Private markets have become an increasingly important component of institutional portfolios, not only for diversification and return potential, but for their role in supporting long‑term economic development. In Africa, the relevance of private markets...
There is a well-worn phrase in investment circles: illiquidity premium. We use it often, sometimes loosely, as though it were simply the reward for tolerating a locked up position. But I have come to think of it differently. The real premium is not just...
The latest Just Energy Transition Implementation Plan (JET-IP) report by the Presidency makes encouraging reading. It reflects both hard work by the JET Project Management Unit and enormous goodwill from the foreign community, excluding the US, towards...
As of 24 April 2026, the US–Iran conflict has been ongoing for approximately eight weeks. Despite President Trump’s extension of the ceasefire to allow for further negotiations, the path to a lasting resolution remains uncertain. Regardless of when and on...
For years, institutional investors in South Africa (or across Africa) have treated public markets as the clearest expression of economic health. If it was not listed, it was not often considered. That assumption is becoming harder to defend. Across much of...
South Africa’s economic geography remains deeply shaped by its apartheid past, with township and rural areas historically marginalised from mainstream economic activity. Today, these areas are home to a significant share of the population, including nearly...
For the last two decades, global capital markets have been undergoing a silent but aggressive transformation known as “de-equitisation”. The number of publicly traded companies has more than halved, while the pool of private capital is exploding. The pool of...
Three years ago, we wrote an article highlighting the systemic strain on the country’s water infrastructure and the emerging opportunities for private sector investment. At the time, the investment case rested largely on the scale of the infrastructure...
South Africa's retirement fund industry increasingly operates through interconnected service ecosystems. Boards of trustees rely on administrators, insurers, asset managers, technology platforms and consulting functions, whether delivered within the same...
The Conduct of Financial Institutions Bill (CoFI) has been quite the enigma. It first surfaced in draft form over seven years ago. It's been widely reported that CoFI is going to be enacted this year, but there has not been much public disclosure of the...
