Ninety One launches R10bn fund to support SA businesses

Investec Asset Management, is setting up a R10bn investment fund aimed at helping SA businesses hit by Covid-19 to navigate the pandemic.

The Ninety One SA Recovery Fund, in association with Ethos Private Equity, will seek a commercial return, while investing in businesses that are important to SA’s economy. Ninety One said the fund’s priority is to protect the ability of SA companies to continue operations over the next two years in a bid to help save jobs“Ninety One believes the long-term savings industry has an important role to play in supporting the recovery of the SA economy by fortifying the balance sheets of otherwise competitive businesses to cope with the risk of a deeper or longer recession than initially anticipated,” the statement read.

Ninety One, which managed about R2.29-trillion in assets at the end of March, said it was initially targeting funds from institutional investors, but ultimately wanted retail investors to be able to participate. “The lockdown, while necessary to protect the nation’s health, has been akin to putting the economy into an induced coma,” said Ninety One CEO Hendrik du Toit. “SA faces a once-in-a-generation economic challenge,” he said.

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