Johannesburg, South Africa - Riovic Capital Group is launching a $100 million Pan African private equity fund to acquire innovative private technology companies with the potential and intention to go public.
The private equity fund, named "Riovic IPO Acceleration Capital Fund I", is part of Co-Founder & CEO Phiwa Nkambule's vision and plan to create a vibrant and exciting tech industry in Africa through a culture of "building to go public" which he believes will make it more exciting and viable to start and invest in the African technology ecosystem.
The fund will identify and acquire mid-sized financial services companies in their shake-out and maturity stages and competing disruptive financial technology startups in their launch and growth stages to merge the two and prepare for IPO.
Riovic Capital Group wants to replicate what investment firms like SoftBank Group have done in other parts of the world in Africa by identifying companies that have most of the characterics and potential of unicorns but lack the financial and infrastructural support to reach that potential and eventually go public, said Phiwa Nkambule, Co-Founder & CEO of Riovic.
Phiwa added that Africa needs a culture of IPOs to increase investment activity in science and technology and that the decision to start and launch the fund came as a result of gaps he identified as an ambitious and high performing technology entrepreneur and founder in Africa and opportunities he identified as a director at a science and technology park and as an entrepreneur-in-residence at a tech accelerator in the venture capital industry.