Higher priced transactions tend to take place at the larger end of the deal size spectrum, in this case in the category of companies with Enterprise Value greater than USD 250m. [cjtoolbox…
There is a clear relationship between the transaction size and the EV/EBITDA multiple used to price the investment. Higher priced transactions tend to take place at the larger end of…
test_The increase in private equity fundraising in 2015 is evidence of the strong interest in investing in Africa’s real economy, despite the recent turmoil in which many African countries find themselves. In…
The mechanics of El Niño Despite its ominous name, El Niño is a natural meteorological event that occurs every seven to eight years. Trade winds across the Pacific weaken, and…
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The map below illustrates some of the anticipated impacts in Africa at a country level. While drought conditions have affected Southern and Eastern Africa, a number of areas have experienced…
The humanitarian impact and the economic ripple effects of El Niño are both numerous and interlinked. In an increasingly globalised and integrated world, disentangling and insulating individual effects on a…
Indices provided by data vendors are used by institutional investors as proxies for African markets by return (performance benchmarking), valuation, liquidity and diversification to assess Africa's Listed Markets Investability. There are…
Multiples sector focus shows how both the consumer discretionary and consumer staples industries fetch the highest multiples across all sectors. The consumer sector has been identified time and time again as one…
Listed multiples across the Latin America (LatAm) and BRICS markets have moved in sync with developed markets in the last few years, with a clear upward trend. African markets have…
In regions where the capital markets and private equity industry are more developed, companies and transactions are larger, supporting bigger funds. As a result, Southern African and Pan African funds…
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In conjunction with RisCura, a global financial services provider, Winemag.co.za is pleased to announce the third annual RisCura White Hot Wine Awards featuring Bordeaux-style white blends. The Graves sub-region of…
Please click the links below for more information. 2015 Annual US PE Breakdown Report, Pitchbook 2015 Index of Economic Freedom, The Heritage Foundation 4Q 2014 Global PE Deal Multiples and…
Many countries and regions rely heavily on extractive industries for Africa's exports. These include Nigeria, Southern Africa, Central Africa and the Maghreb region. Countries with more exposure to extractive industries…
Relative wealth is assessed by comparing the Gini coefficient of a region to the GDP per capita, as well as the size of each region on a purchasing power parity…
The rebasing of Nigeria’s GDP in 2014 has made it clear that the country has Africa’s largest economy. It has also provided a much-improved picture of the changing make-up of…
Listed equity fundamentals such as price to earnings (P/E) ratios are an indication of how highly listed markets are valued at a point in time. Looking at the S&P 500…
There is also a significant disparity between the level of development, size and liquidity of exchanges across Africa. However, African stock exchanges as a whole continue to develop at a…
Listed equity performance over the last five years based on local currency returns of the major African listed equity markets have been consistent with the continent’s growth expectations. Certain markets have…
The focus, and accordingly the investment allocation, of different Development Finance Institutions (DFI) can vary broadly. Development Finance Institution Practices can be driven by the relative wealth of investee countries, or by sector or geography, impact driven, depending on the focus and the ultimate goals of each Development Finance Institutes.
