Johannesburg, 29 June 2026 – Capitalworks, an independent alternative asset management firm focused on global emerging markets, today announced the launch of Capitalworks Private Equity Fund IV (CWPE IV), a South African-focused generalist private equity fund targeting total commitments of US$350 million, approximately R5.8 billion.

CWPE IV will continue the strategy pursued through Capitalworks’ predecessor funds, investing in established mid-market companies with strong growth prospects, defensible market positions and the potential to scale. Target sectors include fast-moving consumer goods, industrial services, logistics, retail, hospitality and tourism.

The first close has secured strong support from a high-quality group of local and international institutional investors which include, banks, pension funds, family offices, fund of funds and development finance institutions amongst others. Many of these investors have previously partnered with Capitalworks across Funds I, II and III, with their repeat commitments reflecting continued confidence in the platform, team and investment strategy.

“South Africa has a well-established private equity market, but the mid-market remains relatively underserved,” said Chad Smart, founder of Capitalworks. “We continue to see compelling opportunities to partner with high-quality businesses, support ambitious management teams and build companies with the potential to scale. This first close reflects strong confidence in our platform, our disciplined investment approach and the long-term opportunity in South Africa’s private sector.”

Two notable new investors in CWPE IV include Standard Bank of South Africa Limited and International Finance Corporation (IFC), a member of the World Bank Group and the world’s largest global development institution focused exclusively on the private sector in emerging markets. IFC has committed up to US$80 million, approximately R1.3 billion, comprising a US$40 million investment in CWPE IV and a US$40 million co-investment envelope.

The commitment represents one of IFC’s largest recent non-lending private fund investments in South Africa and underscores the strength of Capitalworks’ emerging-market investment track record, its South African mid-market capability and the opportunity to back growing private businesses in the country.

“IFC’s investment in Capitalworks Fund IV underscores our commitment to expanding opportunity through private sector growth in South Africa”, said Farid Fezoua, IFC’s Director of Equity, Funds, and Venture Capital. “We see the mid-market as a powerful driver of jobs and resilient local economies, and we’re excited to partner with Capitalworks to unlock its full potential and deliver lasting value.”

Commenting on their investment, Arnold van Wyk Head of Investments at Standard Bank said “Standard Bank is proud to support the first close of CWPE IV, reflecting our confidence in Capitalworks as a proven manager with a strong track record of sourcing, executing, and exiting proprietary opportunities in the South African mid-market. Beyond our role as capital partner, we look forward to working closely with the Capitalworks team to support the continued growth of the platform across this vintage.”

CWPE IV builds on Capitalworks’ 20-year emerging-market investment platform, spanning multiple funds, strategies and jurisdictions. Over the past two decades, Capitalworks Private Equity has invested successfully in more than 20 businesses through Funds I, II and III, including Rhodes Food Group, Much Asphalt, Peregrine Holdings, Robertson and Caine and Sovereign Foods. This track record reflects the platform’s depth of experience in backing established private businesses operating in attractive niches of the South African economy, supported by long-standing institutional investor relationships, disciplined capital deployment and the ability to invest through emerging-market cycles.

The fundraise comes at a time of markedly improving investor sentiment towards South Africa. Fitch upgraded South Africa’s sovereign credit rating to BB (from BB–) on 5 June 2026 – the country’s first Fitch upgrade in 21 years – citing prudent fiscal management, a shift to primary budget surpluses, and signs of stabilising government debt. Moody’s, meanwhile, revised its sovereign outlook from stable to positive on 22 May 2026, while affirming South Africa’s Ba2 rating, pointing to gradually strengthening fiscal performance and sustained commitment to structural reforms. Against this backdrop, the first close of CWPE IV represents a meaningful expression of confidence in both the Capitalworks platform and the opportunity to generate attractive returns by supporting the growth of established South African mid-market businesses.

Capitalworks’ private equity approach is differentiated by its partnership-led investment model, disciplined pricing and active involvement in portfolio companies. The firm places strong emphasis on downside risk management and value creation through operational improvement, governance enhancement, strategic expansion and, where appropriate, regional or international growth. It seeks to originate opportunities through deep market relationships and proprietary engagement.

