PAPE Fund Managers raises ZAR 471m

The South African fund manager holds initial close for its generalist private equity fund.

PAPE Fund Managers have held a first close for PAPE Fund III at ZAR 471 million ($35 million; €30 million). The fund will invest across multiple sectors in South Africa, with a specific focus on mid-cap SMEs operating in the manufacturing, telecommunications, infrastructure, logistics, food security, tourism and leisure and medical sectors.

The firm’s fifth fund, which is backed by the Public Investment Corporation, the Eskom Pension and Provident Fund, family offices and FMO, is expected to reach a final close at ZAR 1.2 billion.