| | | | | | Welcome to the latest edition of our newsletter | | In this issue, we explore the rapidly evolving world we live and invest in, offering thought leadership on diverse topics—from applying private equity principles to South Africa’s iconic family business, the Springboks, to asking whether listed equity has truly (and permanently) fallen out of favour. Following our final close in December 2024, the team is actively deploying the R1.5 billion (USD 80 million) Sanari 3S Growth Fund. We spotlight our recent investment in Energenic and share highlights from an exciting showing at the SuperReturn Africa Awards. We value your time and respect your inbox. If you prefer not to receive future updates, you can unsubscribe at the bottom of this page. | | | | If you haven’t seen it yet, check out our brand-new website and see our refreshed branding at www.sanaricapital.com. Get to know who we are, what we do and why it matters. | | | | FROM THE DESK OF THE CEO
2025 is proving to be a year of unimaginable headlines with serious issues playing out in almost theatrical effect across social media platforms. While destabilising at first, recent months have shown again how quickly the world can adapt.
A new normal is taking shape—one that calls for steadiness, values-based decision-making, and a relentless focus on fundamentals. | | | | Transient or systemic?
Some wonder if this disruption will fade, like the impact of COVID-19 did. While specific wars and conflicts will play out in due course, I believe we are facing more systemic, irreversible shifts—from technological transformation to evolving global power structures. Key assumptions are being upended, requiring us to unlearn and relearn. Complexity is at an all-time high and accelerating. Whilst challenging, the core principles of human behaviour and investing remain—and we must build on them.
Crucially, disruption brings opportunity. In Africa, a decline in international aid has had serious consequences, yet it’s also sparked a powerful sense of agency, innovation and self-determination. The continent is stepping up—not as a passive recipient but as an active architect of its future, harnessing vast human and resource potential.
The tech revolution and widening divides
One of the most disruptive forces is AI – particularly advances in agentic AI. Jobs, industries—even daily life—are shifting rapidly. Mass layoffs, hiring freezes, and changing roles already point to an emerging “white-collar recession” in places like the US. It can be expected that other markets will follow suit.
This shift also risks deepening inequality between those with access to AI and those without. The future will belong not just to the well-capitalised, but to the fast learners. Constant capability renewal will be our greatest asset. This applies equally, and even more so to leadership in our portfolio companies.
Political shifts
Yet amid these macroeconomic and technological trends, the dominating story—globally and locally—is political. Globally, we are seeing massive realignments. The recent shifts from the new US administration have triggered radical changes—many of which had been brewing but are now being fast-tracked. While deregulation, tax reform and reduced bureaucracy buoyed some markets, concerns over governance, tariff wars, sustainability, and the risk of economic nationalism unravelling decades of global cooperation are heightened. For investors, this creates uncertainty—especially for cross-border transactions, trade, capital flows, and long-term planning.
We sit now on a precipice with growing conflicts and prospects of war, with knock-on economic impacts on oil prices and supply chains. Investing is not for sissies!
Local politics
Whilst Sanari's investment focus spans beyond the borders of South Africa, directly and indirectly, we also consider the affects back home. The formation of the Government of National Unity (GNU) marked a historic shift—our first multi-party coalition since 1994. As I’ve noted before, this isn’t instability, but democratic maturity. In a world tilting toward extremes, South Africa’s centre held.
The GNU's first year has been mixed. While promising moments have emerged, so too have growing pains. A recent budget standoff exposed the friction of coalition governance. Though concerning, it’s a natural test of democratic negotiation. The eventual passage of Budget 3.0—called a “ceasefire” more than a plan—bought time but underscored the urgent need for real economic growth. Without it, job creation, inequality reduction, and fiscal stability remain out of reach.
South Africa on the world stage
President Ramaphosa’s recent Oval Office meeting with US President Donald Trump was a nerve-wracking moment for South Africans with much at stake. The narratives being presented—ranging from land seizures to so-called “white genocide” –are not only false, they dangerously distort reality. While many dismiss Trump’s rhetoric, others unfamiliar with South Africa may be misled. It's vital to reframe these headlines with perspective.
The portrayal in the Oval Office was rooted in sensationalism and the amplification of fringe narratives. It fails to reflect the lived reality of the overwhelming majority of South Africans—over 63 million people—who are working daily to build better lives for their families and striving toward a more equal and prosperous society for all. Among this population are approximately 4.5 million white South Africans—citizens who, like the rest of the country, are surprised by the notion that they are living through a so-called “white genocide.”
A few thousand individuals seeking alternative citizenship in the United States is not unusual; similar numbers of Americans are currently applying for citizenship in the UK, which is at a record high. People have the right to pursue opportunities where they believe they will thrive. But these individuals are not refugees, and they do not speak for the majority of white South Africans.
