Media & News

SAVCA Newsletter | 27 November 2014

Dear SAVCA Members and Friends,

News from SAVCA: New SAVCA Chairman | 2015 SAVCA Industry Conference | Section 12J Changes

A new position for a familiar face

We are pleased to announce the appointment of Dave Stadler as the SAVCA Chairman. Dave, who is the founding partner of Paean Private Equity, takes up the position after serving on the SAVCA board for a number of years. With 30 years investment banking and private equity experience, Dave is one of the most seasoned practitioners in our industry. Our organisation is sure to benefit from Dave’s leadership and insights as well as board experience across a number of sectors.

Dave will oversee the opening of SAVCA’s 2015 Private Equity in Southern Africa Conference, scheduled for 12-13 February 2015, at Spier, Stellenbosch. Look out for emailed updates on speakers and attending LPs at this event. Meanwhile, we advise you to make use of the limited room bookings we have secured at Spier. Visit www.savca2015.co.za to read more about accommodation options and to complete the simple registration form for the conference.

We are pleased to welcome back many of the participating sponsors from the 2014 conference, as well as the many new names. A variety of sponsorship options have been made available for 2015, including advertising opportunities in the two flagship conference publications – the SAVCA Case Study Compendium and the Evolution of Private Equity in South Africa: A SAVCA Publication. Read more about these advertising options.

In keeping you informed about regulatory developments in the industry, we speak this week to Adam Bekker, co-founder of Broadreach Capital and to Jeff Miller, Chief Executive of Grovest regarding the recent S12J tax incentive amendments. We believe these attractive changes in tax legislation will facilitate greater levels of investment into entrepreneurial businesses in South Africa.

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

Finn Elliot, Associate Director in the Corporate Law Advisory Practice at KPMG provides the following advice on FATCA Registration.

All entities that qualify as Financial Institutions as contemplated in the South African IGA (generally private equity funds will so qualify) or their Sponsoring Entities are be required to register on the IRS FATCA Registration Portal and be issued with a Global Intermediary Identification Number (“GIIN”) by January 1, 2015. The GIIN will serve as evidence of FATCA compliance and it is as such very important to obtain a GIIN.  Typically a GIIN takes between 1 to 2 weeks to be issued after registration, and so we would urge all members (who haven’t already done so) to start progressing their registrations, as may be required dependent on their FATCA status.

SAVCA Events

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

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

Taxation amendments for venture capital investors make Section 12J workable I Media release
South African venture capitalists have welcomed the recent Taxation Laws Amendment Bill which introduces two changes to Section 12J of the Income Tax Act. The changes, effective January 2015, should boost investment into entrepreneurial businesses and increase the appeal of venture capital for investors.

SAVCA members in the news

Ethos sells stake in Tiger Automotive Group I Moneyweb
Ethos Private Equity has agreed to sell its stake in Tiger Automotive Group for an undisclosed sum to a consortium made up of the US’s Carlyle Group and Old Mutual’s South African private equity unit.

South Africa’s Steinhoff expands discount offer with $5.7 bln Pepkor buy I Reuters
Steinhoff International will buy Pepkor in a $5.7 billion deal that gives the budget furniture firm exposure to Africa’s fast-growing apparel market. The deal – the third-largest acquisition of a South African company in history – will see Steinhoff buy 92 percent of Pepkor from private equity firm Brait and entities controlled by Christo Wiese.

Montagu Dried Fruit & Nuts and Acorn in fruitful partnership I Media release
Franchise group Montagu Dried Fruit & Nuts has now announced the sale of a majority share to private equity enterprise Acorn Agri, to assist the business keep up pace with increased demand and expand into African markets.

Ethos confirms Nampak divisions acquisition intention I Holding statement
Ethos Private Equity confirms that it has entered into an agreement to acquire Nampak’s Tissue, Corrugated and Sacks divisions for a total purchase price of R1 575 million.  This agreement excludes Nampak’s 50% shareholding in Sancella Proprietary Limited.

Carlyle Group buys stake in Diamond Bank I This Day Nigeria
Carlyle Group has invested $147 million in Diamond Bank Plc as it seeks to expand in Africa’s largest economy. Carlyle bought the stake through its sub-Saharan Africa Fund at the recently held rights issue by Diamond Bank.

Title deeds for subsidised housing will build wealth in SA on grand scale I BizNews
Soula Proxenos,Managing Director at International Housing Solutions, a private equity investor in affordable housing,believes that giving title deeds to the poor will enable wealth creation on a massive scale in South Africa. 

Industry news and updates

African equity is emerging a hot choice I Gulf News
Today, the continent’s population of over 1 billion can boast some of the world’s strongest Gross Domestic Product (GDP) growth rates, urbanising communities and expanding consumer class — facts that are increasingly recognised by the Gulf Corporation Council member states.

Firms look to Ivory Coast for deals I WSJ
Some large private equity investors in sub-Saharan Africa are considering expanding into Ivory Coast, a country that is currently experiencing an economic renaissance after years of conflict. Helios Investment Partners is one of the firms considering opening an office in the West African country, according to Helios Chief Operating Officer Henry Obi.

Private equity managers are successfully wooing individuals, as institutions cut costs I Forbes
Institutional investors are getting more bang for their buck in low-cost separate accounts and other alternatives to classic funds, encouraging managers to combat thinning profit margins by targeting individual investors, a group that now accounts for an unprecedented 10 percent of fundraising.

Naspers has $1.65bn available for potential acquisitions I Moneyweb
Naspers, Africa’s largest company by market value, has more than $1.65 billion available for acquisitions as the media company seeks to expand its Internet business in emerging markets. The company has about $1.2 billion offshore and R5 billion in South Africa.

Job Opportunities

Investment Analyst | Takura Capital I Harare

Zimbabwe based Takura Capital Partners seeks a suitably qualified and experienced person to join Takura’s investment team as an analyst. The analyst will work closely with Takura’s senior investment professionals and provide support in investment analysis, research, investment process management, transaction structuring, deal execution and portfolio management.

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.