Old Mutual Private Equity (OMPE) has secured a strategic investment from E Squared Investments for its Fund VI, strengthening its capacity to back South African companies. This capital commitment directly targets the country’s real economy, aiming to generate strong commercial returns alongside sustainable job creation and transformation outcomes.
By backing OMPE Fund VI, E Squared is launching its Fund of Funds strategy, which targets high-performing managers capable of blending strong financial performance with measurable social impact. Yasthira Ramdenee, E Squared’s Head of Growth Investment, noted that OMPE’s strategy fits this mandate perfectly. “What stood out to us was OMPE’s ability to identify high-quality businesses that are both commercially resilient and capable of delivering meaningful developmental impact,” Ramdenee said.
OMPE, a division of Old Mutual Alternative Investments, brings over two decades of experience across multiple market cycles. Fund VI focuses on market-leading South African businesses with strong cash generation and growth potential, particularly in manufacturing, education, healthcare, financial services, tourism and consumer sectors. While the primary focus is local, the fund also expands across the African continent through its portfolio companies.
The transaction marks a major milestone for the backer. “This commitment marks E Squared’s first private equity fund investment, anchoring the later end of our risk curve and generating distributions that can be recycled into earlier-stage, catalytic investments central to our mandate,” said Pyi Maung, Chief Investment Officer at E Squared. Maung added that OMPE’s disciplined approach and focus on building resilient local businesses align closely with their long-term investment objectives.
The fund has already deployed capital into key infrastructure and social development assets. Current investments include Much Asphalt, a major asphalt and bitumen supplier critical to South Africa’s road infrastructure and Honoris United Universities, a pan-African higher education platform serving over 100,000 students across 16 institutions.
The leadership at OMPE welcomes the collaboration, citing a shared vision for responsible capital allocation. “There is strong alignment between our organisations in how we approach long-term investing, partnership and impact,” said Jacci Myburgh, Co-head of OMPE. “We continue to see compelling opportunities in South Africa, particularly in businesses that are well-positioned to grow, create employment and deliver long-term value.”
Ultimately, the partnership highlights how private capital can be used as a tool for broader national development. As the fund looks to scale more businesses through active ownership, the focus remains firmly on sectors central to the country’s future. Chumani Kula, Co-head of OMPE, concluded: “Our focus remains on partnering with management teams to build stronger, more sustainable businesses over time. We believe South Africa continues to present attractive opportunities for disciplined private equity investment, particularly in sectors that are central to the country’s long-term economic development.”
