Momentum Private Equity Fund of Funds II is targeting ZAR 500 million from investors, with a hard cap of ZAR 700 million. The fund will be investing mainly in South African buyout funds, but will also have a 15% allocation to pan-African funds. Its typical investment size will range from ZAR 50 million to ZAR 100 million. Over the coming 12 months, FirstRand Alternative Asset Management expects to invest ZAR 200-300 million across 2-3 private equity funds. The firm will look to invest with established private equity fund managers and will not consider committing to first-time funds.
FirstRand Alternative Investment Management is a subsidiary of the USD 125 billion FirstRand Group. The firm closed its first fund of funds in 2003, having raised ZAR 580 million from institutional and retail investors, as well as Momentum assurance companies, which are also FirstRand subsidiaries.
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