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Those waiting for details on the closing of SA based LLH Capital‘s $200-million tech fund will have to remain patient until the fund’s partners — former Vodacom CEO Romeo Kumalo and Shark Tank presenter — make a formal announcement.
This, despite the fund having already concluded at least two investments.
In November last year Oved, who is a partner in the fund with Kumalo, told Ventureburn that the two would release more details of a planned initial public offering (IPO) and the fund in the first quarter of 2019 (see this story).
However, when asked last Thursday in a call with Ventureburn when the fund would be launched, Oved could only say “soon”.
He added that he could not disclose details of the two investments that the fund had made which he revealed in an interview in March in an interview with CNBC Africa.
In March former Shark Tank judge Gil Oved revealed that LLH Capital had concluded two deals so far
At the time he did not disclose details of the two deals, adding only that one of the two is a business that was started in Africa and that is now a global firm which is “expanding rapidly”.
In the same interview when asked by CNBC Africa whether the two still had plans to launch an IPO, Oved said the two intended not to list “in the beginning”, given the tough state of the markets at present.
Responding in an email last week to Ventureburn, LLH Capital CEO Romeo Kumalo declined to reveal when the first closing would take place and how much he and Oved had raised so far.
“While we have made significant progress since we last engaged, we are unfortunately not able to share further details with the media at this stage due to the confidentiality requirements associated with the negotiations and deals we are finalising,” he said.
Despite South Africa’s economy having slowed, Oved told Ventureburn in last week’s call that he is fairly bullish about the tech sector in South Africa, adding that “tech is relatively more recession proof”.
He said during an economic downturn heads of big companies look to tech to improve efficiencies.
Featured image: Gil Oved (left), with former Bidvest chairman Brian Joffe and Romeo Kumalo (right) (via Facebook)