Finance

South Africa: Hlayisani Capital hits close of first SMEs-focused fund at $24mln

Wednesday, 24 February 2021 17:10
South Africa: Hlayisani Capital hits close of first SMEs-focused fund at $24mln

(Ecofin Agency) - Hlayisani Capital, a manager of private equity and venture capital funds targeting high-growth opportunities in South Africa and the rest of sub-Saharan Africa, announces the first closing at 350 million rand ($24 million) of its first Hlayisani Growth Fund vehicle.

The fund focuses on companies with the potential to generate sustainable returns and socio-economic impact. The priority sectors for investment are ICT, manufacturing, agriculture, education, and health.

“Finding growth in the current global economic climate is challenging, and not backing SMEs with the right investment is a missed opportunity. The Hlayisani Growth Fund offers investors a unique opportunity to gain exposure to the exciting entrepreneurial talent of Southern Africa,” said Eugene van Rensburg (pictured), a partner in Hlayisani Capital.

“Investment into the right SMEs unlocks significant investment value opportunity in globally exportable technology businesses,” he added.

This first closing follows the announcement by Hlayisani Capital of a R200 million investment in seven South African companies. Beneficiaries will also get strategic support from Hlayisani Capital.

The $24 million in commitments obtained by Hlayisani Growth Fund will be provided by Standard Bank and several South African family offices, and the resources will be used to support local SMEs.

For South African entrepreneurs, this announcement is noteworthy. The country ranked among the top 4 African states that captured the most equity financing in 2020.

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