Sanari Capital, a majority black and female-owned South African private equity firm run by women, has raised US$65 million for its growth fund, which will be used to create jobs and promote economic development throughout Africa.
Sanari Capital makes investments in well-established companies at inflection points, driven by technology, innovation, theme or sectoral development drivers, and new markets, for amounts ranging from ZAR50 million (US$2.6 million) to ZAR250 million (US$13 million).
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With R450 billion in assets under management and administration, Alexforbes Investments, South Africa’s leading and largest provider of multi-manager investment portfolios and related investment services in Southern Africa, and the Public Investment Corporation (PIC), the continent’s largest asset manager, are among the new investors in this closing. The Government Employees Pension Fund (GEPF), the biggest pension fund in Africa, is managed by the PIC.
The investing philosophy of the company is centered on issues that are in line with the constantly changing global landscape, with a particular emphasis on technology, a more connected digital world, IoT, data, and services. Additionally, it strategically invests in industries like eco-friendly products, healthcare, food security, and education.
“We are delighted to have raised capital from such highly regarded financial institutions, both of which share our commitment to achieving a balance between financial and socio-economic benefits. This funding will play a pivotal role in addressing structural economic imbalances, promoting transformation, fostering economic growth, creating jobs, and delivering both environmental and financial returns,” said Sanari Capital CEO Samantha Pokroy.
Aside from the firm’s growth capital and value-adding support, the capital invested by the fund qualifies as 100% black ownership in the underlying portfolio companies, providing advantages. The fund also aligns with the requirements for the 2X Challenge, which encourages the mobilization of resources to advance women’s participation in international economic development and leadership. This is closely related to the firm’s diverse composition and commitment to being relevant players in the African market and on a global platform.
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With a recent second closure of US$65 million, the Sanari 3S Growth Fund is aiming for a final close of up to $100 million.