When comparing the regional distribution of DFI investments in Africa from three of the largest DFIs (IFC, EIB and CDC), Southern Africa (ex-SA) receives the highest nominal allocation of USD…
The ACP region continues to attract the highest allocations of new capital from EDFIs, both in value and in number of deals. In 2013 EDFIs invested in a total of…
Development Finance Institutions (DFIs) are government-funded institutions that make investments in sectors and countries that would not otherwise attract significant capital. DFIs generally aim to have a developmental impact in…
RisCura estimates that African insurance AUM totals approximately USD 273bn, with the vast majority of these assets coming from South African insurance companies. This is the result of an insurance…
The state of social security frameworks is typically a function of a country’s environment as much as a response to it. While Africa proves no exception to trends of universally…
In most OECD and many non OECD countries, bonds and equities remain the two predominant asset classes for pension funds. While globally there is a larger allocation to equities (42.3%),…
Pension funds globally have become significant investors, both as fiduciaries in global capital markets and in their capacity as investors in local and international development projects. At the end of…
Countries across Africa are at different stages of creating comprehensive and inclusive social security systems. Although some are further along this journey than others, most have introduced some form of…
What makes a region attractive to investors? RisCura has analysed Africa’s regions from a number of perspectives to determine their relative attractiveness. The table below shows the regional comparison of…
It is important to recognise that Africa is not a single investment destination with a single set of standardised risk factors and homogenous potential for reward. Segmenting Africa into meaningful…
In 2007, Tullow Oil made the announcement that uplifted a whole nation. The company had discovered 1.5bn barrels of oil in an offshore field off the Ghanaian coast. In the…
[View the story "RisCura White Hot wine awards 2014" on Storify]
SOUTH AFRICA INVESTOR BENCHMARKS SWIX: FTSE/JSE Shareholder Weighted All Share Index SA Listed Property: FTSE/JSE SA Listed Property Index (SAPY) ALPI: FTSE/JSE SA All Property Index ALBI: BEASSA All Bond…
The top three Sauvignon Blanc-Semillon wine blends in the country are being celebrated today at the second annual RisCura White Hot wine awards, hosted by global financial services provider, RisCura…
One of the most debated issues in development economics is whether Official Development Assistance (foreign aid) promotes GDP per capita growth in aid recipient countries. In recent decades there has…
How competition could hamper deal flow in Africa Private equity (PE) firms are turning to Africa in search of higher returns, attracted by a large and growing population, a…
• 85% of global institutional investors expect to increase their exposure to African private equity over next two years. • African private equity perceived to be more attractive and profitable…
Spoilt for choice. That’s us. We all faced this challenge during this past festive season. Who bought a barista-in-a-box using those little coffee capsules as a gift and had to…
Returns on investment in South African private equity remain ahead of the returns delivered by listed equity, backing the case for private equity in a diversified institutional portfolio. This returns…
Getting to grips with Namibia's Regulation 28 The much anticipated revisions to Regulation 28 have brought to the fore what Trustees and retirement funds should do in order to ensure…
What does your position as a senior investment consultant involve? My position involves advising several of South Africa’s largest institutions on how to meet their investment goals. For example, for…
Cash has traditionally been considered a safe investment as it provides relatively consistent returns and protects capital. However, from a retirement portfolio perspective, cash is anything but safe, says Prasheen…
At the 2013 Principal Officers Association (POA) Imbasa Yegolide Awards, held on Monday night in Johannesburg, RisCura Consulting was named Asset/Investment Consultant of the year. The awards recognise retirement fund…
RisCura, the investment advisors specialising in emerging markets, today urged schemes to look closely at their investment portfolio following the additional statutory objective placed upon the Pensions Regulator (TPR). Andrew…
RisCura, the investment advisors specialising in emerging markets, today advised that when reviewing the advantages of investing in Africa, trustees of UK pension schemes should make sure they, and their…
RisCura's Andrew Slater travels to Namibia to see a pension fund client, and poses the question: "Have we gone wrong in the UK to see pensions through such a distorted…
RisCura, investment advisors specialising in emerging markets, specifically Africa, today announced that they have appointed Andrew Slater as Managing Director for their UK operation. Slater will be primarily responsible for leading…
The South African pension fund industry is recognising that in today’s environment, liability driven investing (LDI) is the only viable framework to use in formulating an investment strategy. This is…
Africa's private equity landscape is proving more and more attractive. Competition is rising on several fronts. First time entrants are circling the region looking for assets, while fund raisers are…
RisCura was a sponsor of this year’s GEPF Golf Day on Friday, 2 November 2012, at the Centurion Country Club. 120 players enjoyed a relaxing afternoon of golf followed by…
The benefit of prioritising ESG (environmental, social and governance) issues in the investment process has become clearer. Regulation 28 and CRISA require that ESG issues be considered by trustees. Yet…
[et_pb_section admin_label="section"][et_pb_row admin_label="row"][et_pb_column type="4_4"][et_pb_text admin_label="Text" background_layout="light" text_orientation="left" use_border_color="off" border_color="#ffffff" border_style="solid"] How do RisCura's clients keep better updated and informed than their investment industry peers? The answer lies in RisCura's online…
Getting to Grips with Regulation 28 (For information on our Namibian Regulation 28 services, please click here.) Fundamental amendments to Regulation 28 of the Pension Funds Act place complex reporting…
Now that Regulation 28 of the Pension Funds Act allows pension funds to invest 10% of their portfolio in private equity, it is worth considering what this asset class has…
The 'old school' approach to setting a pension fund’s investment strategy has usually been to set a target return and then structure the assets to try to match the actual…
You don’t have to spend a great deal of time researching global pension issues to establish that threats like longevity and adverse equity and interest rate environments have contributed to…
RisCura launches new LDI Monitoring Service RisCura has launched a monthly monitoring service that uses the principles of liability-driven investment (LDI) to detail how the assets of a defined benefit…
WHOOPS! SO THAT'S HOW MUCH SHARE TRADES COST? They can make a big difference to fund performance. Jacobus Troveri, head of RisCura Transition, discusses the advantages of TCA.
