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In a monumental step towards fostering economic growth and employment opportunities in South Africa and beyond, Sanari Capital, a leading women-led and majority black- and women-owned private equity firm, has successfully closed its growth fund’s second round, amassing an impressive R1.25 billion (approximately $65 million).
The fund, named the Sanari 3S Growth Fund, aims to reach a final close of up to $100 million, and this recent injection of capital from esteemed investors propels the firm closer to its goal.
Two major financial powerhouses, the Public Investment Corporation (PIC), the largest asset manager on the African continent, and Alexforbes Investments, South Africa’s leading provider of multi-manager investment portfolios, joined the investor roster in this round.
The PIC, entrusted with managing the capital for the Government Employees Pension Fund (GEPF), Africa’s largest pension fund, and Alexforbes, with assets under management and administration totalling R450 billion, bring significant financial clout to Sanari’s mission.
Samantha Pokroy, chief executive of Sanari Capital, expressed her enthusiasm, stating, “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.”
This new influx of capital will enable Sanari Capital to invest in larger businesses, expanding their work with founder-run, owner-managed, and family-owned businesses across the mid-market.
Moushmi Patel, executive director at Sanari, highlighted the transformative potential of the fund, citing examples such as the Edulife Group, an independent schools group in South Africa. Sanari’s investment philosophy focuses on sectors with growth prospects, emphasising digital and human enablement to unlock business potential.
Moreover, Sanari Capital’s strategic investment approach aligns with global trends, underscoring technology, interconnected digital networks, IoT, data, and services. The firm also consciously invests in sectors vital to societal well-being, including education, healthcare, food security, and eco-friendly solutions.
Sihle Gumede, executive director at Sanari, emphasised the firm’s vision, saying, “One of our core strategic objectives is to encourage businesses to broaden their horizons, a concept we refer to as ‘local to regional, Africa to the world.’”
The Sanari 3S Growth Fund also contributes significantly to the advancement of women’s participation in international economic development and leadership, aligning with the 2X Challenge criteria.
Sanari Capital’s recent funding success represents a significant stride towards enhancing employment opportunities and catalysing economic growth in South Africa and across the African continent. As the fund embarks on its next phase, it promises to transform the business landscape and contribute to a more prosperous and inclusive future for all.