“We are pleased to have secured strong first-close support from both local and international investors, including leading institutions such as the IFC,” said Chad Smart. “We are particularly encouraged by the continued support of returning investors, as well as the addition of new partners who share our confidence in the South African mid-market. We believe the current environment offers attractive entry points for patient capital with the ability to support growth, improve competitiveness and create lasting value.”

The South African mid-market offers a large pool of private businesses with strong fundamentals, entrepreneurial management teams and meaningful opportunities for growth. Capitalworks believes that businesses in this segment are well positioned to benefit from active ownership, strategic input and access to long-term institutional capital.

The final close of CWPE IV is expected in due course, subject to ongoing investor commitments and applicable regulatory requirements.

Rand equivalents are approximate and based on an average recent exchange rate of US$1 = R16.53.

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This is according to Lungile Mashele, Sector Specialist for Energy & Infrastructure at the Public Investment Corporation (PIC), who recently participated in a panel discussion at SAVCA’s Private Equity in Southern Africa Industry Conference. The engaging session explored why Africa’s infrastructure investment has struggled to move from promise to performance, despite strong underlying demand.

Mashele pointed to a fundamental disconnect in the market. “The promise has fallen short not because of one single issue, but a confluence of structural bottlenecks, largely linked to risk and reward,” she explained. “There’s a perception that there isn’t enough capital, but in reality, there’s significant capital available. The issue is that projects are not sufficiently bankable, and expectations around returns are often misaligned with the realities on the ground.”

Against this backdrop, Mashele identified four infrastructure pillars that are set to define the next decade of investment on the continent – and where both investors and policymakers should be focusing their attention.

Digital infrastructure: Powering the data economy

“We are going to see hypergrowth in digital infrastructure, with capital requirements for data centres across Africa expected to double by 2030,” said Mashele. “And the capital requirement here is twofold, because as the demand for data centres accelerates, so too does the need for sufficient and reliable power to support it.”

She added that regulatory developments, particularly around data sovereignty and privacy, are likely to shift where this infrastructure is built. “We’ve traditionally seen a concentration of data centres in South Africa, Kenya and Nigeria, but as data and privacy laws tighten in these regions, we may see other emerging jurisdictions begin to attract investment.”

Transmission and distribution: Unlocking the grid

The second pillar is transmission and distribution – an area increasingly recognised as a key constraint in Africa’s energy transition.

“Transmission presents a significant opportunity,” said Mashele. “For the first time, we are seeing private transmission projects coming to market, with deals already closing in countries like Mozambique and Kenya, and strong interest in South Africa.”

This shift is critical to unlocking renewable energy capacity and addressing grid constraints, which have historically limited the ability to scale generation. The introduction of private capital into transmission marks a structural change in how infrastructure is funded and delivered, creating new avenues for investment.

Logistics and cross-border trade: Enabling movement at scale

Logistics and trade infrastructure form the third pillar, particularly as Africa seeks to deepen regional integration and improve the movement of goods across borders.

Mashele pointed to South Africa’s biker delivery boom as an example of how quickly infrastructure needs can shift and why investors need to remain adaptable. “If you had told me to invest in scooters back in March 2020, I would have laughed in your face and lost a lot of money.”

Beyond last-mile solutions, there is a broader need for investment in trade-enabling infrastructure, including ports, freight corridors and border facilities. These systems are essential for unlocking the full potential of intra-African trade but require coordinated investment and policy alignment.

Water, waste and social infrastructure: Back to basics

The final pillar lies in water, waste and social infrastructure – areas that are both foundational and increasingly urgent. “There is a significant amount of work to be done in water and waste infrastructure,” Mashele noted. “These are not just service delivery issues; they have direct economic implications and affect the functioning of entire cities and industries.”

From water treatment and sanitation to healthcare and municipal services, these sectors represent both a critical need and a major opportunity for private capital. However, they also require more innovative funding models, particularly where user-pay mechanisms are not viable.

Despite clear opportunities across these infrastructure frontiers, Mashele emphasised that unlocking meaningful investment will require a more pragmatic and disciplined approach.

