A new type of private equity fund for SA with a focus on injecting money into distressed businesses to put them back on their feet was introduced by Africa Special Opportunities Capital (Asoc) this year. The team behind it has experience in business rescue, corporate finance and restructuring.Asoc Fund I, which has raised R150m mainly from Conduit Capital, MMI Group and its founding partners, closed in August and expects to complete its first transaction early next year. It is also looking at a second transaction.Asoc CEO Richard Ferguson has experience in business restructuring; chief investment officer Shaun Collyer worked for private equity funds in the US that invest in businesses undergoing Chapter 11 proceedings (a type of business rescue); and Paul Birkett has a background in corporate finance, mergers and acquisitions.Collyer says the SA economy may not be technically in recession but leading indicators show an increased number of businesses are experiencing financial stress...
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