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News > Private Equity > Deals

PAPE Fund 3 acquires stake in fintech company

Anna Lyudvig
Nov. 6, 2018, 8:39 p.m.
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Word count: 446

PAPE Fund Managers has invested in Singular Systems, a long-established fintech company with offices in Johannesburg, Cape Town and London, UK.

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PAPE Fund Managers has invested in Singular Systems, a long-established fintech company with offices in Johannesburg, Cape Town and London, UK.

The company develops bespoke software solutions and provides high quality products and services to a range of listed and private corporate clients across multiple sectors and industries.

In addition to software development, key competencies include tax computations, share scheme administration, share register maintenance and analysis, investor relations, CRM, and share trading platform administration. 

Zuko Kubukeli, CEO of PAPE Fund Managers, said he was very pleased with the successful outcome of a lengthy courtship with Singular and that he looked forward to working with the management team to substantively grow the business.

This is the second capital investment by PAPE Fund 3 in just over three months since reaching first closing on July 11, 2018, with R530m in initial capital commitments.

The PAPE team was foremost attracted to Singular Systems’ experienced and skilled management team and staff, who are significantly invested in the business and aligned with PAPE. 

PAPE Fund 3 is backing a highly capable, stable and entrepreneurial management team whose track record is reflected in the achievements of the business over the past 16 years under the chairmanship of its founder Anthony Wilmot. 

Singular is led by long-serving Nick Kruiskamp as CEO, and ably supported by fellow executives Andre Pieterse, Brendon Webber, JP Maurel, Helga De Vasconcelos, Dave Elliott, Du Toit Scheepers, Jacques de Bie and Roger Fuller-Good.

Amongst its many notable achievements, Singular had the foresight of creating a cost-effective OTC share trading platform, driven partly by Broad-Based Black Economic Empowerment (B-BBEE) legislation, and facilitated the introduction of bespoke and complex rules-based shareholder trading within private businesses for employee share schemes.

“I’m delighted that we have been able to attract a BEE investor of PAPE’s quality. We have a strong alignment of values with the people of PAPE which will no doubt lead to greater opportunity for Singular as well as lend valuable support to our ambitious transformation objectives,” said Singular CEO Nick Kruiskamp.

PAPE Fund Managers is a Level-1 BBBEE company and as such underpins the BBBEE rating to Singular Systems.

PAPE Fund 3 is continuing to raise capital to reach a hard-cap target of ZAR1.2bn by June 2019.

Current investors in the fund include the Public Investment Corporation, the Eskom Pension and Provident Fund, the Dutch Development Bank, FMO, and South African family offices.

PAPE Fund Managers has a track record of establishing four previous private equity funds since 2009. 

Shareholders in the fund manager include the Cala Foundation Trust, a broad-based education and health upliftment trust for the benefit of rural women in the Eastern Cape.

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