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It might be said that private equity is a misleading term. It is not "private" as it is not designed to be sold to private clients and often there is very little equity, particularly in the way it treats the staff of acquired companies. So I see the regulator prefers the term black business growth fund in the financial codes. The CEO Initiative’s SME fund does not use the term private equity fund either, even though it would certainly fall in the net. It is all about successful entrepreneurs such as Discovery’s Adrian Gore and Investec’s Stephen Koseff helping budding entrepreneurs. I see 27four has set up its own black business growth fund. Internally, they call it the BBGF, which sounds like a spectacularly dull municipal pension fund, but even without a catchy brand it has raised R700m and ultimately intends to raise R3bn. As 27four boss Fatima Vawda points out, there are two distinct markets for the fund. One is the second-tier life insurers and banks that need to either set up ...

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