Early Stage Fund Portfolios



Indirect
Early Stage Fund - Indirect
Purpose:
To allocate capital to intermediaries that invest in South African-based entities to achieve both financial returns and developmental objectives. The Fund supports the commercialisation of locally developed intellectual property and businesses that contribute to, economic and social advancement.

Sector Focus:
Sector agnostic and aligned to Sustainable Development Goals (SDGs), with an emphasis on technology and -enabled industries. Certain exclusions apply.

Investment Guidance:
Min
R100m
Ideal Range
R100–R250m
Structure
Debt • Equity • Hybrid
En Commandite Partnership (General Partner/Limited Partner Fund Structure)
Revenue focus
South Africa
Target ticket sizes and structure are indicative and subject to mandate.
Preference will be given to entities with more than 50% Black ownership, 50%+ women participation, and 30%+ black women participation.
Mining
Early Stage Mining Fund - Indirect
Purpose:
To allocate capital to intermediaries that invest in South African-based mining entities to achieve financial returns and developmental outcomes.

Sector Focus:
Mine development focusCopperCobaltNickelLithiumGraphiteRare earth elementsTinTungstenTantalumBauxiteAntimonyFluorsparManganeseOther minerals aligned to the Just Energy Transition (JET)

Investment Guidance:
Min
R100m
Ideal Range
R250–R400m
Structure
Debt • Equity • Hybrid
En Commandite Partnership (General Partner/Limited Partner Fund Structure)
Revenue focus
South Africa • Rest of Africa
Target ticket sizes and structure are indicative and subject to mandate.
Preference will be given to entities with more than 50% Black ownership, 50%+ women participation, and 30%+ black women participation.

Important Information

  • Target sizes and structure are indicative and subject to mandate requirements.
  • South African businesses must have a BEE Level 2 rating or higher. Preference will be given to entities owned or managed by Historically Disadvantaged Individuals. For investments in the rest of Africa, the applicable country transformation policies will apply.
  • All investments subject to due diligence and PIC approval

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