Sanari Capital, a women-led and majority Black- and women-owned South African private equity firm, has raised ZAR1.25 billion (US$65 million) in the second close of its growth fund, which aims to fuel employment opportunities and foster economic growth across Africa.
Sanari Capital invests between ZAR50 million (US$2.6 million) and ZAR250 million (US$13 million) in well-established businesses at an inflection point, driven by technology, innovation, thematic or sectoral growth drivers, and new markets.
The firm’s investment philosophy is centred on themes aligned with the ever-evolving global landscape, focusing on technology, a more interconnected digital world, IoT, data, and services. It also strategically invests in sectors such as education, healthcare, food security, and eco-friendly solutions.
The Sanari 3S Growth Fund, which has just achieved a second close at US$65 million, is targeting a final close of up to $100 million.
New investors in this closing include the Public Investment Corporation (PIC), the largest asset manager on the African continent, and Alexforbes Investments, South Africa’s leading and largest provider of multi-manager investment portfolios and related investment services in Southern Africa, with R450 billion in assets under management and administration. The PIC manages capital for the Government Employees Pension Fund (GEPF), which is the largest pension fund in Africa.
“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,” said Sanari Capital CEO Samantha Pokroy.
Moushmi Patel, executive director at Sanari, said the new fund equipped Sanari with the financial capacity to invest in larger businesses than was previously possible, allowing it to extend the reach of its work with founder-run, owner-managed, and family-owned businesses across the mid-market.
“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,” he said.
The capital invested by the fund qualifies as 100 per cent black ownership in underlying portfolio companies, offering benefits over and above the firm’s growth capital and value-adding support. Closely tied to the firm’s diverse composition and commitment to being relevant players in the African market and on a global platform, the fund also aligns with the criteria for the 2X Challenge, promoting the mobilisation of resources to advance women’s participation in international economic development and leadership.
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