Futuregrowth will launch a venture capital fund and expand its offshore capabilities as part of a push to meet changing client needs under the leadership of new chief executive Vuyo Nogantshi.
Nogantshi , who crossed over to Futuregrowth from Absa Capital in July, told Citywire South Africa that the firm was preparing to roll out a venture capital fund aimed at early-stage projects, mainly in the financial technology space.
The target is to scale the fund to R1bn as soon as possible – part of a plan to broaden Futuregrowth’s alternative offerings beyond its existing community property and infrastructure investments.
‘We are about to launch a venture capital fund,’ Nogantshi said. ‘It will focus on early-stage fintech. We will scale it to a billion rand. And it’s really to support those types of investments that we think can contribute to growth in the economy,’
Alongside the move into venture capital, Futuregrowth is experimenting with building a track record in global portfolios. Nogantshi linked this to the changes in Regulation 28 of the Pension Funds Act, which raised the offshore allowance to 45% in 2022. He said clients now expected domestic asset managers to offer hard-currency products that could compete with global peers.
‘Can’t stand still’
Read the story Futuregrowth moves into venture capital and global portfolios under new CEO.
