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Capital flight talk over says Grovest man on launch of R200m Metta Capital fund | Ventureburn

The talk of “capital flight” from South Africa has come to an end, believes venture capitalist Jeff Miller, following the launch yesterday of Metta Capital, the first 12J VC fund of funds.

Miller, who yesterday launched the fund with fellow Grovest venture capitalist Malcom Segal, aims to raise R200-million from investors by 23 February 2018 to invest in eight Section 12J funds. The funds are in areas such as logistics, mining, hospitality, retail, energy and telecommunications.

“I think the December ANC conference has settled things,” said Miller referring to the election of Cyril Ramaphosa as ANC president.

He noted a “complete change” from high net worth individuals — many who previously would have considered stashing their money overseas are now looking to keep their investments in the country.

Under the 12J tax incentive, investors that invest in VC companies approved by the SA Revenue Service (Sars) can deduct the full amount invested in such a company from their taxable income.