Once again, PSG Group CEO Piet Mouton kicked off an investor presentation by reiterating that the company had "been good with early-stage investments" and that the private equity arm will be the nursery for new investments. In this way, Mouton reminds investors that it is perhaps not advisable to ignore the smaller, more peripheral, components of PSG’s portfolio. But with 90% of PSG’s value lying in its four big listed investments, PSG Private Equity (PPE) remains the company’s corporate Cinderella. In fact, it is PSG’s enormous successes in start-up investments like Capitec Bank and private education specialist Curro that makes it easy for investors to overlook PSG Private Equity (PPE). Admittedly, PPE is small. PSG’s total sum-of-the-parts value sits at around R51bn, with PPE representing a sliver of value at around R1.8bn. But there are signs that PPE is gaining significant traction in developing its 10-strong investment portfolio, and it might now be possible to pick the next bi...
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