Billionaire Patrice Motsepe and insurance company Sanlam partner to launch $500M private equity fund

South African mining billionaire Patrice Motsepe, Founder and Executive Chairman of African Rainbow Minerals

Insurance company Sanlam and mining boss Patrice Motsepe’s company Ubuntu-Botho will invest in various industries including mining and financial services.

After establishing a partnership a decade ago, Sanlam and mining billionaire Patrice Motsepe’s company Ubuntu-Botho are collaborating on a new venture together that plans to raise $500 million (R6,2 billion) by early next year.

The companies will each invest $200 million (R2,5 billion) into the project and will raise the rest of the money from investors.

The Africa-focused private equity fund plans to invest in various industries including mining and financial services.

Last year, Sanlam announced that its initial successful partnership with Ubuntu-Botho, which began with a R1.3 billion investment, had created about R15 billion in value.

Read more: Patrice Motsepe and Sanlam partner up to create $500-million private equity fund – Destiny Man

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