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Sanari Capital’s CEO Samantha Pokroy.
Sanari Capital, a majority black-and women-owned South African private equity firm, has raised R1.25 billion ($65 million) for its growth fund from new investors that included the Public Investment Corporation (PIC) and Alexforbes Investments.
The capital raise was the second closing round of fundraising by the Sanari 3S Growth Fund and puts it on course to raise a targeted $100 million.
The PIC is a state-owned asset manager that oversees the Government Employees Pension Fund (GEPF) and the Unemployment Insurance Fund (UIF), while Alexforbes is the largest provider of multi-manager investment portfolios and related services in Southern Africa, with R450 billion in assets under management and administration.
“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,” Sanari Capital’s CEO Samantha Pokroy said in a statement.
The investment by the PIC and Alexforbes complements Sanari Capital’s existing investor base, which includes the 27four Black Business Growth Fund, the Telkom Retirement Fund and the Motor Industry Retirement Funds through the RisCura Manager Development Programme, and National Fund for Municipal Workers (NFMW).
“This fund equips us with the financial capacity to invest in larger businesses than was previously possible, allowing us to extend the reach of our work with founder-run, owner-managed, and family-owned businesses across the mid-market,” said Moushmi Patel, executive director at Sanari.
“Additionally, we can back our investee companies for longer through their expansion and scaling. For example, we expect to continue backing our investment in Edulife Group, an affordable quality independent schools group in South Africa, where we have already grown the learner base from 1 000 to 3 000 students and a pipeline to double the business in the near term.”
Sanari Capital invests between R50 million and R250 million in established technology-driven businesses that are not entirely reliant on domestic economic growth. Sectors favoured by the firm include education, healthcare, food security and eco-friendly solutions. The capital invested by the fund qualifies as 100% black ownership in underlying portfolio companies, offering benefits over and above the firm’s growth capital and management support.
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