BACKSTORY: Moshe Capital’s Kay Asare-Bediako

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We question Kay Asare-Bediako, executive director at Moshe Capital

What was your first job?

Straight after matric I sold paintballing tickets on the streets of London — I was on a working holiday for a couple of months. It was an enticing proposition because the commission was 20%. I sold two tickets in three days. I was terrible. Needless to say, I made a firm decision at that point to not be a salesperson.

How much was your first pay cheque, and how did you spend it?

I took home R6,000. There wasn’t much left after paying for rent, a car instalment and food. However, the little I had left was spent on clothes.
 
 

What was the one thing you wish somebody had told you when you were starting out?

Pressure is a privilege. It has been in the moments following great pressure that my life has taken giant leaps forward.

How would you fix Eskom?

I would privatise Eskom as a start. SA has privatized many state-owned enterprises, such as Telkom and Sasol, with positive results for the economy and job creation.

What is your biggest regret?

Not travelling more when I was younger. I spent my money paying for expensive cars.

What’s your one top tip for doing a deal?

Dealmaking is a complex and integrated process; it’s critical that the team is technically strong.

What’s the most interesting thing about you that people don’t know?

I wanted to study to be a theatre actress when I was in matric.

What has been your worst purchase?

My slick BMW 3 Series coupé with 19-inch rims. I bought that in 2012. That car was a machine but it guzzled petrol and the maintenance was a nightmare. It cost me a lot of money.

What is the one investment you wish you had made, or made earlier?

Bought more shares in Naspers.

Is there such a thing as enough money and, if so, how much is it?

I don’t believe there is. If you use money as an instrument to help humanity, how can there ever be enough?

What do you consider the most overrated virtue?

Modesty.

What is something you would go back and tell your younger self that would impress her?

You’re going to grow up to own a successful business and make something out of nothing.

Was there ever a point at which you wanted to trade it all in for a different career? And, if so, what would that career be?

Yes. When I’m suffering from deal fatigue I have fantasies of being a home executive.

Do you have a single favourite joke you tell people? What is it?

What’s blue and white and kills you when it falls out of a tree? A fridge wearing a denim jacket.

If you were president, what would you change tomorrow?

Together with the judiciary, I would impose stricter punishment on people found guilty of gender-based violence.

Moshe Capital named 2019 Absip Corporate Finance Team of the Year

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CAPE TOWN – The Association of Black Securities and Investment Professionals (Absip) on Friday named Moshe Capital as 2019’s corporate finance team of the year at its annual award ceremony held in Johannesburg.

Absip president Sibongiseni Mbata said in a statement on Monday that as an advocate for inclusive growth and transformation in the financial services sector and the economy, Absip’s awards celebrated progress, success and exemplary leadership by both professionals and institutions.

Moshe Capital, which was founded by Mametja Moshe who serves as the chief executive, has advised and implemented some of the most complex deals in Africa over the past two years. It was the only South African advisor to Lonmin on the R4.1 billion all-share Sibanye Stillwater transaction, which Moshe says provided a platform to showcase black excellence.

“Moshe Capital’s technical knowledge and understanding of the various stakeholders within the market is underpinned by our daily focus on inclusive prosperity. This combination ensures that we bring the right solutions to our clients.

“We believe that taking all key stakeholders on the journey of a deal is key to the successful conclusion of transactions. We value the communities that occupy the land where our clients operate, and we strongly believe that true prosperity must be inclusive,” said Moshe.

Moshe Capital also advised on Siyanda Resources’ acquisition of Union Mine and 50.1 percent of Masa Chrome from Anglo Platinum as well as Mpumalanga Economic Growth Agency on the strategic options relating to its minority shareholding in Nkomati Anthracite.

In line with its focus on inclusive prosperity, Moshe Capital pursues a deliberate transformation agenda and ensures the participation of its employees, most of which are young and black, in the landmark transactions it has advised on in South Africa and the rest of Africa.

Savca selects 13 participants for fund manager development programme

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The Southern African Private Equity and Venture Capital Association (Savca) has selected 13 women and black fund managers for its Fund Manager Development Programme (FMDP).

Savca runs the programme — which aims is boost the number of black and women fund managers in South Africa — in partnership with First National Bank (FNB) and the SA SME Fund as lead sponsors.

In a statement yesterday Savca said the 13 — who are made up of participants from seven private equity funds, four infrastructure funds and two venture capital (VC) funds — were selected from over 50 applicants.

FMDP programme manager Melanie de Nysschen said the calibre of the applications received was “extremely high” and selecting just 13 participants was “no easy feat”.

De Nysschen said an even split was obtained between aspirant and growth fund manager participants.

She added that the programme caters to caters to two types of fund managers.

These she described as first-time fund managers who have an investment thesis but who are still in the process of setting up their fund and experienced growth fund managers who are in the process of raising further capital.

“Given that the programme will cater to fund managers that are in different stages of development or growth, there will be customisation of the programme to target relevant areas of development and support for the selected fund managers.

“The intention is not to flood the market with hundreds of new private equity and venture capital firms, but rather to assist the selected high-potential emerging fund managers who can contribute to the broadening of the overall industry,” explained De Nysschen.

Savca declined to reveal the names of the individuals selected for the initiative, but was able to provide a list of the funds that the 13 participants hail from. These are:

The 12-month programme will be conducted through classroom-based teaching, one-on-one coaching, mentoring and support from industry stakeholders.

Savca said programme aims to address some of the challenges typically experienced by first-time emerging fund managers.

These it said include fundraising, access to networks and working capital facilities and most importantly ensuring the fund team has the necessary support to successfully execute on their fund’s investment mandate.

Practically relevant programme

Savca CEO Tanya van Lill (pictured above) pointed out that participants will also receive guidance from dedicated mentors and coaches, along with the added support of shortlisted preferred suppliers who are willing and able to deliver services into these fund managers at preferred rates.

To ensure the practical relevance of the programme, Van Lill said the final quarter is expected to culminate in capital raising presentations to both local and international investors.

She added that she hopes that through the transformation initiative, there will be a substantial increase in the value of assets under management by black and female-owned and managed funds.

A 2019 Savca industry survey revealed that the percentage of female and black professionals within the industry in 2018 increased to 29.6% and 56.9% respectively, up from 21.8% and 50.9% in 2017.