Johann Rupert-backed fund raises R4 billion

A fund backed by two of South Africa’s wealthiest businessmen, has raised R4.14 billion ($345 million) to invest in electricity generation, transport and logistics on the African continent.

According to Bloomberg News, Pembani Remgro Infrastructure Fund – started in 2012, by South Africa’s richest man, Johann Rupert, and MTN Group chairman, Phuthuma Nhleko – has raised $245 million, with further access to $100 million from the US government’s Overseas Private Investment.

CEO of the fund, Herc van Wyk told Bloomberg that the fund aims to raise up to $500 million.

“We see interesting opportunities coming up in the infrastructure space,” van Wyk said. “The opportunity, first and foremost, is power generation.”

Pembani Remgro is jointly owned by Remgro – of which Rupert is the chairman – Nhleko, and an investment team led by van Wyk.

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Johann Rupert-backed fund raises R4 billion