Secha Capital, the Johannesburg-based growth equity firm, has reached a second close on its $40 million Fund II, with E Squared Investments — the impact investment vehicle founded by Allan Gray — joining as a new backer.
Existing investors include RMB Ventures, the SA SME Fund and 27four Investment Managers. Secha is targeting a final close of R650 million (approximately $40 million) by July 2026.
Founded in 2017 by Nombuso Nkambule, Brendan Mullen and Rushil Vallabh, Secha Capital is a black, female-founded fund manager that runs what it calls an “Operator-Investor” model. Rather than simply deploying capital, Secha embeds skilled professionals directly into its portfolio companies to work alongside founders on sales, operations and strategy.
The model has now evolved to include a Chief Executive Operator-Investor (CEOI) track, which provides a pathway for experienced corporate professionals to transition into C-suite leadership roles within portfolio companies.
Fund II targets essential, high-growth sectors that form the backbone of South Africa’s economy — including agriculture, manufacturing, energy and consumer goods. The fund is already 40% deployed across eight companies: Barracuda (electronics manufacturing), Plentify (energy technology), Cultura Fresh (controlled-environment farming), FarmTrace (farm management software), iG3N (energy storage), AgrigateOne (perishable goods supply chain) and LHC Beauty (consumer brand).
The portfolio has created over 1,000 jobs to date.
“Most investors provide capital and advice. We provide execution,” said Rushil Vallabh, co-founder of Secha Capital. “By embedding the right operators next to founders, we turn strategy into results and potential into performance.”
Brendan Mullen, co-founder and MD, added: “We invest in the businesses people rely on every day, both today and in the future. By making these companies run better and grow faster, we deliver on a dual mandate of strong financial returns and systemic social impact.”
Secha’s first fund demonstrated that combining equity investment with embedded human capital can generate both financial returns and measurable impact — particularly in women-founded businesses.