Vantage Capital Fund Management

Vantage Capital Fund Managers (“VCFM”) has funds under management and investments of over R8.0 billion (over $500 million). VCFM was launched in 2001 with the Vantage Technology Fund which has invested R130 million ($19 million) in ten investments ranging from small start-ups, to larger established listed entities. The fund is now in the last phases of divestiture.

In early 2005, with the investment period on the technology fund coming to an end, VCFM started to explore the possibility of raising a second fund. With the help of the Dutch Development Bank FMO, it was decided that the low interest rate environment then prevailing in SA - which represented a significant departure from the high interest rates that characterised the eighties and nineties in the country - supported the establishment of a mezzanine fund. The fund raising process culminated in the final closing of the Vantage Mezzanine Fund in November 2007, with commitments of R1,003 million ($150 million). One-third of the funds were raised from foreign investors and the balance from local institutions and the Group as a co-investment commitment. In 2007/2008, the Fund was fully invested in five transactions in South Africa, namely Safripol, York Timbers, Tsebo, Primedia and Masevumeni. By March 2015, Vantage had successfully exited four of these investments.

In March 2012, Vantage Mezzanine closed Mezzanine Fund II, which had a pan-African investment focus (with a 35% allocation to opportunities outside South Africa) and could make investments of up to R300 million ($30 million) in a single transaction. R1.9 billion ($240 million) of commitments were secured from fourteen pension funds, three charitable endowments, two development finance institutions and a family office. By August 2015, the Fund was fully invested in nine transactions in South Africa (TrenStar, Efekto, Kgoro, Timrite, Pretoria Towers, Austell, Dynamic Bedding, Afrisam and Servest) and four transactions outside of South Africa (CA Sales in Botswana; Genser and Surfline in Ghana; and Simba Properties in Uganda). By end-2015, Vantage had successfully exited three of these investments.

Vantage Mezzanine is in the process of investing its 3rd Mezzanine Fund. Vantage Mezzanine Fund III closed with final commitments of circa R3.9 billion ($280 million) in March 2017 and has a Pan African mandate. Vantage is well-positioned as Africa’s leading mezzanine financier, capitalising on its strong position in the South African mezzanine market and building a portfolio of income generating mezzanine assets in South Africa and in the rest of Africa.

In 2013, Vantage launched its R2.2 billion ($220 million) GreenX Note I, which provides investors with exposure to South African renewable energy projects. This is achieved through the fund issuing Asset Backed Notes to its investors and using these proceeds to acquire senior debt in a diversified portfolio of eight solar and wind projects that collectively as a portfolio will produce 666 MW. In 2017, Vantage launched GreenX Note II with total commitments of R2.8 billion ($200 million) – Note II has a similar mandate and structure to Note I but will focus on the provision of CPI-linked senior debt to underlying projects.

 

Diana Njuguna
Diana is a senior associate at Vantage and her primary focus is the origination, assessment, structuring, execution and post-transaction monitoring of the mezzanine fund investments. She oversees... Read more
Ridhaa Ahmed
Ridhaa is a senior associate at Vantage and focuses on both the mezzanine and GreenX portfolios. He assists in overseeing the AfriSam, Surfline, UAG and Vumatel mezzanine portfolio investments as well... Read more
Hugo van den Heever
Hugo is a senior associate at Vantage. He assists David Kornik with originating and assessing transactions in South Africa with a specific focus on the Cape region. He also assists David in overseeing... Read more
Akinseye Akinola
Akinseye is a senior associate at Vantage. He assists Johnny Jones with originating and assessing transactions in both the South African and Nigerian markets. He also assists Johnny in overseeing... Read more
Nishay Vithal
Nishay is a senior associate at Vantage. He assists Zaheer Cassim with overseeing the Kgoro, Pretoria Towers and Austell investments and also originating and assessing transactions in South Africa, Za... Read more
Driss Benabdeslam
Driss is an associate at Vantage. He assists with originating and assessing transactions in both West African and Maghreb francophone markets. Prior to joining Vantage, he worked as an investment asso... Read more

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