The Fund

Listed Company Name

Revego Africa Energy Ltd (Revego)

Fund Manager

Revego Fund Managers (Pty) Ltd (RFM)

Target Fund Size

ZAR1.75 - 2.5 billion initially, scaling up to ZAR6 - 8 billion over 3 years

Target Return

Dividend yield of 10%

Target Region

Sub-Saharan Africa

Target Sectors

Renewable energy with a focus on operating electricity generating projects initially in RSA

Type of Investment

Equity and equity type instruments in unlisted private companies

Influence of Control

Shareholder and target company board level representation

Investments and Exits

At the full discretion of the RFM Investment Committee

Maximum Investment Exposure

No more than 10% of the Portfolio Value in assets under development, bid or construction

Target Number of Investments

Initial IPO portfolio will consist of 6 assets, thereafter it will depend on the investment opportunities identified and analysed by the fund manager

Legal Vehicle

Public company to be listed on the JSE which will be the sole limited partner in the Fund, an en commandite partnership between Revego and the General Partner

About Revego


The sub-Saharan African (SSA) electricity sector requires major investment over the next 25 years as more than 600 million people in SSA currently live without access to electricity. A significant portion of this investment will be led by the private sector. Revego is one of the first equity funds targeting the SSA electricity sector and is therefore well positioned to capitalise on this urgent need for investment. The intended initial size of the Fund is ZAR1.75–2.5 billion with Investec Bank Limited and UK Climate Investments (UKCI) jointly committing ZAR1 billion, in equal proportions, alongside other investors thereby providing scale and ability to build a diversified asset base.

The Revego Fund is managed by Revego Fund Managers (RFM), a majority black-owned fund manager, with a mandate to invest equity into the renewable energy sector in sub-Saharan Africa

Revego Fund Managers

RFM will be responsible for sourcing and managing Revego’s investments in operating renewable energy projects in South Africa, and the broader sub-Saharan Africa. The Revego Fund appointed RFM as its fund manager in September 2019. RFM has been established with an effective Black ownership of 60.9%.

Investec is the largest shareholder at 49%. In addition to an experienced management team, RFM has an investment committee consisting of industry experts and experienced investment officers

Why Revego

Focused on the electricity sector in Sub-Saharan Africa which
has demonstrated a proven need for investment:

  • The targeted initial size of the Fund at ZAR1.75 – 2.5 billion will make it a significant investor in the sector
  • Returns are projected to be superior to that of listed property stocks, with a comparable high yield return profile.
  • Revego will be listed on the JSE, thereby providing an exit mechanism and liquidity for investors
  • Post-listing, Revego will raise equity capital for additional investments as and when attractive opportunities are identified thereby avoiding any drag on cash
  • The fund manager will be majority Black-owned with an effective Black ownership of 60.9%
  • Investec, as 49% shareholder in the Investment Manager, as well as UKCI will be anchor Investors in the Fund having jointly committed ZAR1 billion to the Fund
  • Investec Bank Limited will provide all ancillary services including compliance and financial management

Investment Mandate

The Fund will invest in a diversified portfolio of assets located in sub-Saharan Africa with an initial focus on utility scale operating assets in South Africa. Investments will be made principally by way of equity instruments in unlisted private companies. The Fund will target minority stakes and will secure its shareholder rights (including voting rights and minority protections) through shareholders agreements and other legal agreements.


  • Provide investors with long-term stable dividends and potential for capital growth
  • Target equity investments in the electricity sector in sub-Saharan Africa with a mix of proven technologies
  • Target generation, transmission and distribution projects
  • Have no more than 10% of the portfolio value invested in projects that are either under construction or in development
  • Permit entering into short term borrowings to finance acquisitions, which must be repaid within 12 months from capital raisings or from cash received, but will be limited to 30% of the portfolio value
Revego Fund Managers

Fund Structure

The Fund is a private equity fund and is structured as an en commandite partnership. The following parties are the primary role players in relation to the Fund, namely the Limited Partner (Revego), the General Partner, the Fund Manager (RFM), the Investment Committee and the Advisory Board.



Reyburn Hendricks - Chief Executive Officer
Reyburn is a joint controlling shareholder and manager of H1. Prior to this, he was a founding member of HJS Advisory Services (Pty) Ltd (subsequently acquired by Hosken Consolidated Investments) and was also a founding director of African Harvest Capital (now called Vunani Ltd), in its investment banking division. Reyburn also worked as an equity analyst and portfolio manager at Southern Asset Management.


Dr Reuel Khoza – Chairman
Dr Khoza is the President of the Institute of Directors South Africa and a distinguished leader and change agent at the forefront of transformation in the South African political economy. Dr Khoza serves as non-executive Chairman of Globeleq, a power development company focused exclusively in Africa. He is also Chairman of Aka Capital Proprietary Limited and former Chairman of Nedbank Group Limited and Eskom Holdings, amongst others.  He also served as a director of JSE Limited, Old Mutual Plc, IBM South Africa, Liberty Life Group, Sasol Oil, Nampak Limited and the Standard Bank Group.

Richard Abel
Richard is Managing Director of UK Climate Investments (UKCI). UKCI sits within the Green Investment Group, which since 2017 has been part of the Macquarie Group. UKCI is a partnership between the UK Government and Macquarie Infrastructure and Real Assets (MIRA) to invest £200m of UK climate finance funds in transformational green energy projects in sub-Saharan Africa and India. MIRA is Macquarie’s specialist real asset fund management business and the largest infrastructure fund manager globally with over $100bn of assets under management. Richard’s career in MIRA has included global and pan-European COO roles and asset management and transaction activity. Before joining Macquarie, Richard was a UK Senior Civil Servant.

Ipeleng Mkhari
Ipeleng is the co-founder and CEO of Motseng Investment Holdings (MIH), a diversified investment holdings group. A pioneering entrepreneur, she established the first black women owned CCTV business and subsequently founded MIH. She was a promoter of Delta Property Fund, a leading black managed property loan stock company. She has served on various boards of unlisted and listed businesses, public sector agencies and non-profit organisations.

David Brown
David holds various non-executive director positions including Vodacom Group Limited, Northam Platinum and Accenture SA (advisory board). During his career, he was the Chairman and subsequently the CEO of MC Mining Limited where he was instrumental in designing and executing the turnaround strategy for the company. Amongst others, David was previously a non-executive director of Edcon Limited and CEO and CFO of Impala Platinum Holdings Limited.

Shamilah Grimwood
Shamilah is a partner of Bowmans and Head of Bowmans’ Banking and Finance Department and was previously Head of Bowmans’ Infrastructure Sector. Mrs Grimwood acts for a full range of clients from developers to government utilities. Her transactional experience includes the structuring and negotiation of PPPs, concessions, privatizations and off-take arrangements.

Terrence Chauke
Terrence is a business leader with extensive experience across various sectors. Mr Chauke’s experience includes being founder chairman of POA (now Batseta). He serves on the board of the Government Employees Pension Fund board. At Executive level, Mr Chauke has served as CEO of the Eskom Pension and Provident Fund, Executive at Fedsure, Director at the Gauteng Department of Labour and Manager at Eskom Generation.


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