Endeavor South Africa completed the first close of its Harvest Fund III of 500 million rand (approximately $28.4 million USD), securing 190 million rand (10.8 million USD), surpassing its initial target of 150 million rand (8.5 million USD). The investment was mainly raised from Standard Bank, Allan Gray and the SA SME Fund

The vehicle will invest exclusively in a portfolio of 135 carefully selected companies. It will concentrate 85% of its commitments in Southern Africa, in 20 to 25 leading companies in their markets. The other regions of the continent will only capture a tiny part of the funds, spread over 5 companies

“We know very well the 135 companies in our portfolio that we are going to invest in and are confident in their growth potential,” explained Alison Collier (pictured), managing director of Endeavor South Africa. He added: “we are constantly working with them and assessing their capital needs to guide the fund's investments

As part of its deployment, Harvest Fund III will bet amounts between 7.5 and 15 million rand per company.