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Sanari Capital is a South African private equity investment company.
We specialise in founder-run, owner-managed and family-owned businesses with a high growth agenda.
Get to know us better...
 
ABOUT US
IDEAS THAT LAST
Sanari Capital was founded in 2013. Our aim is to build businesses that are sustainable, scalable and saleable.
We manage investments in companies in the lower- and middle-market in South Africa and selectively in other African markets. Our team has the knowledge, commitment and passion to fuel the success of businesses with potential by providing high quality, rigorous and customised private equity solutions to complement entrepreneurial settings.
Sanari: (Tshivenda) 'Like a buffalo'. Endurance, strength, courage and community.
 
TEAM
A RARE COMBINATION
Sanari Capital provides a rare combination of entrepreneurial spirit and top-tier private equity and investment expertise.
Samantha Pokroy
Executive Director
Founder & CEO
Samantha has 13 years’ experience in private equity and venture capital in SA and US markets, and 18 years in financial services. Prior to founding Sanari Capital in 2013, she played a leading role in investments at Ethos Private Equity, which she joined in 2006. Previously, Samantha spent two years at a Chicago-based private equity firm (KRK, now Winona Capital), and worked in investment banking (JPMorgan) and consulting (Stern Stewart) in New York.

Samantha has an MBA with Honors from the University of Chicago Booth School of Business, a B.Com and BA Honors in Industrial Psychology from the University of the Witwatersrand and is a CFA Charter Holder. She serves on several industry bodies to promote entrepreneurship and is a member of the board of SAVCA.

Samantha sits on the boards of Fernridge and JAYCOR.
Moushmi Patel
Executive Director
Investment Principal
Moushmi has 11 years financial services experience in local and international markets. Prior to joining Sanari Capital in 2016, Moushmi worked in leveraged finance and investment banking at Rand Merchant Bank after completing her articles at PriceWaterhouseCoopers.

She has extensive knowledge and experience in the Technology, Media, Telecommunication and Diversified Holding Companies sectors and experience in private equity leveraged buyouts and debt restructuring.

Moushmi is a qualified Chartered Accountant (SA), has a B.Acc from the University of the Witwatersrand, holds an MBA from the Gordon Institute of Business Science, University of Pretoria and is an Alumnus of Rotterdam School of Management, Erasmus University.

Moushmi sits on the boards of Fernridge and JAYCOR.
Neo Ratau
Capital Raising & Investments
Neo has over eight years’ corporate finance, financial services and entrepreneurship experience, covering the renewable energy, logistics, infrastructure, retail and media sectors. Before she established advisory firm, Everest Ventures, she was instrumental in key transactions for Maya Group, a boutique investment and advisory firm. She also previously held financial and investment analysis roles at FNB Leveraged Finance, FNB Private Wealth and Standard Bank Corporate & Investment Banking. Neo joined Sanari in June 2017.

She holds a B.Com (Honours) (Investment Management) and a B.Com (Accounting) degree, both from the University of Johannesburg. Neo is currently an MTN scholar completing her Masters in Inclusive Innovation through the University of Cape Town’s Graduate school of business.

Neo sits on the board of Fernridge.
Samantha Watermeyer
Executive Assistant
Legal and Compliance
Samantha W. is an admitted attorney who has specialised in financial services compliance, specifically consumer finance and insurance related matters, for the last 5 years.

Prior to joining Sanari in May 2017, Samantha W. headed up the compliance department at RCS, focusing on National Credit and FAIS Act compliance and the associated legislative, regulatory and best practice business requirements.

Samantha W. completed her Bachelor of Social Sciences in Law and Politics and then her LLB at the University of Cape Town. She also holds a higher certificate in Compliance and Risk Management.
Dean Sparrow
Independent Investment Committee Member
Dean has been the CEO of technology investment company, Capital Eye Investments (CEI) for almost 6 years and through this role, led CEI’s evolution into the private equity and venture capital space. Most recently he established Fintech group, Crossfin Technology Holdings, a significant investment of CEI and which he leads as CEO. Dean has over 15 years’ experience investing in businesses in Africa, predominantly in the ICT sector. Prior to heading up CEI, Dean was a member of the senior leadership at UCS, a listed ICT company, which he joined in 2002. Dean also held a non-executive director position on the JSE listed Business Connexion board from 2011 up to Telkom’s acquisition and delisting in 2015. Dean is a Qualified Chartered Accountant (SA), B.Compt and Honours (CTA) from UNISA
Mametja Moshe
Independent Investment Committee Member
Mametja is the founder and CEO of investment and advisory firm, Moshe Capital, with more than 11 years’ corporate finance and principal investing experience. She was instrumental in key transactions for investment firm, Identity Capital Partners. Previously she held M&A and corporate finance investment banking roles at both Morgan Stanley and UBS.

Mametja has an MBA from the Global Executive Program at Columbia Business School and London Business School, is a qualified chartered accountant and has a B.Com Honours (Accounting) from the University of KwaZulu-Natal.
Sanjay Kassen
Non-Executive Director
Sanjay is a senior partner of ENSafrica, Africa’s largest law firm.

