South Africa frequently emphasises business transformation, but capital flows tell a different story. The country’s major deals are still largely determined within a small circle of advisors, financiers and executives who repeatedly sit at the centre of the same transactions.

The Barloworld take-private and delisting was a 26-month, multi-jurisdictional transaction that set a new benchmark in South Africa’s M&A landscape. The transaction brought together a buyer consortium comprising Entsha, a 100% black-owned entity controlled by the Sewela Family Trust, and Falcon Holdings of the Zahid Group, a Saudi-based conglomerate with a long-standing relationship within the global Caterpillar dealership network.

The recently published book, Coal, Courage, and Change: The Rise of Exxaro, written by Nokuthula Mazibuko and Ntsika Msimang, chronicles the South African mining company’s journey from formation to global leadership, highlighting transformation, innovation, and empowerment.

As South Africa’s private credit and mid-market investment ecosystem matures, investors are increasingly asking a fundamental question: “Does fund structure meaningfully influence performance, exit discipline, and long-term value?” The answer is yes, but not in a one-size-fits-all way. Both open-ended and closed-ended funds carry strengths and trade-offs, and the right choice depends squarely on an investor’s liquidity needs, return expectations, and risk appetite.

Following several high-profile governance breakdowns, most notably the collapse of Daybreak some months ago, and persistent state capture-related cases, company directors across sectors are finding themselves increasingly under the spotlight. Boardroom accountability has moved to the forefront, prompting a renewed focus on fiduciary duties, particularly the duty of care.

What if the people who built the company’s success also owned a stake in its future? Across South Africa, millions of employees work tirelessly to deliver value – yet all too often, they remain disconnected from the wealth they help generate. Employee Share Ownership Plans (ESOPs) challenge this imbalance, offering a powerful tool to align purpose with profit and to ensure that those who contribute the most are not left behind…

South Africa’s financial markets are entering a new era. The Johannesburg Interbank Average Rate (JIBAR), long the anchor of domestic funding and lending, will soon be replaced by the South African Rand Overnight Index Average (ZARONIA). This transition is reshaping how interest rates are priced, aiming for greater transparency, reliability, and alignment with global best practice…

South African companies are operating in a challenging capital environment. Bank lending
remains constrained, private sector credit growth is modest, and equity markets are hesitant.
With IPO activity limited and valuations under pressure, businesses – particularly in the midmarket – are seeking more strategic, flexible funding solutions. The traditional binary of debt or
equity is no longer enough. Companies now require capital structures that align with their
growth ambitions while managing cost, control, and risk…