“Private capital can play a catalytic role here, but if we are going to unlock infrastructure at scale, we need to be more honest about risk, more realistic about returns, and more deliberate in how we develop and prepare projects for investment,” she concluded.

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As private markets deepen in South Africa, capital allocators are increasingly consolidating mandates and seeking one-stop-shop managers, but this shift is raising concerns.

Some question whether collapsing private capital into a single bucket erodes diversification and forces managers into areas outside their expertise, while others argue that South Africa’s transformation agenda demands separate allocations to ensure inclusivity across private equity, infrastructure, private credit, and venture capital.

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The Southern African Venture Capital and Private Equity Association (SAVCA) has appointed Anusha Naidu as its new Chief Executive Officer, effective 1 March 2026.

Naidu brings over 20 years of high-impact experience in corporate finance, private capital markets, M&A advisory, ESG implementation, and financial services. She joins from her role as Corporate Finance and ESG Executive at Select Africa, African Alliance, where she sat on the group executive committee. There, she drove capital raising, investor engagement, and strategic growth across African markets.

For nearly a decade, Naidu structured and secured debt and equity funding, forged strong ties with global and domestic institutional investors, development finance institutions, sovereign funds, and private capital providers. Her focus spanned innovative financing in key sectors like housing, real estate, and microfinance.

A Chartered Accountant (SA) with international exposure, her career includes senior roles at PwC across London, Dubai, Cape Town, and Johannesburg. She advised global banks, private equity firms, and institutional investors on complex cross-border transactions in Africa, Europe, the Middle East, Asia, and the Americas.

SAVCA highlights Naidu’s blend of strategic vision, technical expertise, global outlook, and deep African market insight as ideal for steering the organisation forward.

Vuyo Ntoi, SAVCA Board Chairperson, commented: “Anusha’s leadership arrives at a pivotal moment of opportunity for the private capital industry. Her extensive investor relationships, expertise in capital formation, governance, and ESG will strengthen SAVCA’s position as an industry shaper and catalyst for sustainable growth.”

Naidu succeeds Tshepiso Kobile, who stepped down in May 2025. Under Kobile’s tenure, SAVCA amplified its influence in regulatory and policy arenas, notably contributing to the Conduct of Financial Institutions Bill, Competition Commission engagements, and DTIC discussions on public interest in mergers—ensuring private capital’s voice in critical frameworks.

Following Kobile’s exit, board member Nicola Gubb served as interim executive director. She will resume her non-executive board role after a smooth handover.

This appointment signals fresh momentum for SAVCA in championing venture capital and private equity as engines of economic transformation across Southern Africa.

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Southern Africa’s venture capital sector closed off 2024 with R13.35 billion in active investments across 1 325 deals.

For the third consecutive year, ICT-focused start-ups continued to attract the lion’s share of venture capital (VC), accounting for nearly two-thirds of total investment.

This, as data shows Southern Africa’s VC sector closed off 2024 with R13.35 billion in active investments across 1 325 deals, according to the 2025 SAVCA VC Industry Survey.

Conducted by the Southern African Venture Capital and Private Equity Association (SAVCA), in partnership with research firm VS Nova, the annual research initiative shows the ICT sector accounts for 65.9% of deal value, three times more than the next sector.

Within ICT, the top-performing sub-sectors were software (20%), fintech (15.9%) and online markets (7.6%), according to the survey.

Nicola Gubb, interim executive director of SAVCA, comments: “Behind these numbers lies the story of a maturing market, more sophisticated capital deployment, deeper investor networks, and an encouraging shift toward early-growth stage funding, especially Series A, which speaks to a growing confidence in scalable local innovation.”

Regional hubs, particularly the Western Cape and Gauteng, remain vital, with notable growth also coming from beyond SA’s borders, the study reveals.

It further highlights that there are encouraging signals in critical areas such as health tech, which rose to 20% of deal value – its highest share since 2015. This shift was driven by renewed investor interest in life sciences, biotechnology and medical devices.

“The consolidation of capital into ICT and health reflects a maturing, digitally-focused VC ecosystem that is aligned with global investment trends. It also raises important questions about sector diversification, which remains a priority for long-term sustainability.”

