According to an announcement from Sanari Capital, the Sanari 3S Growth Fund’s first close totaled $28 million (Sanari 3SG).
Investments in South African businesses that are expanding quickly and have the potential to do so throughout Africa and the rest of the world are preferred by the private equity industry.
Sanari 3SG will invest in established and growing businesses in industries that benefit from Sanari’s thematic focus areas in order to take use of its expertise in investing in founder-run, owner-managed, and family-owned businesses.
The fund is called after Sanari’s patented framework for developing Sustainable, Scalable, and Saleable (SS&S) enterprises. It is the manager’s second fund, but the first one targeted at institutional investors (3S).
Samantha Pokroy, CEO of Sanari, said, “We are pleased to reach this milestone that validates Sanari’s purpose-led approach, built on experience and our distinctive brand of creative, disciplined investment that lured substantial commercial money to the fund.” We appreciate our investors’ faith in and support of our growth-stage PE approach. We are encouraged by the fact that pension funds are stepping up to support the real economy and new firms to produce both social and financial advantages.
More than 30% of the first close committed cash has already been invested by the newly created fund, with two investments being kept until closing and a third to be revealed soon.
Amounting to 100% black ownership of the underlying portfolio companies is the fund’s investment. It is noteworthy that the fund also complies with the conditions of the 2X Challenge, which seeks investment from private investors and development finance organizations to support women’s leadership and empowerment in the global economy.