Public Investment Corporation

The Public Investment Corporation (PIC) is a government-owned investment management company based in Pretoria, South Africa, established in 1911. As the only firm in the country that focuses exclusively on the public sector, PIC manages assets for a range of public entities, including pension funds, social security funds, and development funds. With its operations comparable to those of private sector asset managers, PIC is recognized as one of the largest and most successful investment managers in Africa. The organization employs a combination of both internal and external fund managers to oversee its investments, ensuring a diverse and strategic approach to asset management. The governance of PIC is overseen by a board of directors, which is responsible for directing the management of the fund's assets.

Santosh Lalloo

Fund Principal, Private Equity

13 past transactions

Africa50

Venture Round in 2025
Africa50 is an infrastructure investment platform that develops and invests in bankable projects and mobilizing private sector funding.

Africa Finance

Venture Round in 2022
Africa Finance Corporation, established in 2007 and headquartered in Nigeria, is a multilateral development financial institution focused on addressing infrastructure financing needs across Africa. The organization provides a range of services, including debt, equity, project development, financial advisory, and treasury management, aimed at fostering sustainable economic growth. Africa Finance Corporation invests in high-quality infrastructure assets within key sectors such as power, natural resources, heavy industry, transport, and telecommunications. By targeting essential services in these core areas, the institution plays a critical role in promoting infrastructure development across the continent.

Ukko Agro

Seed Round in 2021
Ukko Agro is a Toronto-based company that develops a smart agricultural ecosystem designed to optimize pesticide usage and minimize crop losses. Founded in 2017, the company provides technology tools that facilitate efficient on-farm decision-making with minimal time investment from growers. Its ecosystem employs prescriptive models for disease and pest management and integrates seamlessly with external on-farm machinery through the Internet of Things (IoT). By enabling real-time monitoring and predictive analytics, Ukko Agro helps farmers optimize crop inputs, reduce losses, and ultimately achieve higher yields. The company is committed to enhancing sustainability in agriculture by tracking, analyzing, and quantifying the benefits of optimized pesticide use.

Karan Beef

Acquisition in 2018
Karan Beef is a prominent supplier of beef products in South Africa, recognized for its commitment to high standards of productivity, hygiene, and maintenance within the local beef industry. The company specializes in producing a wide range of beef products, including both boneless and bone-in cuts, as well as offals. Its offerings comprise various beef cuts such as ribeye, rump, striploin, blade, brisket, and thick skirts, along with liver and other related items. Karan Beef aims to set the benchmark for excellence in the meat industry, ensuring quality and reliability in its products for consumers.

African Export-Import Bank

Venture Round in 2018
African Export-Import Bank is a multilateral financial institution established in 1993 to promote and facilitate trade among African countries and between Africa and the global marketplace. Headquartered in Cairo, Egypt, the Bank offers a range of financing programs, advisory services, and guarantee products aimed at enhancing intra- and extra-African trade. These services include short-term trade guarantees, working capital and supply chain finance solutions for small and medium-sized enterprises, and various bonding facilities for export contracts. The institution serves a diverse clientele, including governments, corporations, and financial institutions, providing additional services such as sovereign and corporate advisory, capital markets assistance, and trade information. With an authorized share capital of five billion US dollars, the Bank plays a crucial role in the development and diversification of trade across the continent.

ZAR X

Funding Round in 2018
ZAR X is a licensed stock exchange that aims to enhance market efficiency through innovative financial technology. The company provides an intuitive trading platform designed for investors, allowing them to engage in transactions at minimal costs. By focusing on reducing financial barriers and streamlining processes, ZAR X seeks to create new opportunities in finance, ultimately benefiting a broader range of customers.

Coconut Software

Series A in 2017
Coconut Software is a developer of a cloud-based appointment scheduling and visitor management platform designed to streamline customer interactions. The platform integrates on-location and digital channels, facilitating self-service booking, curbside pickup, online and physical queuing, and wait time tracking. Additionally, it supports callback requests and virtual meetings, along with contact center integration. Coconut Software's features include text and email reminders, queue management, staff and location oversight, system permission management, and the ability to create custom questions and metrics. By providing performance reporting and real-time traffic insights, the platform enables banks and credit unions to reduce customer wait times and alleviate pressure on staff, ultimately improving overall service efficiency.

