Old Mutual Private Equity (OMPE) is one of Old Mutual Alternative Investments’ Investment Business Units (IBU). OMPE believes strongly in the power of privately owned businesses to spur on economic growth. In South Africa, the impact of a more robust and thriving local economy will, in turn, help the country to address critical UN SDGs such as SDG 1 (no poverty), SDG 5 (gender equity), SDG 8 (decent work and economic growth), SDG 10 (reduced inequalities) and SDG 11 (sustainable cities and communities). 

For more than 24 years, OMPE has invested significantly in private businesses, with the intention of delivering attractive returns for investors while also ensuring that investee companies make a meaningful impact on the sectors, the communities, and the environments in which they operate. In 2024, OMPE unveiled its inaugural Private Equity Impact Book. This details not only the successes that have been achieved over the past two decades, but also shares insights and learnings from both our OMPE experts and the management teams and entrepreneurs they’ve worked with over the years. 

The impactful case studies shared in the Private Equity Impact Book highlight the valuable contribution that private equity can make in achieving transformative business growth and developing more robust, resilient and strategic companies. “We deliver growth and transformation, and therein is our impact strategy,” explains Chumani Kula, our Co-Head of OMPE. 

“What we do is quite a powerful transmission mechanism of capital from asset owners into the private companies, and working with very talented entrepreneurs, which South Africa is very blessed with. In turn - with our stewardship - we build businesses and ultimately make returns for our investors and also drive positive impact for society.” 

Over the years, OMPE has deployed more than R12 billion across 37 transactions, delivering R34 billion in value, including R21.5 billion across 26 exits and R12.4 billion in remaining value. Leveraging what Kula defines as the IBU’s reputation for fair dealing, and building on a strong trust dividend in the market, OMPE has taken part in many defining private equity transactions in South Africa, including Life Healthcare’s initial public offering and some of the largest delistings from the Johannesburg Stock Exchange (Pepkor, Consol Glass, Long4Life). 

Our OMPE Funds 

After exiting Old Mutual Private Equity Fund I (established in 2004) in 2012, OMPE went on to establish the Old Mutual Private Equity Fund II in 2005 and Old Mutual Private Equity Fund III in 2007. Fund III is closed to new investment, and Fund II has two investments remaining. More recently, Old Mutual Private Equity Fund IV was established in January 2014 as a vehicle through which to invest in high-quality, unlisted companies that all have notable growth potential. The seven private businesses included in Fund IV, in which OMPE holds significant minority and majority equity stakes, are broadcaster and media group Primedia, low-cost retirement firm 10X Investments, tyre retailer Tiger Automotive, sports and leisure business Morecorp, private label food producer in2Food, medical device supplier Medhold, and athleisure footwear retailer Footgear. 

Across each of the Fund IV assets, the OMPE team actively explores decarbonisation opportunities as well as the potential to drive economic growth, create jobs, and embed a culture of diversity and inclusion. Fund IV is closed to new investment and is fully deployed. 

In 2020, Old Mutual Private Equity Fund V was established. Fully invested in South Africa, the Fund was deployed within two years into high-quality businesses. The investment strategy is focused on unlocking proprietary opportunities that promise attractive returns for investors while seeking to make a positive social contribution. The remaining assets in Fund V are ACTOM and S&R Holdco (Holdsport and Performance Brands), while the assets successfully exited were Beverages Holdco (Inhle and Chill) and PCW Holdco (Sorbet and Clayton Care). 

Most recently, in 2023, OMPE began raising and deploying its sixth fund, the Old Mutual Private Equity Fund VI. Primarily focused on South Africa-based, mid-market growth companies, the fund also added the flexibility to allocate up to 25% in the rest of Africa, with a preference for East African opportunities.