The SA SME Fund has announced the first close of its R1bn venture capital (VC) fund-of-funds, which attracted R600m in commitments from investors.  

That exceeds its first funding round target of R500m and comes on the back of capital commitments from the department of science and innovation and the Consolidated Retirement Fund for Local Government, represented by Sukha and Associates. The venture capital fund-of-funds includes a first loss capital layer, which provides investors with downside protection on their capital up to a total first loss amount of R90m across all investors, which is provided by the SA SME Fund and USAID...

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