Dear SAVCA Members and Friends,

News from SAVCA: New SAVCA Directors | 2015 SAVCA Industry Conference | Investor Perspectives

SAVCA welcomes new directors

Last week’s AGM saw the appointment of two new senior finance professionals to the SAVCA board.  Sonja De Bruyn Sebotsa, Principal Partner at Identity Partners, and Arnold van Wyk, Executive at RMB Corvest, bring over 30 years of financial and private equity experience to the organisation. We welcome them and look forward to the new energy and perspectives that these private equity practitioners will bring to SAVCA.

Our chairman, Emile du Toit, Head of Infrastructure Investments at Harith General Partners, stepped down after six years on the SAVCA board. We would like to thank him for his support and wisdom over the years. We also say goodbye to Garry Boyd, Senior Advisor at Ethos, who steps down from the board after a number of years of dedicated service. We look forward to announcing the new chairman after the next SAVCA board meeting in November.

Thank you to members for participating at the AGM. The SAVCA Chairman’s Review for 2014, presented at the AGM, provides a clear overview of SAVCA’s activities and achievements.

SAVCA most recent LP breakfast, hosted last week, was themed “Examining Exits”. Hemal Naran, Head of Investment & Actuarial at the GEPF, was one of the attendees. In this week’s newsletter we speak to Hemal about his perspectives on the private equity asset class.

SAVCA and several of its members attended the EMPEA-FT Private Equity in Africa Conference in London. Nhlanhla Nene, the South African Minister of Finance, was the keynote speaker and addressed the role of private equity in Africa’s development. It was pleasing to hear the Minister express views that private equity funds are ideal partners in the continent’s infrastructure development projects. Browse through photos of SAVCA members at the conference.

SAVCA’s annual Private Equity in Southern Africa conference is scheduled for 12-13 February 2015, at Spier, Stellenbosch.  Visit www.savca2015.co.za to read more. The early-bird discount expires on 23 November and on-site accommodation is limited – so book soon!

Keep us updated with your news and visit the SAVCA website to find new research, industry updates and upcoming events.

Regards

Erika van der Merwe
CEO: SAVCA

Regulation

Mark Linington,a Director in the Tax Business Unit atWebber Wentzel, provides commentary on aspects of the recently published 2014 Taxation Laws Amendment Bill: Changes to Section 23N have implications for interest tax deductibility, and amendments to Section 12J relate to the venture capital company regime. More broadly, note recent comments issued by King & Wood Mallesons regarding the global debate on tax deductibility.

SAVCA Events

SAVCA Master-Classes in Competition Regulation: Developments in South African competition legislation and regulation and their implications for private equity

The Southern African Venture Capital and Private Equity Association (SAVCA), together with Webber Wentzel, are hosting two half-day master-classes that provide insight into recent trends in competition regulation in South Africa, with a focus on the economic and legal principles behind regulatory action. Emphasis will be placed on the implications for merger-and-acquisition activity and private equity transactions.

Speakers:

• Trudi Makhaya, independent strategist and economist, and former deputy commissioner of the South African Competition Commission
• Robert Wilson, partner at Webber Wentzel

See brochure for the programme for the day: SAVCA Competition Matters Master Class Cape Town Invitation

Pricing schedule:
Delegates attending both sessions
Members R 3 500 (plus VAT)
Non-members R 4 000 (plus VAT)

Delegates attending single session
Members R 2 000 (plus VAT)
Non-members R2 500 (plus VAT)

SAVCA Master-Classes in Competition Regulation: Developments in South African competition legislation and regulation and their implications for private equity (CAPE TOWN)

Date:        31 October 2014
Time:        All day
Venue:     Webber Wentzel, 15th Floor, Convention Tower, Heerengracht Street, Foreshore, Cape Town, 8001
Cost:        SAVCA members pay R3 500; non-members pay R4 000.

