Business

Johann Rupert’s company sitting on a R110 billion pile of cash

Luke Fraser

 ·27 May 2026

Johann Rupert’s Reinet Investments is sitting on close to €5.5 billion (R110.56 billion at FY26 exchange rates) in cash and liquid funds, which make up the vast majority of the company’s net asset value (NAV).

Created in 2008 to house the Rupert family’s investment in British American Tobacco and several other investments, the company has now sold its major assets.

The group recorded two major sales over the last 18 months, which Rupert said significantly de-risked its portfolio, when speaking to its latest financial results for the year ended 31 March.

The company fully exited its investment in BAT in early 2025, ending the family’s exposure to tobacco, on which the company’s history was built.

The company also sold its stake in UK-based Pension Insurance Corporation Group Limited, with proceeds of £2,939 million (R65.64 billion) received in March 2026, in addition to £257 million (R5.74 billion) in dividends.

The company first invested in Pension Corporation in 2012 with an initial £400 million (R8.93 billion) commitment.

Subsequent primary and secondary share purchases brought Reinet’s total investment to some £1.1 billion (R24.57 billion).

Pension Corporation and BAT were the company’s two largest investments and accounted for the majority of its NAV two years ago.

With the sales, the group now holds €5,477 million (R110.10 billion) in cash and liquid funds, representing 83% of the group’s net asset value at 31 March 2026.

Rupert said that the company’s liquidity position provides flexibility and resilience in uncertain market conditions.

At 31 March 2026, the company’s total NAV amounted to €6.6 billion (R132.67 billion), a decrease of 4.5% from the prior financial year.

Rupert said that the decrease reflects movements in the fair value of investments, driven by the weakening of sterling and the US dollar in the year, together with dividends and expenses paid.

This was offset by dividends received from Pension Corporation.

The group declared a total dividend of EUR 0.435 per share (R8.74 per share) from income reserves, which it expects to be approved by Reinet’s shareholders at its AGM in August.

Despite the massive pile of cash, the group recorded a loss of R4,965 million for the period, with a headline loss per share of -27.34 cents.

What’s next

Rupert said that geopolitical tensions, economic risks and market uncertainty remain, which includes the Ukraine and Iran wars. Fuel supplies are affected by the conflicts, which in turn affect other essentials.

“While interest rates have trended downwards during the year, there is a risk that inflation may increase again. The extent and impact of these worldwide factors remain uncertain,” he said.

“Reinet recognises the importance of cash reserves in uncertain times, it maintains relationships with numerous highly-rated banking institutions, and has a well-diversified approach to cash and liquidity management.”

Rupert said that the group is invested in four funds managed by Trilantic Capital Partners, of which two are in the process of realising investments.

On top of this, the group committed €298 million (R5.99 billion) to TruArc Fund V. It has invested in five TruArc funds, two of which are in the process of realising investments.

It also has investments in Coatue, which it said continue to create value for investors in the AI and related infrastructure and services segment.

The company’s Prescient funds increased by 16% in the year to €164 million (R3.30 billion), with Chinese equity markets delivering strong relative performance and all Prescient funds outperforming their peers.

“Reinet’s strong liquidity position provides the flexibility to evaluate new investment opportunities selectively, with a continued focus on long-term value creation and capital preservation,” said Rupert.