market watch
MARC HASENFUSS: TBISP stretching strategy
I recommend that only investors with market endurance and a penchant for the left field participate in what amounts to a long-term lock-in
I had a rather interesting meeting this week with TBI Strategic Partners (TBISP), an unlisted investment vehicle looking to raise R50m from high-net-worth individuals. TBISP, part of the low-key Trustee Board Investments (TBI), has come across my radar a few times over the years when it has taken strategic positions in listed companies. There are not too many familiar faces at executive level at TBI, but former Absa CEO Steve Booysen serves as nonexecutive chairman and former Sanlam bigwig Tienie van der Mescht also serves in a nonexecutive capacity. The investment premise is simple. TBISP wants to up its investments in its existing portfolio and make new investments. Though R50m might — in most punters’ books — not go very far, TBISP has shown a knack of making a little go a long way. The fundraising documentation lists a number of rewarding "exited" investments made over the past 15 years — most notably turning a R7.6m investment in financial services group Europ Assistance Worldw...
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