Overall, a total of R3.29 billion was deployed to start-ups in 2024, comprising R2.62 billion in equity deals.

In addition, the survey this year reported for the first time on debt made available by VC fund managers, alongside their equity investments. This amounted to R670 million for 2024.

Series A funding climbed to 42.5% of all deals – more than double the proportion recorded in 2023 – indicating a shift toward early-growth capital.

The number of investment rounds also climbed to 222, up 20% from the previous year, into 110 companies.

While the overall equity deal value declined year-on-year, the survey also indicated an increase in deal volume that reflects a broader diversification of funding activity, including more co-investors and growing use of alternative instruments like venture debt.

Commenting on the findings of this year’s survey, Reabetswe Mjekevu, investment principal at SA SME Fund, says the insights are reflective of the current downturn in the exit environment.

“However, the findings also point to a maturing VC landscape that is laying the groundwork for an environment that is ripe for stronger, more sustainable exits in the future, signalling a promising outlook for both investors and founders alike.”

The survey confirmed that exit activity remains a major constraint, with just three exits noted in 2024. Fund managers cited the lack of follow-on capital, limited buyer universe and regulatory hurdles, including exchange controls, as key barriers to exit.

To unlock the next phase of growth, survey respondents identified several strategic priorities, including attracting foreign direct investment, building international networks to help start-ups scale globally, and increasing the supply of quality, fundable deals.

VS Nova founder Stephan Lamprecht states: “South Africa’s VC landscape is showing promising growth, with renewed government involvement − particularly through fund-of-funds initiatives − being closely watched for its potential to transform the asset class and even encourage greater participation from pension funds and insurers.”

“If 2024 has shown us anything, it’s that Southern Africa’s venture capital sector is steadily shifting gears from promise to performance. I remain deeply optimistic about the future we’re building together,” Gubb concludes.

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Southern Africa’s venture capital (VC) sector closed off 2024 with a record R13.35 billion in active investments across 1 325 deals.

Despite global economic uncertainties and constrained exit environments, Southern Africa’s venture capital (VC) sector closed off 2024 with a record R13.35 billion in active investments across 1 325 deals, up 24% year-on-year, according to the 2025 SAVCA VC Survey.

Nicola Gubb, interim executive director of Southern African Venture Capital and Private Equity Association (SAVCA), said the findings reflect an industry that has demonstrated remarkable tenacity and resilience.

“Behind these numbers lies the story of a maturing market, more sophisticated capital deployment, deeper investor networks, and an encouraging shift toward early-growth stage funding, especially Series A, which speaks to a growing confidence in scalable local innovation,” she said.

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Adrian Dommisse, Founding Director of Dommisse Attorneys Inc.

Johannesburg, South Africa, 20 July 2025 – In a landmark move to strengthen South Africa’s venture capital (VC) ecosystem, a new industry-led initiative has been launched to develop a suite of standardised legal documents tailored specifically for the local VC market.

Spearheaded by a coalition of leading VC funds and legal professionals, the initiative aims to create open-source, best-practice legal templates that mirror globally recognised standards, particularly those used in the US, while being firmly grounded in South African legal and regulatory frameworks.

“This initiative is a game-changer for the South African VC industry. It will save time and legal costs, improve transparency for all parties, and ultimately help attract more local and international capital into early-stage businesses,” said Adrian Dommisse, Founding Director of Dommisse Attorneys Inc.

Sign up to one of the working groups.

Purpose-Driven and locally relevant

The initiative is guided by three key objectives:

• To improve efficiency and consistency in venture capital transactions across South Africa;
• To align with international investor expectations through familiar frameworks and terms;
• To build local legal capacity by creating accessible resources and training opportunities for lawyers entering the VC space.

Phase one: Building the Core

The first phase of the project is already underway and will deliver three foundational legal documents:

• Memorandum of Incorporation (MOI)
• Shareholders Agreement (SHA)
• Subscription Agreement

These documents are being adapted from widely used, open-source US templates –primarily the NVCA suite, stripped of jurisdiction-specific language and tailored to South African commercial and legal norms. Importantly, neutrality is a cornerstone of the drafting process, with no single law firm’s style dominating, ensuring broad industry acceptance.

