Old Mutual Private Equity and Investec have sold their 25% stake in South Africa-based investment holding company Shanduka Group for R2 billion rand ($245 million).
The duo has sold the stake to Chinese sovereign wealth fund (SWF) China Investment Corporation. The fund is ranked as the fifth largest SWF globally, managing about $409 billion in assets, according to the Sovereign Wealth Fund Institute. Other investors in Shanduka include the Ramaphosa Family Trust, Standard Bank and Lilitha Strategic Investment.
Old Mutual first invested in the company in 2006 through the Old Mutual Private Equity Fund 2. Mark Gever is the head of private equity at Old Mutual Investment Group.
Created in 2001, Shanduka’s investments now cover the energy, financial services, real estate, energy, food & beverages and industrials sectors. Investee companies include Alexander Forbes, Helios Towers Nigeria, Liberty Life, Lace Diamond, Standard Bank, the MTN Group and McDonalds. Shanduka is headquartered in Johannesburg.