ClearGov

Seed Round in 2017
ClearGov Inc. is a financial transparency and budgeting platform dedicated to local governments and their residents, primarily serving communities in California, Connecticut, Massachusetts, and New York. Founded in 2015 and headquartered in Maynard, Massachusetts, ClearGov develops a Software-as-a-Service platform that transforms complex financial statements into interactive infographics. Its offerings include modules for financial forecasting, peer-to-peer financial benchmarking, collaborative budgeting, and enhanced public accountability. The platform is designed to streamline the budget process by automating workflows, increasing collaboration, and centralizing data, making it accessible and effective for local governments of all sizes. ClearGov's solutions empower municipalities to compare their spending with similar communities, fostering better decision-making and transparency. The company has gained recognition in the GovTech sector and has been acknowledged for its innovative culture and workplace environment.

Capital Appreciation

Post in 2016
Capital Appreciation Limited is a South Africa-based company that focuses on the ownership, management, investment, and promotion of established and emerging financial technology enterprises. Operating primarily within the fintech and financial services sectors, the company is structured into three main segments: Payments and Payment Infrastructure Services, Software and Services, and an International Division. The Software division generates the majority of the company's revenue, which is exclusively derived from operations within South Africa. As a special purpose acquisition company, Capital Appreciation seeks to enhance its portfolio of financial technology solutions, platforms, and applications.

SMILE Telecoms Holdings

Private Equity Round in 2015
Smile Telecoms Holdings Limited is a telecommunications company that provides broadband Internet access and communication services across Africa. Founded in 2007 and headquartered in Port Louis, Mauritius, the company operates in several countries, including Nigeria, Tanzania, Uganda, the Democratic Republic of Congo, and South Africa. Smile offers mobile broadband Internet, voice, and messaging services through its advanced long-term evolution broadband network. The company also markets WiFi routers, MiFi routers for multiple users, and USB dongles for single users, catering to a diverse clientele that includes small and medium enterprises, households, and individuals. With a significant potential customer base and growing smartphone ownership in its markets, Smile Telecoms aims to enhance Internet accessibility and connectivity across the region.

SMILE Telecoms Holdings

Debt Financing in 2015
Smile Telecoms Holdings Limited is a telecommunications company that provides broadband Internet access and communication services across Africa. Founded in 2007 and headquartered in Port Louis, Mauritius, the company operates in several countries, including Nigeria, Tanzania, Uganda, the Democratic Republic of Congo, and South Africa. Smile offers mobile broadband Internet, voice, and messaging services through its advanced long-term evolution broadband network. The company also markets WiFi routers, MiFi routers for multiple users, and USB dongles for single users, catering to a diverse clientele that includes small and medium enterprises, households, and individuals. With a significant potential customer base and growing smartphone ownership in its markets, Smile Telecoms aims to enhance Internet accessibility and connectivity across the region.

South Point

Acquisition in 2015
South Point Management Services (Pty) Ltd. is a prominent provider of student accommodation in South Africa, established in 2003 to address the high demand for quality housing. The company offers a range of living options, including studio, bachelor, one-bedroom, two-bedroom, and penthouse apartments, all designed to create a conducive environment for students. With amenities such as restaurants, bars, lounges, and cultural activities, South Point aims to foster a vibrant community that emphasizes safety, cleanliness, and affordability. Over the years, South Point has grown significantly, positioning itself as a leading independent provider of student accommodation outside of universities. The company continues to focus on expanding its offerings while maintaining a commitment to delivering a unique and enriching experience for its residents.

Erin Energy

Post in 2014
Erin Energy Corporation is an independent exploration and production company focused on acquiring and developing energy resources in Africa. Founded in 2005 and headquartered in Houston, Texas, the company holds five licenses that span approximately 6,000 square kilometers across offshore Nigeria, offshore Ghana, and offshore The Gambia. Originally known as CAMAC Energy Inc., Erin Energy changed its name in April 2015. The company has encountered financial challenges, filing for Chapter 11 bankruptcy in April 2018, which was later converted to Chapter 7 in July 2018. As a subsidiary of CAMAC Energy Holdings Limited, Erin Energy aims to leverage its assets to explore and produce oil in sub-Saharan Africa.
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