Mahlako Financial Services, a subsidiary of South African alternative investments fund manager Mahlako a Phahla Investments, has announced its maiden R1.5 billion (about $102 million) energy fund that seeks to invest in businesses and energy projects with growth potential along the entire value chain.

Named after their pioneering, entrepreneurial mother, Mahlako Maponya, the company was founded by sisters Makole Mupita and Meta Mhlarhi, to pay homage to her legacy in building businesse...