construction. 

The challenge and opportunity for the fund is to identify small to medium sized companies with strong management and the ability to scale up rapidly with the right level of support, to enhance the portfolio companies’ value. Utho Capital Fund Managers will assist these businesses with not only the provision of capital but value-added committed and practical hands on business support services in respect of strategy, fund raising, financial controls and reporting..."

http://www.utho.co.za/ 

Vantage Capital

"Vantage Capital Group

Vantage Capital Group is a black investment and financial services group, being 51% owned and controlled by historically disadvantaged South African individuals and groups (“HDSA”). Vantage’s key focus areas are third-party private equity fund management (technology, mezzanine and renewable energy funds), advisory and debt placement services, and on-balance sheet proprietary investments. The group currently has funds under management and investments of over R4.5 billion ($450 million).

Vantage Capital was one of the first black-owned and managed private equity companies in South Africa, and is one of the few remaining independent black-owned private equity and investment companies which are not linked to any major financial institution. Vantage Capital was launched in 2001 (after a merger with MMR Equity Capital) with the purpose of establishing a Venture Capital Technology Fund with commitments from the Industrial Development Corporation (IDC), the Dutch Development Bank (FMO), the Transnet Retirement Fund and the Eskom Pension and Provident Fund.

Since inception in 2001, the Vantage Technology Fund has invested R130 million ($13 million) in ten investments ranging from small start-ups, to larger established listed entities. Six investments, Mosaic Software, VoxTelecom, ComTech, Aquitec, Grapevine and Spescom have been successfully exited. Three investments have been written off and the remaining actively-managed investment, L@w, is cash flow positive, highly profitable, and has exciting growth plans. The fund is now in the last phases of divestiture.

In the latter part of 2004, having had nearly four years’ experience in private equity, and being a majority black-owned and controlled group, Vantage Capital decided to pursue opportunities that were arising out of the BEE Charters. To this end, Vantage Capital Investments was established to source proprietary investment opportunities, which would not conflict with the existing Technology Fund in terms of industry sector and size of transaction. To date, Vantage Capital Investments has participated in three such transactions, namely Incwala, ComCorp and Kwikspace. Vantage successfully exited its investment in Incwala in 2010.

In early 2005, with the investment period on the technology fund coming to an end, Vantage Capital started to explore the possibility of raising a second fund. With the help of the Dutch Development Bank FMO, it was decided that the low interest rate environment then prevailing in SA - which represented a significant departure from the high interest rates that characterised the eighties and nineties in the country - supported the establishment of a mezzanine fund. The fund raising process culminated in the final closing of the Vantage Mezzanine Fund in November 2007, with commitments of R1,003 million ($100 million). One-third of the funds were raised from foreign investors and the balance from local institutions and the Group as a co-investment commitment. In 2007/2008, the Fund was fully invested in five transactions in South Africa, namely Safripol, York Timbers, Tsebo, Primedia and Masivumeni. By December 2013, Vantage had successfully exited three of these investments.

In March 2012, Vantage Mezzanine closed Mezzanine Fund II, which has a pan-African investment focus (with a 35% allocation to opportunities outside South Africa) and can make investments of up to R300 million ($30 million) in a single transaction. R1.9 billion ($190 million) of commitments were secured from fourteen pension funds, three charitable endowments, two development finance institutions and a family office. To date, Vantage has deployed approximately one-half of its commitments and is well on track to be fully invested by the end of 2014.

Vantage is well-positioned as Africa’s leading mezzanine financier, capitalising on its strong position in the South African mezzanine market and building a portfolio of income generating mezzanine assets in South Africa and in the rest of Africa.

In 2012 Vantage started a Debt Capital Markets business which focuses on raising public and private debt for mid-size and large corporates, in the local and international debt capital markets (including corporate and hybrid bonds). The business also provides debt advisory services including debt restructurings, distressed debt advisory, and refinancing.