RSVP:      Booking is essential: The SAVCA Office on events@savca.co.za or +27-11-2680041

Click here for further information

Roundtable Discussion on Valuing a GP – hosted by SAVCA and EY Transaction Advisory Services. Strictly for SAVCA Full Members only. Please contact events@savca.co.za for more information.
Date:       Thursday 6 November 2014

SAVCA Annual Conference: LP Masterclass
Date:       12 February 2015
Time:      12:00pm-5:00pm
Venue:    Spier, Stellenbosch
RSVP:     The conference organiser, Karin Diederichs, on karin@soafrica.com or +27 (0)83 270 9219
Click here for further information

SAVCA Annual Conference: Members Reception
Date:        12 February 2015
Time:       5:00pm-7.30pm
Venue:     Spier, Stellenbosch
RSVP:      The conference organiser, Karin Diederichs, on karin@soafrica.com or +27 (0)83 270 9219
Click here for further information

SAVCA Annual Conference
Date:       13 February 2015
Time:       All day conference
Venue:     Spier, Stellenbosch
RSVP:     Booking is essential: The conference organiser, Karin Diederichs, on karin@soafrica.com or +27-83-2709219
Click here for further information or visit the conference website on www.savca2015.co.za.

Keep up to date with all our events and courses by regularly visiting the SAVCA online calendar.

Industry Events

Women’s Private Equity Network (WPEN) Summit 2014
Date:       12 November 2014
Venue:     London
The WPEN Summit 2014 presents a unique opportunity for senior level and next generation women to cut across regions, organisations and ‘old guard’ networks in order to develop new relationships and do more business, make valuable business connections, promote their firms and enhance their careers. Over 100 participants are already registered for the event and comprise professional women from the major investment firms, law firms and investment banks as well as company directors and high profile entrepreneurs. SAVCA female members can benefit from an exclusive 15% off the cost of delegate tickets. Please quote VIP code: WPEN2014SAVCA Register your place here

Africa Investment Exchange: Energy
Date:        24-25 November 2014
Venue:     RSA House, London
Sponsored by DLA Piper and FMO, Africa Investment Exchange: Energy is a unique opportunity for investors, including private equity firms, venture capitalists, family offices, impact investors, foundations and institutional investors to meet Africa’s renewable and power sector developers, professional service providers, entrepreneurs and regional firms in a trusted environment. The two-day meeting is organised by CbI, the parent company of African Energy. Proceedings will be held under the Chatham House Rule and structured round a series of interactive panel-led sessions. SAVCA members can benefit from an exclusive 35% discount – contact nick@cbi-publishing.com to register or for the latest agenda and list of participants

Africa Inbound 2014
Mergermarket will be hosting its annual Africa Inbound forum, once again taking place in London. This year’s event will feature senior management figures from major international corporates who will share their experiences of conducting M&A in Africa. Expert speakers will also review the African deal market and provide in-depth insight in to the future investment pipeline for 2015.
Date:         25 November 2014
Venue:      The Waldorf Hilton, London
Click here for a full line-up of speakers or to download the agenda. Register your place here

SuperReturn Africa 2014
With registrations running way ahead of bookings at this time last year, SuperReturn Africa is set to see a record turn-out of over 550 attendees at its first ever South African event! 120+ local and international LPs are already registered to attend including: Public Investment Corporation, Grinnell College, Public Service Pensions Fund, Gatsby Charitable Foundation, Los Angeles County Employees Retirement Association, GIC Special Investments, The Church Pension Fund and many more.
Dates:      2 December – 4 December 2014
Venue:     The Westin, Cape Town
SAVCA members can benefit from an exclusive 20% discount. Please quote VIP code: FKR2356SAVCA3 when registering. Click here  for more information or to register online

Asian Financial Forum | Asia: Sustainable Development in a World of Change
Date:        19-20 January 2015
Venue:      Hong Kong
The Asian Financial Forum (AFF) brings together some of the most influential members of the global financial and business communities each January to discuss developments and trends in the dynamic markets of Asia.

