Engineering News reports that 27four Investment Managers has joined the government’s fight to reduce SA’s unemployment rate, which stands at about 29%.
The independent black-female-owned multimanager has signed a deal that will see the National Treasury’s Jobs Fund contribute R200-million to 27four’s Black Business Growth Fund. It will be used to create jobs through providing funding to black private equity fund managers focussed on investing in midmarket, privately owned companies for growth. 27four has, in turn, committed to raising more than R1-billion in matched funding. “All of the capital committed to our fund will be invested by six to eight black-owned asset management firms and it will, ultimately, reach between 40 and 60 companies in total, helping them grow, transform and create jobs. Everybody wins,” said 27four unlisted investments principal Chad Potter. It is estimated that between 3,000 and 4,000 jobs will be created over the next seven years. “The Jobs Fund investment of R200-million will help to catalyse more than R5-billion in capital for mid-sized South African companies looking to grow,” according to Black Business Growth Fund head Rory Ord.
- Read the full original of the above report at Engineering News
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