Patrice Motsepe’s investment company African Rainbow Capital (ARC) has R700m in cash that it plans to invest after spending R348m in the first five months of 2019 acquiring more stakes in its existing businesses.

The investment holding company, which holds stakes in companies such as data network operator Rain, Sanlam and Alexander Forbes, said it has committed a R100m investment into the Ethos Artificial Intelligence (AI) Fund which was launched just eight months ago. The fund, which will primarily focus on algorithmic decision-making, has already raised R700m when including ARC’s commitment and is targeting to reach R1bn by December 2019. The same fund has invested R200m in ARC-owned Tymebank, which will see it hold an 8% stake in the bank.

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