About Us
PAPE Fund Managers (PFM) has grown from its roots in 2005 as Pan-African Capital Holdings into a proudly 100% black-owned and black women-owned private equity fund manager. Starting with its first fund in 2008, backed by RMB Ventures, PFM has steadily built a strong track record with multiple successful exits and growing investor confidence. Today, with PAPE Fund 4 under way- PAPE continues to deploy capital across dynamic portfolio companies, driving growth and impact across South Africa.
Key Investment
Focus Areas
PAPE Fund 4 will focus on: Manufacturing, Services, Technology, and the Environment. These sectors have been selected due to their paramount importance in driving economic growth, fostering innovation, and addressing pressing global challenges.
Our Story
With over 13 years of proven success, PAPE Fund Managers has raised and deployed capital across multiple private equity funds, consistently delivering returns above target and ranking among Africa’s top-performing managers.
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The three principals have an association that stems back to 2006 when Zuko Kubukeli and Guy Baxter were the two founding partners of Evolution One Fund, Africa’s first clean technology private equity investment fund. Together with three other founding directors, Zuko and Guy raised USD94m for Evolution One Fund, primarily from European DFIs, and successfully deployed this capital into a portfolio of renewable energy and clean technology investments in South Africa.
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This relationship resulted in the formation of PAPE Fund Managers and the establishment of two funds with RMB Ventures, PAPE fund 1 and 2, comprising a collective ZAR550m.
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PAPE has grown into a trusted, 100% black-owned firm with offices in Bryanston and Stellenbosch.
Investor Relations
Why Choose Us
Expert Guidance
Our team brings extensive experience to navigate investment landscapes.We bring our own unencumbered capital, and this repeatedly positions us first in line when undertaking competitive deal processes which is a key differentiator to an investor consortium
Tailored Solutions
We customize our investment strategies to meet each client's needs with Strong, established business networks and relationships, creating enhanced access
to deal flow.
Proven Track Record
A track record of finding quality deals and successfully deploying capital. Closely monitoring these investments and maximising returns during the investment period, and ultimately exiting these transactions at enhanced exit multiples. Delivering consistent results, ensuring strong returns on investments.
At PAPE Fund Managers, we back established, scalable businesses with a proven track record and strong leadership at the helm. We invest in enterprises with at least three years of trading history, cash-generative operations, and clear potential for sustainable growth. Our ideal partners are founder-led or owner-managed teams who co-invest alongside us, bringing deep sector expertise and a strong succession plan for long-term continuity.
We look for businesses with distinctive offerings, opportunities to leverage BEE credentials, and the capacity to deliver meaningful returns—targeting IRRs above 25% within 5–7 years and ticket sizes greater than ZAR40 million. Importantly, we do not invest in start-ups; instead, we focus on established companies ready to scale.