Hangala Group Enters Private Equity Business
Hangala Group, a diversified company with interests in financial services,construction, properties, agribusiness, transport and resources has through its financial arm, Hangala Capital, entered the private equity business following the approval and registration of the Hangala Capital Fund (Pty) Ltd and Hangala Capital Private Equity (Pty) Ltd by Namibia Institutions Supervisory Authority (NAMFISA) in terms of Regulations 29 as a Special Purpose Vehicle (SPV) and Investment Manager, respectively. The Group teamed up with Prescient Global, a fully owned subsidiary of Prescient Holdings, as both a technical partner and a 40% shareholder in Hangala Capital Private Equity (Pty) Ltd with the balance of shares being held by Hangala Capital.
Prescient Holdings and Hangala Capital have already been in partnership since 2011 when they formed HangalaPrescient Investment Management for their asset management business in Namibia. HangalaPrescient has now close to N$2 billion assets under management and is growing. Prescient Holdings is part of Prescient Limited, a JSE listed, Cape Town-based global investment company with over R200 billion assets under management. “We are excited to enter the Namibian private equity space where we hope to contribute to capital market stimulation and development, help grow the country’s entrepreneurs and their businesses and at the same time secure both solid returns and preservation of capital for investors in the Fund. The aim of the Fund is to invest in sectors with high returns but those that will also create jobs, contribute to the industrialization of Namibia and thereby complement government efforts in poverty eradication” said Dr Leake S Hangala, Executive Chairman of Hangala Group.
Mr Herman Steyn, CEO of Prescient commented that: “we at Prescient are looking forward to adding private equity to the portfolio of our businesses in Namibia and with the relationship and experience we have built up with Hangala Group over several years, Prescient will bring its creativity and innovation in managing the Fund through Hangala Capital Private Equity, both as a shareholder and a technical partner”.
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