Raise Africa Investments backs Africa Weather Group, with support from FNB

In line with its commitment to help drive the transformation of South Africa’s investment industry, FNB Commercial initiated its Black Business Growth Funding (BBGF) Transformational Equity Initiative.

The programme includes a capital commitment by the bank of R400 million (c. $24.6 million) to support and enable equity investments by a select panel of black-owned private equity fund managers, with a particular focus on black-women-owned investment businesses.

Recently, Raise Africa Investments (RAI) became the first such investment manager to conclude a private equity deal using this capital support provided by FNB. RAI invested into Africa Weather Group (AWG), a business that provides customised weather risk management products, solutions, and services to a range of corporate, mining and industrial, insurance, media, government, and consumer markets across the African continent. AWG intends applying the funding accessible to it through RAI to grow its business and expand its presence in under-serviced African markets.

Daniella Keet, head of private equity at FNB says this first private equity deal concluded by RAI as part of the FNB Commercial BBGF Transformational Equity Initiative shows the potential of the programme to deliver significant benefits, not only to the private equity managers involved, but also to their investee businesses and their stakeholders.

“RAI was founded by a formidable leadership team that brings a depth of experience and skills to the private equity environment,” Keet says, “however, while the business had access to several very exciting investment opportunities, they needed an investment partner to take full advantage – and FNB is proud to be that partner through our BBGF Transformational Equity Initiative.”