South Africa: Maiden exit for Summit Private Equity Fund I
South Africa: Maiden exit for Summit Private Equity Fund I
South African fund manager Summit Africa has announced the completion of the maiden exit for its Summit Private Equity Fund I, with the sale of its interest in Efficient Group to Apex Group.
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South African fund manager Summit Africa has announced the completion of the maiden exit for its Summit Private Equity Fund I, with the sale of its interest in Efficient Group to Apex Group.
The disinvestment was completed in October 2023, following regulatory approvals from the South African Financial Sector Conduct Authority and the Competition Commission Authority, and after the unbundling of Efficient Group’s financial advice, wealth management and related businesses, in which the fund has retained a strategic interest.
Tomi Amosun, the firm’s managing partner said, “Our private equity team is proud to have actively contributed to Efficient Group’s growth since the fund invested in December 2020. We are equally pleased to have completed the maiden exit from the fund, demonstrating our thesis-driven investment approach and our focus on enabling partnerships well-positioned to realise desired financial, impact and inclusion outcomes for all stakeholders.”
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