Collaborative legal and investment leadership

Two dedicated working groups, comprising top-tier VC investors and seasoned lawyers, have been formed to steer the process. Their mandate includes:

• mapping international best practices to local frameworks,
• aligning on commercially standard terms, and
• ensuring legal robustness and accessibility in all outputs.

A model Term Sheet will accompany the suite and act as the conceptual “index” for all documents. Working groups will produce and refine each document with a strong emphasis on plain language, usability, and the consolidation of defined terms.

Looking ahead

Once finalised, the legal document suite will be made freely available to the industry –empowering startups, investors, and emerging legal professionals alike. A second phase is already under consideration to expand the library to include additional documents such as intellectual property assignments, director indemnities, and more, based on user feedback and evolving market needs.

This initiative represents a major milestone in South Africa’s journey towards a more scalable, efficient, and globally aligned innovation ecosystem. It promises to lay the legal groundwork for a new generation of high-growth, investable startups.

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The 2025 SAVCA Industry Awards will take place on Friday, 7 November 2025

This year, for the seventh consecutive time, the Southern African Venture Capital and Private Equity Association (SAVCA) will celebrate the transformative power of private capital. The 2025 SAVCA Industry Awards ceremony, set to take place on 07 November, will once again set the benchmark for the best in local entrepreneurship and innovation; boosted by the private capital asset class. SAVCA has now issued the final call for nominations, either from portfolio companies themselves or from their investment partners.

“Each year, we see the bar being raised higher than the year before. Likewise, the calibre of business leaders that we have the honour of celebrating, continues to inspire us as an industry body, as well as the investors who have real skills in recognising growth potential,” says Nicola Gubb, SAVCA’s Interim Executive Director.

Standard award categories (plus a brand new one)

The SAVCA Industry Awards has four categories, the first being for start-ups or companies supported by venture capital. Entrants in this category need to be less than 5 years old and be engaged in early-stage funding efforts (Series A or Series B, excluding seed/pre-seed revenue.

The second category is reserved for small companies with an enterprise value of under R200 million and revenue of under R200 million. Entering companies need to be established with positive operating cash flows.

Companies with an enterprise value and revenue of over R200 million (and under R1.5 billion) are eligible to enter the category for medium companies. Lastly, portfolio companies with an enterprise and revenue of over R1.5 billion can enter the fourth category, set aside for large companies.

This year, for the first time since the inception of the SAVCA Industry Awards, a new ‘GP Award’ category will be introduced. This award will recognise an individual from a fund management firm who has provided exceptional support to a portfolio company. To scoop this prestigious title, the GP professional must have been integral to the success of the transaction and to the subsequent growth of the portfolio company.

Nomination deadline just around the corner

All nominees must be headquartered in Southern Africa and able to show the demonstrated gains that have resulted from partnering with a private equity or venture capital investment firm, which must have exited in the past 18-24 months (leading up to December 2024).

After the nomination deadline (08 August 2025), all nominees will be reviewed. The judging panel – which consists of renowned business leaders and captains of industry – will release a shortlist of finalists for each category. These finalists will then be interviewed and individually assessed by the judges. The winners in each category will be announced at the SAVCA Industry Awards ceremony on 7 November 2025.

A word from the winners

Last year’s winners across all categories were testament to the resilience of local entrepreneurs and their relentless drive to excel – many times, against the odds. In particular, the SME sector, who are the backbone of our economy and drive job creation and innovation was celebrated. In this regard, hearX, who won in the Start-up and Venture Capital Award category, shared their encouragement for more nominations as we approach the upcoming 2025 Industry Awards. As a pioneering health tech company, hearX is committed to making hearing healthcare accessible worldwide. With a global footprint spanning over 190 countries and more than 2.4 million lives impacted, hearX exemplifies the transformative power of early-stage investment and innovation with purpose.

“Winning the SAVCA Startup Award for 2024 was more than a moment of recognition. It acknowledges the journey that hearX has taken from startup to global innovator and highlighted how far we’ve come with the trust and backing of our valued investors, partners, clients, and team. This award reminded us of the daily real-world change we’re creating and serves as inspiration for us to continue pioneering new ways in the hearing tech space.” says Nicole Myburgh, Marketing Lead at hearX Group.