Yes, crime is a serious issue. But it affects all communities—disproportionately the black population—and there’s no evidence of state-sponsored or state-supported ethnic persecution. Fringe parties like the EFF and MK use inflammatory rhetoric to drum up support by preying on the desperation of economically marginalised communities (hardly unique to South Africa), but they remain on the side-lines of society and politics.
If we are to speak of crisis, let it be the scourge of gender-based violence. The recent murder of a young woman, Olorato Mongale, allegedly by a man out on bail, is yet another tragic reminder of the ineffective security and justice system, and of the harrowing statistics: with an average of more than ten women murdered daily—most of them black—this is South Africa’s true national emergency, demanding far greater action and accountability from our government and society at large.
Looking ahead
South Africa has serious and structural challenges, requiring conviction from government, business, labour and civil society – both in South Africa and the global community. Economic growth will be essential to addressing these challenges, but it cannot be achieved without a deliberate focus on inclusivity to shift the status quo, promote equality and protect its citizens.
But South Africa is also vibrant, beautiful, hopeful, striving, engaging, self-reflecting, humorous and sophisticated. We have deep and liquid capital markets, powerful and well-managed corporations, tenacious entrepreneurs, advanced infrastructure and professional services, stability and resilience and a centrist government of national unity reflecting a maturing and strong democracy.
Come to South Africa. Talk to our people. Read our independent press. You will see a complex, dynamic society—imperfect, yes—but alive with promise and potential.
As we look ahead, the investment climate demands adaptability. Political, economic, and technological forces are reshaping the playing field faster than ever before. For investors, this means being vigilant, but also courageous. We must seek opportunity in complexity, stay true to our values, and move with both agility and intention.
This is no time for inertia. It is a moment for focus and clarity. Let’s grasp it—together.
| | | | | | R1.5bn ($80m) raised for Sanari 3S Growth Fund in Final Close | Sanari Capital, a women-led and majority Black-owned South African private equity firm, has raised c.R1.5 billion ($80 million) for the Sanari 3S Growth Fund, a portfolio with significant transformative potential across Africa. | | | | Sanari Capital announces R87.5 million ($5m) investment in energy solutions company, Energenic Holdings
| Energenic group of companies provides a range of energy generation products and solutions in over 32 African countries. The company’s solutions provide reliable and cost-effective energy solutions to key growth sectors on the continent including telecommunications, tourism and general commerce. The capital will be used to fund the scaling of the business both within South Africa and across the rest of the continent. | | | | SuperReturn Africa “Best Female Fund Manager of the Year” awarded to Samantha Pokroy | Congratulations to our CEO, Samantha Pokroy, who won the “Best Female Fund Manager of the Year” award at the SuperReturn Africa Awards. Sanari was also a runner-up for Best Sustainable Fund Manager of the Year. | | | | | Ariston and Sensor Networks announce a strategic partnership in South Africa to bring smart water heating solutions to consumers | It’s not every day a South African tech company partners at a technical level with a worldwide leader. Ariston Group is a global expert in water heating and the second biggest geyser manufacturer in South Africa. The new products are designed to improve energy use and secure insurance savings in households across the country – helping with the cost of living and a better environment for our future – and now at scale. | | | | | | Private equity and SA’s ‘family business’, the Springboks | In this Business Day article, Trevashan Pillay and Lehlogonolo Hloni Thankge - avid Springbok fans and Sanari Capital investment analysts - explored the impact of private equity on sports investments. Using our 3S framework as a reference, they explain how private equity can offer more than just capital for South African Rugby Union (SA Rugby). | | | | Private equity’s ascension need not hurt public markets | Private equity is reshaping global finance, but public markets remain essential. A balanced, complementary system is key to resilient, long-term capital formation, writes Sanari CEO Samantha Pokroy in Currency News. | | | | | | | | Sanari Sunset Session: Insights on the Future of Work and Workplace Disruption | Sanari Sunset Session co-hosted with Jack Hammer at our offices was a great success – a gathering filled with meaningful connections and thought-provoking discussions on the evolving world of work. | | | | AVCA - The African Private Capital Association Conference in Lagos, Nigeria | Our CEO, Samantha Pokroy, had the pleasure of attending the AVCA Annual Conference in Lagos, Nigeria at the end of April this year. As African's premier private capital gathering, the AVCA Conference brought together leading investors, fund managers, and industry stakeholders committed to unlocking the continent's potential. It was an incredible opportunity for Samantha to engage in high-level discussions, build strategic relationships and of course hit the dance floor!
| | | | Sanari 3S Growth Fund – Inaugural Annual Investor Meeting | Sanari Capital held its inaugural Annual Investor Meeting for the Sanari 3S Growth Fund. We were fortunate to host our investors in Bloemfontein to share the impact of our investments on this community first-hand. | | | | Our team swapped the boardroom for the bowling green, enjoying a fun afternoon of lawn bowls! | | | | | | | | © Copyright — Sanari Capital
| | An Authorised Financial Services Provider License No. 45074
| | | | | | | | | | | |
.png)
