Michael Jordaan-backed AI Capital launches flagship fund
AI Capital has launched its flagship fund to invest in companies in Asia and Africa that leverage AI for growth.
AI Capital has been established by partners Michael Jordaan, Willem Roos, Nic Kohler and Roger Grobler.
AI Capital’s new flagship Fund III will be in partnership with New York-based Rohatyn Group (TRG), a specialised global emerging markets asset management firm, on conclusion of TRG’s acquisition of Ethos Private Equity, the largest private equity business in sub-Saharan Africa.
Standard Bank is the investment banking partner to AI Capital. Standard Bank, in its capacity as sole investment bank and advisor to AI Capital, has been instrumental in structuring, advising and fundraising for AI Capital.
“As a bank invested in the growth of Africa, we believe in the positive impact that early-stage investments can have on innovation, job creation and economic development, so we are focused on driving growth in companies that can scale through this wave of technological transformation. We are truly privileged to be partnering with such a world-class investment team in AI Capital, who offer a unique combination of being entrepreneurial, disruptive and impactful, underpinned by deep AI skills and a strong track record of building businesses of significance. Apart from being a banking partner to AI Capital, Standard Bank has been an investor in AI Capital since Fund I and is excited to be a committed co-investment partner for the future,” says Yusuf Noorbhai, Head: Structured Capital, Standard Bank.
“AI has been around for 60 years, but it has suddenly reached a tipping point, as demonstrated by the rapid adoption and use of ChatGPT. As a team, we have reflected deeply on how best to invest behind this revolutionary technology and concluded that the greatest returns will be generated by companies using AI, as opposed to building AI tools. We have been successfully investing in companies using AI over the past eight years, which is our focus and aligns with our experience as entrepreneurs and business operators,” says Michael Jordaan, AI Capital investor and founding partner.