South African billionaire Patrice Motsepe launches private equity firm

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

South African billionaire Patrice Motsepe has launched a new financial services investment company.

African Rainbow Capital (ARC), which Motsepe reportedly launched earlier this month, will focus on making investments in financial services companies. Former Sanlam CEO Johan van Zyl and Sanlam Investments CEO Johan van der Merwe jointly head the company while Motsepe is the chairman.

Even though Motsepe’s new company was officially introduced on Thursday, ARC has already invested in insurance broker Indwe Broker Holdings and special purpose acquisition company Capital Appreciation.

Read more: South African Billionaire Patrice Motsepe Formally Launches Private Equity Firm – Forbes