As Vuyo Ntoi, SAVCA Chairperson concludes: “What we’re really looking for in this year’s nominations are portfolio companies who have stood out not only in terms of financial performance, but in how they’ve leveraged private capital to drive innovation, create jobs, expand into new markets, and build resilient, future-ready businesses.

We call on investor and investee companies to submit nominations – your success stories demonstrate the true value of the private equity and venture capital ecosystem in our region.”

Nominations can be made here:

https://research.krutham.com/jfe/form/SV_0xLkrDztxe5uEHc

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By: Southern African Venture Capital and Private Equity Association (SAVCA)

In a tough funding climate, many South African entrepreneurs might be wondering what they can do to make their businesses more appealing to investors. With signs of recovery in the venture capital (VC) and private equity (PE) sectors, there is growing interest in scalable, well-governed SMEs that show potential for high growth. However, competition for funding remains fierce, and founders must be prepared to meet increasingly rigorous investor expectations.

To unpack how entrepreneurs can improve their investment readiness, the Southern African Venture Capital and Private Equity Association (SAVCA) spoke to three members across the PE, VC, and hybrid spectrum: Tomi Amosun, Managing Partner at Summit Africa (PE), Janice Johnston, CEO of Edge Growth Ventures (VC), and Jade Buckton, Senior Associate at 27four Investment Managers (VC). Their insights provide a clear and practical roadmap for founders seeking to secure growth funding in 2025 and beyond.

What are investors looking for?

While investor priorities vary slightly across funding types, the fundamentals remain consistent: strong leadership, sound governance, and scalable models. For PE investors, operational excellence and investor alignment are crucial. “To become investment-ready, SMEs should understand the ‘why‘ behind seeking a private capital partner and be clear on investor fit. Not all investors are the same,” says Amosun. He adds that founders need to understand the implications of different investment instruments, as these dictate everything from return expectations to strategic involvement.

Johnston highlights the importance of scalability in the VC space. “Focus on business models that can grow quickly with limited marginal cost. Tech, platforms, and subscription-based services are naturally scalable,” she says, noting that early traction and clear product-market fit are more compelling than ideas without validation.

From a hybrid perspective, Buckton underscores the need for transparency and team strength. “Investors want to see accurate financials and a capable, committed leadership team. “Ineffective management is a common cause for funding applications to be declined,” she says. This applies to both early-stage startups and more mature SMEs seeking growth capital.

The investment case also improves when businesses show alignment with macroeconomic trends. According to Buckton, sectors such as renewable energy, fintech, and digital infrastructure are particularly attractive to both PE and VC investors, given their scalability and developmental impact. Johnston agrees, adding: “Funds are increasingly looking for innovation that solves real problems, particularly in underserved markets.”

What sends investors running?

Several red flags can derail a promising funding opportunity. For VCs, it often comes down to governance and clarity. “If a startup is not able to clearly demonstrate revenue streams or credible projections, or if it lacks a well-defined exit strategy, that’s a major concern an investor will look out for,” Johnston explains.

From a PE lens, Amosun cautions against operational immaturity, “SMEs often focus heavily on revenue and sales but can forget about internal systems, compliance, and succession planning. That imbalance can be risky when scaling,” he says. He also notes that personal and business finances should be clearly separated to avoid reputational and legal issues.

Buckton points to financial resilience as a key consideration. “Operating with only a couple of months of cash reserves is a red flag. It shows vulnerability to shocks and limited financial resilience,” she says. Overreliance on short-term debt, loss of key customers, or management opacity can also trigger investor concerns. Investors are looking for businesses with the right balance of ambition and operational readiness.

Smart funding, not just any funding

Chasing high valuations without substance can backfire. Buckton shares cautionary tales of startups that collapsed under inflated expectations. “A reasonable valuation gives you room to stumble and recover. Founders who optimise for hype can often end up with cap tables that leave them with little ownership and few options, especially if they raised multiple convertible notes at increasing valuation caps. Think carefully about the compounded dilution upon conversion,” she says.

