Sanari Capital, a majority black and female-owned private equity firm based in South Africa, has successfully secured $65 million for its growth fund. The primary goal of this fund is to stimulate job creation and foster economic development across the African continent.
Sanari Capital invests in established companies at pivotal moments, driven by technology, innovation, industry trends, and emerging markets. Their investment amounts typically range from ZAR 50 million (approximately US$2.6 million) to ZAR 250 million (about US$13 million).
Among the recent investors in this funding round, there are prominent names in South Africa’s financial landscape. Alex Forbes Investments, a leading provider of multi-manager investment portfolios and related services in Southern Africa with assets totaling R450 billion, is one of them. The Public Investment Corporation (PIC), Africa’s largest asset manager, has also joined as an investor. Notably, the Government Employees Pension Fund (GEPF), the continent’s largest pension fund, falls under the management of PIC.
The company’s investment philosophy aligns with the ever-evolving global landscape, particularly focusing on technology, a more interconnected digital world, IoT, data, and services. It strategically directs investments into sectors like environmentally friendly products, healthcare, food security, and education.
“We are pleased to have secured capital from esteemed financial institutions, both of which share our dedication to striking a balance between financial and socio-economic gains. This funding will play a pivotal role in addressing structural economic disparities, driving transformation, fostering economic expansion, generating employment opportunities, and delivering both environmental and financial returns,” stated Samantha Pokroy, CEO of Sanari Capital.
The firm’s growth capital, along with its value-adding support, results in the capital invested by the fund qualifying as 100% black ownership in the underlying portfolio companies. This brings significant advantages. Moreover, the fund aligns with the requirements of the 2X Challenge, which promotes the mobilization of resources to advance women’s participation in international economic development and leadership. This closely relates to the firm’s diverse composition and its commitment to being an influential player in the African market and on a global scale.
With a recent second closure of $65 million, the Sanari 3S Growth Fund aims for a final close of up to $100 million.