South Africa: Capitalworks sets up a €200 million fund to finance SMEs
The South African firm Capitalworks has announced the creation of a $270 billion (€202 million) fund investing in small and medium-sized enterprises (SMEs) with strong positions.The South African firm Capitalworks
announced the creation of a $270 billion (€202 million) fund investing in small and medium-sized enterprises (SMEs) with strong positions.
The funds were raised from institutional investors such as Old Mutual and American investors, Ecofin news agency reports.
The Capitalworks Private Equity Fund II will target high growth markets in South Africa, such as consumer goods, health, education and financial services.
indicated that aside from bringing financial support, the fund will help its portfolio companies by providing assistance in the development and implementation of strategies for acquisition and deployment.
represent 50 percent of South Africa’s GDP and roughly 60 percent of the workforce, according to figures from American development agency USAID.
Despite the impressive development of the banking sector, about 32 percent of South Africans do not have access to financial services.