The R2.1bn Old Mutual Hybrid Equity fund has evolved from a pure private equity structure to a mezzanine equity-and-debt structure.
The fund, an institutional portfolio, focused on fundraising in the first quarter of this year. It plans to deploy the capital into a few key assets over the next couple of months, aiming to fully use the funds by year-end. The management team then intends to start fundraising towards the latter part of the year, to close the process in the first quarter of 2025.
Since its inception in May 2021, the portfolio has returned an annualised 18.5%, while the benchmark, Jibar plus 5%, returned an annualised 11.4%.