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About

VANTAGE CAPITAL FUND MANAGEMENT

PARTNERSHIP AT THE HEART OF AN AFRICAN SUCCESS STORY

 

As the preferred investment partner to a host of African businesses, Vantage Capital consistently unlocks value in an entrepreneurial way.

 

We do this through building mutually beneficial long-term relationships with all our stakeholders. Our goal is to deliver consistent, sustainable returns by identifying, structuring and managing our investments in a responsible and thoughtful manner.

 

Our value-add philosophy entails active participation in investee companies. The degree of involvement is tailored to the size, performance and maturity of the portfolio company, along with the skills and experience of the portfolio company’s management team.

FACTORS THAT DRIVE THE VANTAGE ADVANTAGE

 

1. RELATIONSHIPS GROUNDED IN TRUST

Through collaboration, open communication and collective decision-making, we seek to develop and sustain the trust of our stakeholders.

 

2. PROFESSIONALISM AND INTEGRITY

We build teams of likeminded professionals that share knowledge, explore differing views, and in doing so bring together their diverse strengths to meet the best interests of all stakeholders.

 

3. WEALTH FOR ALL STAKEHOLDERS

Our objective is to build mutually beneficial relationships with our investors and portfolio companies, so that value and wealth is created for all parties.

 

4. TRANSFORMATION AND DEVELOPMENT

We recognise the transformative impact that our funding can have, beyond financial gains, and we aspire to facilitate empowerment and human development across our investment portfolio.

History

2001
2006
2012
2013
2017
2017

2001

VANTAGE TECHNOLOGY FUND DELIVERS TOP QUARTILE RETURNS

 

Vantage Capital opened its doors in 2001 with the launch of its Technology Fund. R130 million ($19 million) was invested into ten companies ranging from start-ups to listed entities. The Technology Fund delivered top-quartile returns to its investors for its vintage.

 

2006

VANTAGE’S FIRST MEZZANINE FUND ATTRACTS COMMITMENTS OF R1 BILLION

 

At a time when mezzanine debt was a well-established asset class in the US and Europe, Vantage’s Mezzanine Fund was the first independent African fund to offer corporates this intermediate form of risk capital. Its mezzanine offering filled an important gap in the market, where banks had limited appetite to provide senior debt, and where shareholders were reluctant to dilute their equity. The fund was hugely successful, raising commitments of R1,003 million ($150 million), one-third of which came from foreign investors. By 2008, the fund was invested in five transactions in South Africa, and has subsequently successfully exited four of these investments.

 

2012

VANTAGE CLOSES ITS SECOND MEZZANINE FUND WITH COMMITMENTS OF R1.9 BILLION

 

Vantage’s second Mezzanine focused on the mid-market sector, with a 35% pan-African allocation. R1.9 billion ($240 million) was secured, and by August 2015, the fund was fully invested in thirteen transactions, nine in South Africa and four in the rest of Africa. By 2019, Vantage had successfully exited six of these investments.

 

2013

VANTAGE’S GREENX NOTE I, OFFERS INVESTORS EXPOSURE TO RENEWABLE ENERGY PROJECTS

 

R2.2 billion ($220 million) was raised by the inaugural GreenX fund, issuing Asset-backed Notes to investors, and using the proceeds to provide senior debt to a diversified portfolio of eight South African solar and wind power projects with a combined capacity of 666 MW.

 

2017

VANTAGE CLOSES ITS 3rd MEZZANINE FUND RAISING R3.9 BILLION

 

Attracting funds from some of Europe’s largest endowments and a number of Southern African pension funds, Vantage’s third fund has a roughly equal allocation between Southern Africa and the rest of Africa, with ten investments to date.

 

2017

VANTAGE’S GREENX NOTE II REACHES TOTAL COMMITMENTS OF R3.0 BILLION

 

Vantage’s Note II of R3.0 billion ($225 million) has a similar mandate and structure to Note I, except that it focuses on providing CPI-linked senior debt to underlying projects. Six investments have been made to date in four solar and two wind projects with a combined capacity of 434MW.

 

CSI INITIATIVES

 

DEVELOPMENTAL IMPACT AT FUND MANAGER LEVEL

 

Vantage Capital is committed to Black Economic Empowerment and to employing, training and mentoring previously disadvantaged people whilst procuring goods & services from empowered suppliers. In 2018, both the Fund II manager (Vantage Capital Fund Managers (Pty) Ltd) and the Fund III manager (Vantage Mezzanine III (Pty) Ltd) achieved Level 4 contributor status.

 

Over the years, Vantage Capital – in its capacity as fund manager – has been actively involved in a range of funding and mentorship programmes aimed at uplifting underprivileged local communities.

 

Vantage has supported a number of initiatives, including bursaries to black female learners and financial sponsorships for Junior Achievement South Africa, the Small Enterprise Foundation, Africa Tikkun, Rainbow Early Childhood Development and Partners for Possibility for South Africa. Vantage has also made donations to various children’s homes and Vantage’s staff are involved in personal initiatives to provide mentorship to underprivileged learners.