In 2013, Vantage launched its R2.2 billion ($220 million) GreenX Fund, which provides investors with exposure to South African renewable energy projects. This is achieved through the Fund issuing Asset Backed Notes to its investors and using these proceeds to acquire senior debt in a diversified portfolio of seven solar and wind projects that collectively produce 548 MW.

Mutle Mogase, Chris Lister-James and Colin Rezek are the founders of Vantage Capital. The group is chaired by Mutle Mogase, Technology is directed by Chris Lister-James, Mezzanine is headed by Colin Rezek and Luc Albinski, Debt Capital Markets is led by Ashley Benatar and GreenX is led by Alastair Campbell. They are supported by fourteen investment professionals and thirteen support and administrative staff.

http://www.vantagecapital.co.za/ 

WDB Investment Holdings

"WDBIH is a private enterprise formed in 1996 with an overarching purpose of making a difference in the lives of rural women and communities. The main beneficiary and shareholder in WDBIH is the WDB Trust. The WDB Trust focuses on the social and economic upliftment of rural women and households, principally by providing micro-enterprise credit and business skills training to aspiring female entrepreneurs. The WDB Trust and  the micro-finance programme was established in 1991.

Our key investment objectives are to:

• Make equity investments in established and growing businesses
• Build a sizeable capital base for our constituency
• Generate regular cash flows for the WDB Trust
• Have meaningful operational and strategic influence in our investments
• Achieve sustainable returns in our investments
• Establish long term partnerships and relationships
• Drive sustainable transformation within our investments with regards to women representation in executive roles, employment equity, skills development and procurement from small businesses

Investment Mandate

WDBIH’s mandate is to grow its portfolio of investments as well as generate sufficient cash flow in order repatriate dividends through to the WDB Trust to fund its programmes. WDBIH has equity investments in key sectors in South Africa including industrials, life insurance, banks, oil and gas, real estate, media and basic resources. WDBIH’s mandate is to further diversify and grow its portfolio by investing in key strategic sectors in SA.

WDBIH adds strategic value in its investments through board representation, facilitating women empowerment and skills transfer, working with our corporate partners in their enterprise development initiatives.

Investment Criteria

• Targeted sectors: Food and Agriculture, Residential and Commercial Property, Media & Telecoms and Technology, Education, Renewable Energy/Utilities, Healthcare and Pharmaceuticals, Retail, FMCG and Diversified Industries.
• Target equity returns: WDBIH seeks to make equity investments in growth businesses that generate cash, and seek market and sector related IRR’s.
• Investment horizon: We maintain long term investment horizons, taking a longer strategic view of our investments, through various cycles, without the pressure of an exit.
• Investee company profile: We invest in businesses with growth, strong cash generative ability and healthy dividend flow.
• Efficient use of capital: We seek to maximize our capital return by reducing our cost of capital, through a combination of debt (including vendor and third party funding) and own equity.
• Investment level: we seek to hold all our investments at holding company or group level...."

 http://wdbinvestments.co.za/

Edge Growth

"Overview

Edge Growth manages over R200 million rand of enterprise development funds; and provides cost-effective outsourced fund solutions for contributions of any size.

Edge Growth offers two types of fund solutions which meet the needs of corporates looking to own their E&SD strategies but outsource the non-core activities of ED fund management.

For companies with ED budgets in excess of R15m, Edge Growth works with clients to develop an ED strategy and set up an appropriate fund vehicle capable of achieving the company’s objectives, accumulating the desired ED points and meeting all legal requirements required to gain their BEE points. We manage the investments at a portfolio level and provide reporting to the company against defined objectives. Edge currently manages the ASISA fund, designed to pool resources and make investments on behalf of the insurance industry and First Rand’s Vumela Fund, a fund designed to invest in growing SMEs to create jobs and grow First Rand’s customer base.

For companies with ED budgets of less than R15m, Edge Growth manages our in house fund; Edge Action. This caters for companies who do not wish to set up their own fund and instead want to invest their money in an existing portfolio of ED projects. These projects have been through our rigorous due diligence process designed to test for long-term sustainability and social impact. Where a company wants to identify an initiative within its supply chain, we can do this too. The Trust provides tailored business development support and manages the deployment and repayment of funding, providing the company with a hassle-free ED solution. We offer companies immediate ED points, robust reporting and peace of mind that their funds are being used in the true spirit of the Codes.

