SOUTH AFRICA – Alternative asset manager, Capitalworks Group has launched Africa Capitalworks, an investment firm that will deploy permanent equity capital in mid-market companies in strategically selected sectors across Sub Sahara Africa (SSA), excluding South Africa.
Africa Capitalworks seeks to realise $300 million and has already secured early support and substantial investment, from CDC, the UK’s development finance institution, and the Public Investment Corporation SOC Limited (PIC) on behalf of its client the South African Government Employees Pension Fund (GEPF).
A release by the company said, both CDC and PIC recognise the significant imbalance between the supply of and demand for long-term capital in the rapidly growing and developing SSA economies and the mid-market companies within them and share Africa Capitalworks’ thesis that longer-term capital is one of the best ways to address this imbalance.
Africa Capitalworks is led by Joint Managing Partners, Beth Mandel and Nana Sao.
Beth Mandel has been responsible for Capitalworks Group’s Africa strategy since 2007 and has over 28 years of private equity and investment banking experience in SSA. Prior to joining Capitalworks Group, Beth was a Managing Director and Country Head at Morgan Stanley, responsible for its SSA activities. She was also a founding Director of RMB Morgan Stanley and Chief Operating Officer for Morgan Stanley’s European Investment Banking Division.
Nana Sao has over 17 years of private equity and investment banking experience and is the founder of Sao Capital. Prior to co-founding Africa Capitalworks, Nana was a Partner and Head of Africa at DMC Partners and, prior to that, a Managing Director at Goldman Sachs, covering SSA.
Beth Mandel says, “Africa Capitalworks has been purpose-built for SSA to deploy capital in a manner that achieves true partnership, high impact and high returns.”
Nana Sao adds, “We are delighted with the early support we have received from a prestigious group of investors who subscribe to our SSA strategy.”
“We are pleased to extend our SSA strategy to this permanent capital format. By having multiple investment perspectives actively searching for attractive transaction opportunities, we will further differentiate ourselves from other players in the SSA market,” concludes founder of Capitalworks Group, Chad Smart.
With the cornerstone of the Capitalworks Group’s philosophy being partnership, the Africa Capitalworks team operates as trusted partners, not only in the provision of equity, but also in the manner in which it immerses itself in every investment. In addition to having representation on the boards of directors and key committees of its portfolio companies, the team maintains direct, frequent contact with management teams and plays a key role in significant strategic, financial and commercial decisions. Furthermore, the team deploys its decades of experience in the region to assist its investee companies to enhance business practices; access markets, finance and technology; improve efficiencies; and build business networks and global relationships.