Deal Flow Matchmaking session (20 January 2015)
The forum features a unique deal-sourcing and matchmaking session jointly organized by the Hong Kong Venture Capital and Private Equity Association and the HKTDC. One-on-one meetings are arranged between sources of funds and sources of deals, enabling participants to meet with potential business partners from around the world. Click here for further information

SAVCA in the news

SAVCA announces two new directors | Press release
SAVCA has announced two new appointments to its board of directors. Sonja De Bruyn Sebotsa, Principal Partner at Identity Partners, and Arnold van Wyk, Executive at RMB Corvest, bring over 30 years of financial and private equity experience to the board.

Private equity on the rise locally and into Africa | InvestSA
The RisCura-SAVCA Performance Report released in August confirms that the asset class continues to deliver a vibrant performance. Erika van der Merwe, CEO of SAVCA comments that the resilience of private equity returns is in part due to the long-term focus of the industry and strategic and active partnerships with portfolio companies.

SAVCA members in the news

Affordable housing on a growth spurt | Moneyweb
The well-heeled are catered for and enjoy a variety of options in residential property, but not so the middle to low-cost housing market. Phatisa, fund partner of the pan African housing fund Eton Price, believes there is very little understanding of certain pockets of the middle to lower income consumers.

RMB Ventures and Bopa Moruo invest in One Digital Media | Press release
RMB Ventures, the private equity subsidiary of FirstRand Limited, and Bopa Moruo, an independent, black‐owned private equity firm, have invested in digital signage company One Digital Media, alongside management.

SA to assess selling IDC stakes in listed stocks | Moneyweb
South Africa would consider selling stakes in publicly traded companies, including those held indirectly through Industrial Development Corp., to bolster the finances of power utility Eskom.

Industry news and updates

Investors hold key to putting focus on ethics | Business Day 
As Thousands of people around the world took to the streets recently to protest against climate change ahead of the UN climate summit in New York, news also broke that the Rockefeller Brothers Fund, an $860m philanthropic organisation, is joining the divestment movement and is pulling its investments out of the fossil fuel industry.

TPG Hires Ex-Goldman Banker to Consult on African Strategy | Wall Street Journal
TPG, the private equity firm founded by U.S. billionaire David Bonderman, has hired Frederick Antwi, a former Goldman Sachs Group Inc. banker who was raised in Ghana, as a consultant to devise a strategy for prospecting investment opportunities in Africa.

African Leaders Converge In Morocco for African Development Forum | Ventures Africa
Raising private equity, stemming illicit financial flows, brainstorming on domestic resource mobilisation, creating new partnerships and discussing climate financing in Africa are the top agendas of this year’s African Development Forum held in Marrakesh, Morocco two weeks ago.

Equity group to splash $100m in SA? | iafrica.com
Leapfrog Investments, a private equity group with a focus on investments in financial services, has a war chest of about $370m to invest in Africa and Asia. Of this, $100m is earmarked for SA.

Business chiefs look to private equity to develop Africa’s infrastructure | Outlaw.com
CEOs from major global companies met at Frontier 100 forum on Africa in the US to discuss forms of investment and support that can be made available to Africa for development projects.

Study: Value of African PE deals rises 137% in H1 2014 | FIN Alternatives
African private equity deals are on the rise according to a new survey from global law firm Freshfields Bruckhaus Deringer.The value of global private equity deals targeting Africa rose 137% in the first half of 2014 compared to the same period last year, according to the law firm.

Job Opportunities

Contact info@savca.co.za to advertise an opening at your firm on our online jobs portal.

Advertising with SAVCA

SAVCA welcomes the opportunity to work with members and stakeholders in promoting the Southern African private equity and venture capital industry. The organisation seeks creative ways of doing so, including through the marketing member firms’ activities. Should you wish to find out more about various marketing and advertising opportunities with SAVCA, contact the office on info@savca.co.za. Please also drop us a line if you would like to advertise an opening at your firm on our online jobs portal.