Sanjay specialises in Mergers & Acquisitions, Equity Capital Markets (ECM) and heads up the Group’s implementation, regulation and operation of B-BBEE transactions. He also serves as a trustee of various broad-based BEE employee schemes and BEE charitable foundations. Sanjay chairs the BEE share scheme for a large listed medical aid and financial services group in South Africa.

He is also a trustee of Education Africa, a non-profit organisation aimed and providing education for under-privileged children in rural communities in South Africa.

Sanjay’s qualifications include a BA (University of Cape Town), LLB (University of Cape Town) and is admitted as an attorney of the High Court of South Africa.

Sanjay was voted Best M&A Lawyer 2013.
Jo-Ann Pohl
Non-Executive Director
Jo's expertise lies in change management, providing leadership and strategic direction, governance, oversight, and external stakeholder management. She has worked with start-ups, global corporates and is currently consulting to a listed property fund. Prior to this, she held C-suite positions at Telesure Investment Holdings, Standard Chartered Bank Africa, Ubank and headed up the Finance and Shared Services team for Barclays Africa and the Middle East.

She chairs the board of the Charities Aid Foundation Southern Africa, is a member of the 30% Club Southern Africa Steerco and was identified by Euromoney as one of Africa’s top 20 rising stars in 2014.

Jo is an adjudicator for the Technology Top 100 (TT100), Accenture Innovation Index and Gender Mainstreaming Awards. She counsels cancer patients and mentors young entrepreneurs and women in business.

Jo is a qualified chartered accountant and professional banker (PBSA) with a Post Graduate Diploma in Business Administration from the University of Wales.
 
FOCUS
GROWTH OPPORTUNITIES IN AFRICA
Our focus is on high-growth, emerging market opportunities in South Africa and the rest of Sub-Saharan Africa. We seek exposure to wider African growth prospects through regional expansion strategies within our portfolio companies, as well as direct investments selectively into other countries. Our investment focus is framed by three investment "themes" within which we spotlight specific sectors:
Consumer-Driven Growth
Favourable macroeconomic factors, an emerging middle class, urbanisation, population growth and social welfare support is driving consumption.
Infrastructure-Led Growth
Public and private sector infrastructure investment is growing to meet growth prospects and service delivery.
Demand for Social Services
The emerging middle class will continue to require better services for their families. The demand for social and public services far exceeds supply.
These thematic growth drivers inform our preferred sectors for investment:
 
APPROACH
HELPING BUSINESSES FLOURISH
We focus on Sustainability, Scalability and Saleability (“3S”).
Our experience lies in working alongside owners and management to ensure their businesses consolidate, grow and flourish. We have flexible capital solutions to meet different needs. We specialise in partnering companies that will benefit from a private equity type investment that facilitates:
  • Company sustainability beyond founder or CEO / incentives for next level management
  • Succession / generational transfer / wealth diversification
  • Black economic empowerment / ownership
  • Best practice and corporatisation / strategy evolution / mergers and acquisitions
  • Expansion in sub-Saharan Africa or internationally
  • Enhanced quality of earnings, operational efficiency and synergies that will bring better future valuations
Sanari Capital is well positioned to contribute value and experience in these complex initiatives.
The Sanari 3S Solution and
Investment Strategy
We start with the end in mind, considering the various preferences and psychology of the founders, owners and management, but all the time developing a plan that builds realisable value in the company and creates optionality for the various stakeholders.

We like to work with companies at critical junctures and growth stages where our past experience can help in navigating new territories. Before we embark on the journey we work with the company to secure and strengthen its foundation. In doing so, we ensure that we are able to scale on a sustainable basis whilst still maintaining the entrepreneurial drive and spirit of the organisation.
Our 3S Solution "Toolbox" comes standard with solutions for:
Our investment strategy includes:
  • Value add expectations and requirements set upfront
  • Majority control or strong negative controls; co-investment with like-minded investors; strong exit rights and ability to align and influence company direction
  • Capitalisation of businesses in a prudent manner to meet their operating needs and maximise returns
  • Alignment of incentives; equity and equity-like participation; ‘skin-in-the-game’
  • Fair pricing; multiple uplift in scaling or rolling up smaller companies or add-on acquisitions
  • Expanded reach, capability and experience through its advisory circle and investment committee for additional insight, critical thinking and perspective.
 
