Billionaire Patrice Motsepe, along with two former Sanlam veterans, have officially launched a new money management firm called African Rainbow Capital (ARC).<\/p>\n
Motsepe, who is chairperson of ARC, together with joint chief executive officers Dr Johan van Zyl and Johan van der Merwe, unveiled the formation of ARC at an event in Hyde Park in Johannesburg.<\/p>\n
ARC\u2019s van Zyl was the former chief executive officer of Sanlam while van der Merwe previously headed up Sanlam Investments. Motsepe is a South African mining magnate and founder and executive chairperson of African Rainbow Minerals.<\/p>\n
The newly established ARC investment firm is set to invest in a range of sectors from health management to property in South Africa and Africa.<\/p>\n
Van Zyl said that the launch of the firm comes at a tough time for the local economy but he explained that falling prices create opportunities for investors.<\/p>\n
\u201cYou can\u2019t make money if you can\u2019t take risk,\u201d van Zyl said in a panel discussion.<\/p>\n
“We’ve recruited some great people, some people who make me feel like I’m 30 again. To work with people who have stars in their eyes, that’s what this is really about,\u201d he added.<\/p>\n
Meanwhile, van der Merwe said that ARC is \u201ccommitted for the long term\u201d.<\/p>\n
“We’re not here for a quick buck,\u201d said van der Merwe. “We want to be a good corporate citizen.”<\/p>\n
He added: “If there are no risks, then there’s no opportunities.\u201d<\/p>\n
Motsepe, who spoke of his family\u2019s background in entrepreneurship during the panel discussion, said that South Africa has produced \u201cexceptional black entrepreneurs\u201d and that more are set to emerge.<\/p>\n
\u201cThe entrepreneurs will come through. They\u2019ve been there in the past; they\u2019ll be there in the future,\u201d he said.<\/p>\n
\u201cI also like the possibility of black and white partnerships,\u201d Motsepe added.<\/p>\n
While ARC officially launched on Thursday, the firm has already been active in certain deals.<\/p>\n
Last month, ARC acquired an 18.1% stake in telecommunications company Metrofibre Networx. ARC is a subsidiary of Ubuntu-Botho Investments (UBI), a broad-based black empowerment investment holding company that is Sanlam\u2019s empowerment partner.<\/p>\n
Billionaire invests in South African fibre network<\/strong><\/a><\/p>\n Patrice Motsepe donates half his wealth<\/strong><\/a><\/p>\n