Amosun notes that transparency and alignment should trump short-term appeal. “Smart investors are not just backing businesses but the people running them. If your story and values don’t resonate with the investor’s mandate, the relationship won’t last,” he says.

What steps can SMEs take to improve investor appeal?

Investors are looking for businesses with traction, transparency, and clear growth plans. Johnston recommends demonstrating product-market fit through real metrics like customer retention, usage, and revenue growth. “Even small wins show you’re solving a real problem,” she says.

Amosun advises strengthening internal systems and governance. “Ensure accurate, timely reporting and focus on optimisation and compliance, not just sales,” he says. He also encourages founders to tell a compelling growth story that aligns with investor timeframes. “A five-to-seven-year plan showing how capital will unlock value is more powerful than abstract ambitions.”

From Buckton’s perspective, being investment-ready also includes knowing your funding options. “Understand the variety of investment tools out there, from equity to blended finance. Choose what fits your business stage and goals,” she says, adding that non-financial support like mentorship and access to networks can be just as critical in early growth stages.

Finally, building relationships matters. All three experts encourage founders to attend industry events, engage with incubators, and use platforms that connect SMEs with capital. According to Johnston, “Founders who make themselves visible and are open to constructive feedback often stand out. Coachability is a signal that you’re resilient and investable.”

A strategic partnership

Meeting a checklist won’t attract private capital. Showing that your business is resilient, scalable, and aligned with investor goals, will. Founders who combine vision with operational excellence will be best placed to access the funding they need to grow. While investor sentiment may fluctuate, the fundamentals of strong business building never go out of style. Focusing on financial discipline, governance, market validation, and relationship building, will help today’s entrepreneurs turn investor interest into long-term partnerships that fuel real, sustainable growth.

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Tshepiso Kobile, SAVCA CEO

We regrettably announce the departure of our Chief Executive Officer, Tshepiso Kobile, who will be pursuing new professional opportunities. The SAVCA Board extends its appreciation to her for her leadership during a pivotal period for the organisation and the broader private capital industry.

Appointed during a time of transition, Tshepiso provided stability and strategic direction as SAVCA reoriented itself for the future. She led the recruitment and onboarding of a new executive team, helping to build internal capacity and position the organisation to serve an increasingly complex and evolving investment environment.

Under her leadership, SAVCA strengthened its voice in regulatory and policy discussions. With her at the helm, we played an active role in shaping elements of the Conduct of Financial Institutions (COFI) Bill and contributed to engagements with the Competition Commission and the Department of Trade, Industry and Competition (DTIC), particularly on public interest considerations in merger transactions. These efforts helped to ensure that private capital is appropriately considered in key policy frameworks.

Tshepiso also represented SAVCA at key international industry body engagements, helping to raise the profile of Southern African private capital on the global stage. During her tenure, SAVCA expanded its advocacy efforts and contributed to discussions on responsible investment, market development, and cross-border capital flows. A strong proponent of industry diversity, she supported initiatives that encouraged the advancement of women in private equity and venture capital and helped position the association as a platform for broader inclusion across the ecosystem.

The growth of SAVCA’s flagship conferences during her time – including the successful relocation of the annual Private Equity Conference to a larger venue to accommodate record attendance – speaks to her meaningful contribution. She has also played a key role in broadening our mandate to more intentionally include all providers of private capital – equity, mezzanine, and debt – ensuring a more inclusive and representative voice for the industry.
We thank her for her contribution to SAVCA’s continued relevance and effectiveness and wish her well as she embarks on the next phase of her career.

The board will soon undertake a process to recruit a permanent CEO. In the interim, to ensure operational continuity and momentum on strategic initiatives, the board has seconded one of its directors, Nicola Gubb, to act as Executive Director in the interim. Nicola is a seasoned executive and director with decades of experience in private equity and broader financial services, including leadership roles at WDB Investment Holdings as Chief Investment Officer, and earlier positions at Vunani Capital, RMB Fund Managers and HSBC. She will support SAVCA’s senior managers in maintaining the Association’s day-to-day operations and driving its key programmes until a permanent CEO is appointed.

For further enquiries, please contact: info@savca.co.za

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