PARTNERING WITH COMPANIES
Crafting Solutions
We work with established companies in our investment focus areas that have a convincing growth thesis, clear focus and a compelling competitive advantage. In particular, we partner with owner-managed businesses that are approaching a new critical juncture and preparing to scale up.
Investment Criteria:
Market
Investment Size
Enterprise Value
Geographies
Investment Type
Small and Medium-Size Companies
Sanari Growth Partners 12J Fund:R10m - R40m,Sweet SpotR20m - R30m
Sanari Growth Partners 12J Fund:R15m - R100m
High growth emerging market opportunities in South Africa and other sub-Saharan Africa countries
Lower-Middle Market Companies
Sanari Capital:R40m - R200m,Sweet SpotR75m - R125m
Sanari Capital:R50m - R500m
Exposure to wider African and global growth prospects through expansion
Growth equity
Platform / Roll-up
LBO
We seek out management with a strong track record of success, that value honesty and integrity and that demonstrate resilience, resourcefulness and drive. We partner with owners and management who are aligned with, and enthusiastic about, the principles of Sanari’s 3S Solution approach and investment strategy. We’re also looking for a shared commitment to profit with purpose.
Our detailed investment criteria can be downloaded in PDF.
Current Investments:

Fernridge is a leading geo-spatial data and solutions provider, offering expert insights to inform location-based business decisions. Clients include retailers, property developers, private equity investors, financial-, healthcare-, education- and public-services providers. www.fernridge.co.za

In a world of connected devices and machines, JAYCOR provides specialised connectivity and automation components and services to a wide range of industries.
www.jaycor.co.za

 
PARTNERING WITH INVESTORS
A TRUSTED AND VALUABLE PARTNER
Sanari Capital offers attractive investment prospects and exposure to a niche market.
By partnering with us you:
  • Gain access to attractive private equity investments and strong deal flow focused on entrepreneurial businesses in the large and under-served Lower-Middle Market in South Africa and incrementally into the rest of Africa.
  • Benefit from solid investment management by a team of professionals with proven private equity investment expertise and experience in owner-managed businesses across various sizes and stages of development.
  • Can rely on our rigorous and structured investment and value add processes, and firm focus on governance.
  • Make a difference by contributing to sustainable employment, economic growth and black economic empowerment. Growing companies in the Lower-Middle Market is about "more than just money" – it’s about improving the probability of success, sustainability and scale, whilst reducing risks.
Our Investment Platforms:
The Sanari Capital investment programme is deployed through several platforms:
Lower-Middle Market Private
Equity Investment Fund
Section 12J SME
Investment Fund
 
SANARI GROWTH PARTNERS SECTION 12J FUND
INCENTIVISING INVESTMENT IN SMALL AND MEDIUM SIZED BUSINESS
Earn attractive investment returns even in difficult economic conditions. Invest with a highly experienced private equity team targeting compelling growth opportunities in the small- and medium- enterprise (SME) space.

The Sanari Growth Partners fund is open for a limited capital raise.

Qualifying investors are invited to subscribe for shares in Sanari Growth Partners. This is applicable for sophisticated individual investors, companies and trusts.

Please contact Neo Ratau to apply.

As a Venture Capital Company ("VCC") approved under Section 12J of the Income Tax Act, investments into Sanari Growth Partners will qualify as a permanent full deduction from taxable income in the hands of the qualifying investor in the tax year that the investment is made.

Investors receive all of the upside – dividends and capital growth – for only 55% of the initial investment cost (assuming the investor pays tax at a 45% marginal tax rate)

Learn more about the Sanari Growth Partners Fund here
Fund at a Glance
Qualifying Investors:
Qualifying Investors are any investors that pay tax in South Africa (including individuals, companies and trusts) and that is not a Connected Person (per the Income Tax Act) in relation to the VCC after a period of 36 months from initial issuance of VCC shares
Minimum Subscription:
R1 million per investor. The Fund board may in its discretion accept lesser amounts
Investments Size:
R10 million to R40 million, subject to a single asset limit of 20% of fund size
BEE Benefits:
Corporate investors may receive recurring B-BBEE Enterprise Development points for a once-off investment in the Fund
Final Closing Date:
28 February 2018. Please speak to the Fund Manager regarding interim closings.
Process to Apply:
Contact Neo Ratau on nratau@sanari.co.za
Steps to investing
  • Complete investor information form
  • Sign Non-Disclosure Agreement (NDA)
  • Review Private Placement Memorandum (PPM) and fund agreements
  • Complete FICA, KYC (know your client) and Anti-Money Laundering checks
  • Submit irrevocable offer to subscribe in the form of a signed Subscription Agreement and receive approval to invest from Sanari
  • Deposit cash
  • Receive share certificate and tax certificate
 
PARTNERING WITH SOCIETY
SUSTAINABLE VALUE CREATION
Our work is driven by sustainable value creation, not just for companies and investors but for the communities and environments touched by the businesses we work with. We are driven by a desire to offer value to society not as a separate initiative but in all that we do and in every investment decision we make.

We are committed to supporting a healthy entrepreneurial ecosystem through group mentorship sessions and our involvement with landscape-changing public service organisations.
 
CONNECT
LET'S START A CONVERSATIONCONTACT US TODAY
connect@sanari.co.za|Blog|Tel. +27 76 456 3339

21 Impala Road, Block B, Chislehurston, Sandton, Johannesburg, South Africa
Ask about our Entrepreneurial Group Mentorship (EGM) sessions, Student Internships at Sanari Capital and in our portfolio companies and Entrepreneurship-by-Acquisition (EBA) Programmes.
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For Important Information on Sanari Capital, its funds and this website, link here.