London, 16 December 2022
Salt Capital, a private equity investment firm focused on Africa, today announces the first close of their new fund, Salt Equity I Fund (SEQI), with US$46.5 million committed capital.
SEQI will principally target best in class consumer facing small- and medium-sized enterprises across the Southern African Development Community (SADC) seeking growth capital between US$5 million and US$15 million. Sectors of focus will include healthcare, financial services and food and beverages.
The Fund is targeting a final close of US$100 million capital commitments over the next 12 months.
Jan Bosch, Managing Partner of Salt Capital commented: “I am delighted to announce Salt Capital’s first close of the Salt Equity I Fund. My Partners and I would like to thank our investors for their support and trust in a very challenging fund-raising market for Africa.
Whilst SEQI is a new fund, Salt Capital has been successfully investing in Africa’s SME private equity space via investment consortiums for more than a decade. The launch of the SEQI celebrates a strategic process change and we are particularly proud to have been able to raise the majority of first close commitments from commercial investors, including AfricaGrow (a fund of funds managed by Allianz Global Investors and advised by DEG Impact), which we could not have achieved without the support of two prominent Development Finance Institutions, the International Finance Corporation (IFC) and PROPARCO, via the FISEA+ facility founded by AFD and implemented by PROPARCO as part of the Choose Africa initiative.
As strong advocates for the ongoing African growth story, and our ability to unlock value through our hands-on approach to investing and value creation, we (the Salt Capital team) have ourselves committed US$5 million to the first close representing in excess of 10% of total first close commitments and 5% of the fund target size.
Salt Capital will continue striving to deliver the ideal blend between developmental impact on the African continent and superior returns for our stakeholders and we look forward to establishing new close partnerships with like-minded accomplished entrepreneurial management teams in the SADC region. We have a proven track record of ethical and responsible investments whilst supporting and uplifting local communities.
We would also like to extend our thanks to our legal advisors, Osborne Clarke and Ogier, and our fund administrator, Sanne, for their ongoing support and guidance.”
Notes to Editors
About Salt Capital
Founded in 2012, Salt Capital is a private equity investment firm focused on growth capital investments in the sub-Saharan Africa. Based in London and Johannesburg, Salt Capital’s four Partners have built a track record of successful investments with a core focus on the African consumer. For more information visit www.saltcapital.com or follow on LinkedIn.