Pension funds carry the responsibility of providing a means to a comfortable retirement for their members. To fulfil this responsibility, pension fund trustees must make appropriate allocations to asset classes…
Investors had a rough start to 2009, with many pundits in January and February prophesising the “end of the world” for almost all companies in all industries glob- ally.Times were…
The investment industry is fixated with performance numbers.Trustees are bom- barded each month by numerous surveys listing the performance numbers for each manager.The press provide comparisons of performance numbers and…
The active versus passive investment management debate is an ongoing one for trustees making investment decisions for their funds. It was raised earlier in 2008 by Rob Rusconi in his…
RisCura has set itself up as an expert in identifying and protecting investment port- folios from risk, particularly in the pension fund industry. It goes beyond the traditional asset-based investment…
n a recent Personal Finance article (What Your Chances Are, Personal Finance, 2nd Quarter 2008), Bruce Cameron lifted the lid on the stochastic modeling techniques and explained how this seemingly…
2008 is going to be a challenge and we expect more conservative returns from the market, but we also think great oppor- tunities will exist for flexible, disciplined investors. 2010…
Many of the latest scandals in the retire- ment fund industry like Fidentia, bulking etc. have stemmed from a failure in gover- nance. The Financial Services Board (FSB) believes these…
RisCura is often asked to pitch to retire- ment funds that are considering using the servicesofaninvestmentconsultant.Small funds in particular, see investment consul- tants as an expensive luxury, given the high…
We've been in the thrust of a great bull market and pension funds with clever asset strategies should be smiling. It's a hard market to stay sane in. Pension funds…
RisCura's core business involves providing consulting services to retirement fund clients, but RisCura staff are also members of a retirement fund in their own personal capacity. Recently staff received their…
Trustees carry an enormous responsibility as the guardians of retirement fund members' futures and many don't want to face this important task alone.Trustees are playing an increasingly central role in…
2005 was a cooker of a year for equities and hopefully one where pension funds took advantage of the sizzle. In such buoyant market conditions, it gets harder to remember…
At the recent IRF conference, trustees were exposed to some revealing discussions relating to “one stop shop” ser vice providers and the potential conflicts of interest that can arise when…
Over the last 3 years, the retire- ment fund industry has under- gone a big shift from balanced mandates (broad mandate to manage money across a range of asset classes…
Recently the NationalTreasury discussion paper on the new Pension Funds Act highlighted concerns about the increasingly high costs of saving for retirement. Government noted that the increase in insurance premiums…
Can you have your cake and eat it? The pros and cons of structured products and guaranteed funds
Historically, equities have been the only asset class to significantly outperform inflation. How ever their high real return (returns above inflation) expectations are accompanied by an increased exposure to risk…
A Closer Look at Risk-adjusted Performance Measures
2003 Proved to be challenging and rewarding with significant growth in both our staff and client base
