South Africa Capital Growth Fund

Summary

South Africa Capital Growth Fund (SACGF) and its sister Fund, South Africa Private Equity Fund (SAPEF), were launched in August 1995 to make private equity investments in the Republic of South Africa and other countries in Southern Africa. The Funds, which invested in parallel and on the same terms, sought to capitalize on what the Manager viewed as a unique window of opportunity to invest in post-Apartheid South Africa. SACGF is in the process of divesting its remaining holdings.

Investment strategy and objectives

The Funds invested in privately negotiated equity and equity related investments through four types of transactions: management buy-outs, replacement capital, expansion capital and multi-national partnering transactions. SACGF’s primary objective was to achieve above average US dollar investment returns through majority or significant minority investments in a diversified portfolio of industrial and commercial companies. Targeted investments were in the US $5-US $15 million range with an expected holding period of three to five years. The Fund’s investments focused on high growth industries such as consumer products and services, foods and beverages, health care, packaging, transport and distribution, manufacturing and media and communication. The Manager believed that these sectors would particularly benefit from structural changes in the economy, the lifting of international sanctions and the re-entry of South Africa into the global economy.

South Africa Capital Growth Fund is currently closed and no longer accepting subscriptions. Information relating to South Africa Capital Growth Fund is provided solely for the purpose of describing Zephyr Management L.P.’s global capabilities.

Please note that offices and staff include affiliates and the AUM calculation includes assets attributable to Zephyr's joint venture funds.