South Africa’s first black billionaire launches private equity firm

By mahlokoane percy ngwato

Billionaire South African Patrice Motsepe has launched a new financial services investment company.

African Rainbow Capital (ARC) is set to focus on investing in financial services companies. Despite being established very recently, ARC has already invested in insurance broker Indwe Broker Holdings and special purpose acquisition company Capital Appreciation.

Patrice Motsepe is South Africa’s first and only black billionaire; according to the FORBES’ Realtime billionaire scoreboard he has a net worth of roughly $1.5 billion.

ARC is a subsidiary company of Ubuntu-Botho Investments (UBI), a black empowerment investment holding company which is the empowerment partner of Sanlam - a financial services company in which Motsepe owns a stake of.

Former Sanlam CEO Johan van Zyl and Sanlam Investments CEO Johan van der Merwe jointly head the company while Motsepe is the chairman.

Patrice Motsepe’s fortune grew at the end of apartheid when he began offering services to the mining industry – he has since gone on to found companies and holds interests in a range of different metal commodities.

African Business Review’s April issue is now live.

Follow @AfricaBizReview and @MrNLon on Twitter.

African Business Review is also on Facebook. 

SOURCE: [Forbes]


Featured Articles

SAP creates new EMEA region and announces new President

SAP has announced it has appointed a new President for a newly-created EMEA region, aiming to make the most of the opportunities of cloud and AI technology

How SAP is facilitating continuous business transformation

Technology giant SAP has expanded its portfolio with the acquisition of LeanIX, a leader in enterprise architecture management (EAM) software

Siemens and Microsoft: Driving cross-industry AI adoption

To help businesses achieve increased productivity, Siemens and Microsoft are deepening their partnership by showcasing the benefits of generative AI

Sustainability must become central to corporate strategy


The endless benefits of putting your people first

Leadership & Strategy

Working from anywhere: SAP uncovers secret life of employees

Human Capital