Makalani, founded in 2005, is an inter-disciplinary investment manager that focuses exclusively on investment research and portfolio management. The firm operates independently and is wholly owned by its partners, all of whom actively contribute to the company’s operations.
Initially, the firm managed unlisted alternative investment funds and gradually incorporated other strategies as it recruited like-minded, accomplished talent to address broad market themes.
Over many market cycles, Makalani’s investment teams have actively managed both traditional and alternative asset classes, domestically and internationally. They continue to prioritise strong investment performance and deliver value-added services for clients.
Their clients include institutional investors such as insurance companies, government and corporate pension funds, banks, trade unions, and family offices. In addition, Makalani has extensive experience collaborating with global investment consulting firms.
Makalani Offers:
Mezzanine Fund I
Mezzanine Fund I (Makalani Holdings Limited) incorporated in 2005 as a public company after raising R2.5 billion from institutional and private investors for investment purposes. The fund targeted Black Economic Empowerment (BEE) transactions and other strategic opportunities. It primarily invested through mezzanine funding instruments, senior loans, and equity investments.
Mezzanine Fund II
Makalani is currently raising investment capital for a second mezzanine fund (Fund II), which follows on from Mezzanine Fund I (Makalani Holdings Limited). Fund II held its first close and received commitments from several of Southern Africa’s largest institutional investors.
Fund II is expected to follow a strategy similar to its predecessor and will target investments that meet the following criteria:
Refinancing Opportunities
Makalani participates in refinancing opportunities within existing BEE and mezzanine structures. This is particularly important when traditional lenders, such as banks, face regulatory restrictions that limit their ability to provide mezzanine finance.
Funding existing BEE participants
Makalani provides funding to existing BEE participants who demonstrate significant net asset value but lack the capital to seize additional opportunities. Furthermore, the funding can facilitate the exit of traditional non-BEE investors who initially provided development finance to these participants.
Consolidation Opportunities
Makalani facilitates consolidation opportunities by providing BEE players with access to finance. This funding enables them to acquire BEE assets from other existing BEE participants within current structures.
Primary BEE and Mezzanine Opportunities
Provide funding in traditional primary BEE and mezzanine opportunities, Enterprise Growth and Expansion, Provide mezzanine funding for enterprise growth and expansion.
Fixed Income
Fixed income investments play a crucial role in any institutional investment portfolio. However, investors today face an environment where traditional sources of high-quality fixed income, such as government bonds, offer low returns and may struggle to keep pace with inflation. Furthermore, ongoing economic uncertainty, increased market volatility, and regulatory, accounting, and actuarial pressures create significant challenges for investors in fixed income markets.
In response, Makalani has developed a distinctive, collaborative approach to managing fixed income portfolios. By leveraging their extensive global experience with fixed income instruments—both domestic and international—across all stages of the fixed income cycle, they deliver effective, risk-aware investment solutions.
Fiduciary Management
The company also provides operational, accounting, and legal expertise, supporting a wide range of back-office and business functions as part of its fiduciary management services.
Since 2001, the team has delivered fiduciary management and customised solutions to institutional investors worldwide. These solutions include global, diversified portfolios as well as specialised co-investments and direct investments across traditional and alternative asset classes, such as:
- Listed market securities and thematic portfolios
- Hedge funds
- Private equity
- Infrastructure
- Commodity and energy assets
- Fixed income and alternative credit strategies
- Real assets (including timberland and farmland investing)
- Insurance-linked securities
- Socially responsible investment mandates
- Real estate
Financial Advisory Services
Makalani’s Financial Advisory Services provides transformative strategic and tactical advice, coupled with exceptional execution, to financial sponsors and both public and private companies across diverse industries and geographies. As a leading independent firm, it serves as a trusted advocate for clients across several key disciplines, including:
- Corporate finance
- Mergers and acquisitions
- Strategic shareholder and BEE advisory
- Capital markets and debt advisory
- Africa market intelligence and consultation
- Derivative structuring and hedging
- Transaction advisory services
- Financial restructures
- Independent valuations and reporting
- Strategic consultations
- Real estate valuation and advisory services
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