Unlisted Funds

Explore Our Unlisted Fund Opportunities

Our private equity funds are structured to provide robust investment opportunities in key sectors such as manufacturing, healthcare, and property. With a focus on long-term growth and value creation, our unlisted funds are managed with a disciplined approach to risk and return.

Private Equity Fund

Legal Structure

The Pilanehurst Private Equity Fund Proposed Ownership Structure

Pilanehurst Private Equity Fund I, a limited Encommandite partnership registered in the Republic of South Africa.

Encommandite partnerships are fiscally transparent vehicles for South African tax purposes. Each partner must account for its undivided share of the tax effects of a partnership’s income statement and assets.

The GP may, but will be under no obligation to, provide co-investment opportunities to LPs.

Advisory Board

The GP will selects committee consisting of a number of proposed LPs or designees which, except as a result ofa vacancy, upon resignation,death orremoval, will not be less than three (3) individuals, and:

will have at least onerepresentativewhodoesnot participateinthePartnership,

will meet no less frequently than annually and upon the request of the GP to consult with the Advisory Boardonvariousmatters, including:
* the Partnership’s investment strategy, the status of existing investments,
* the most recent financial statements of the Partnership, * any material conflicts of interest involving the Partnership, and the valuation of any distributions made in kind to Partners during liquidation.

The GP is required to obtain approval of the Advisory Board with respect to:

*any material loan to any of the Fund Companies, *any material sale of a Fund Company, *purchase of a business certain service contracts made with affiliates of the GP the valuation of any in-kind distributions; *and the receipt of directors’ fees, *breakup fees and other fees.

Key Persons

NameRoleKey Person Policy and Event
King PilaneCEOIf at any time during the Commitment Period either of the Company’s Key Person, the CEO or CIO, as of the Execution Date, resigns or is otherwise removed from office (except for cases of death or disability), then the General Partner will promptly notify all Limited Partners immediately.
Bongani MbambisoCIOResignation from the FSP via FSCA; Misconduct by the KI(s). The General Partner will be granted a reasonable opportunity to make a presentation to the LPs and the Board regarding its capabilities to continue to manage the Partnership. At the sole discretion of a majority of the Disinterested LPs and Board Members, the LPs may withdraw all or any portion of their Capital Accounts upon not less than four (4) months’ prior written notice.
Chris BothaKey IndividualMisconduct by the KI(s)

Fund Salient Points

CategoryDetails
Target Fund Size

R3 800 000 000 (Three point Eight Billion)

Investment Focus and SectorsManufacturing, Healthcare, Property
Geographic FocusSouth Africa
Target First CloseRaising at least Five Hundred Million Rands (ZAR 500,000,000.00) of Committed Capital
Target Final CloseThe earlier of raising one billion rand (ZAR 1,000,000,000.00) of Committed Capital or 18 months after the First Closing Date
Minimum CommitmentFifty Million Rands (ZAR 50,000,000.00)
Target ReturnInternal Rate of Return of 20%
Hurdle RatePreferred return of 8%
Fee StructureManagement fee of 2% per annum, calculated on the total Committed Capital of the Limited Partners
Carried Interest20% subject to a preferred return of 8%
Term of Fund5-year investment period from the Final Closing Date, with winding up within 8 years after the First Closing Date (extension up to 3 additional years possible)
Year EndNovember
AuditorsPKF VGA Chartered Accountants
BankersRMB
Legal CounselTGR, Webber Wentzel
Fund CompliancePrecedence Compliance & Maitland
AdministrationMaitland

Investment Process

Distribution Waterfall

  • From the Initial Closing Date to the 5th anniversary of Initial Closing Date, the GP is not required to make any cash distributions to the LPs.
  • At the same time, to the extent that the cash distribution represents a return of capital that was never invested or capital from the sale, other transfer or exchange of an investment, such return of capital may be subject to recall during the Investment Period.
  • To the extent the Gp elects not to distribute cash receipts to LPs during the Investment Period, such amounts will be invested in money market investments pending reinvestment in in other permitted investments.