Our goal within the Fund Management division is to offer companies social impact on a more commercially viable basis and with a level of operational involvement manageable by the client

Fund Value Proposition	Our funds provide the following benefits to investors: • Outsourced, cost effective, immediate BEE points in line with the spirit and letter of the BEE codes • Sound corporate governance • Ongoing business development support to ensure sustainability of enterprises Each fund is then tailored to meet each client’s unique business objectives:
	•  In-house  E&SD fund solution for businesses of any size •  Invests in SMEs that will create high social impact •Capital preservation for lenders	• Tailored, collaborative fund solution for the savings and investment industry • Investments focused on supply chains within the industry • Return on investment for investors	• Tailored fund solution designed for First Rand • Investment in SMEs to grow FNB’s customer base • Investments made in high growth potential businesses to create jobs and social impact • Return on investment for investors
Funds under management	• R10m, made up of investments ranging from R1000 and up • R1.75m invested	• R30m • R 5m invested	• R186m • R80m invested
Clients	Rand Mutual Assurance (RMA), SAB, Entersekt, Avanade SA, BankServ, Bank of America – Merrill Lynch, Philips, NMG, Surtees, African Rail and Traction (ART), Autozone	Sanlam, Momentum, Liberty, Allan Gray, Swiss Reinsurance, Prudential, State Street, Afena Capital, Taquanta, Kagiso Asset Management, Eris Property Group, Alternative Prosperity	First Rand
Fund Started	January 2012	March 2013	May 2010
Companies invested in	Cabs 4 Women, Hail Thee, Straight To Your Door, Ek Se Tours, Save-It, Afropark, Mpilenhle, Klip Valley, The Dealer’s Market, Opti-Baby  http://www.edgegrowth.com/	Reel Gardening, SMeasy	Agriligna, Opti-baby, ENV&E, FB Mining, Coega Autospray, Everlytic, Prominent Tulips

Vuwa Investments

"Vuwa is a new generation investment holding company maintaining a portfolio of investments across a wide range of sectors. The company actively invests in healthcare, industrial, resources, energy and property among other opportunities..."

 http://www.vuwa.co.za/

Zico

"Strategic Focus

Our growth strategy shall be realised through participation in established companies whose strengths are measurable and that will contribute to future wealth maximisation, within the following sectors:

• Automotive (motor retail and allied services)
• Operational services, which include specialised security, cleaning, laundry, hygiene, pest control and fumigation
• Media and advertising
• Human capital recruitment, training and development
• Financial services
• Infrastructure and manufacturing
• Mining and resources
• Alternative energy

Investments outside the above areas will be considered if they provide lucrative returns and provided we can add real and meaningful value in nurturing and growing such investments. Excluded in our investment mandate are sectors where there is a lack of clear competitive advantage or where we do not see ourselves adding significant value over the investment period.

Transactions that Zico will participate in include:

• Joint ventures
• The acquisition of strategic equity interests
• Privatisation, restructuring or unbundling initiatives
• The provision of expansion capital, replacement capital or acquisition capital
• Management buy-outs and leveraged buy-ins..."

http://www.zico.co.za/pages/Default.aspx

Thebe Investment Corporation

"Founded in 1992 as a pioneering black-owned company, Thebe Investment Corporation (Thebe) is one of South Africa’s leading investment companies, managing assets of over R6 billion. Thebe is a unique entrepreneurial company that does not exist only to make a profit, but is driven by a commitment to serve the broader interests of the community.

Our investment portfolio spans tourism, mining resources, infrastructure, renewable energy, petrochemicals, telecommunications, financial services, and healthcare. We actively work to promote mutually beneficial economic partnerships by investing in or developing businesses that create value for our stakeholders through the origination, execution, and prudent management of our investments...."

 http://www.thebe.co.za/