news - PIC, FMO and DEG invest in Lereko Metier Sustainable Capital Fund

The South African Public Investment Corporation (PIC), the German Development Finance Institution DEG – Deutsche Investitions- und Entwicklungsgesellschaft (DEG), and the Dutch Development Bank (FMO) are the main first closing investors in the Lereko Metier Sustainable Capital Fund (LMSC). LMSC is a private equity fund managed by an established South African based fund manager Lereko Metier.

LMSC will target equity investments in the renewable energy, energy efficiency, water and waste sectors in South and Southern Africa. FMO and DEG have also contributed by supporting the establishment of a best-practice environmental and social management system for LMSC.

“Our sustainability private equity initiative LMSC is an exciting new benchmark for investors and entrepreneur teams in an important new investing theme both globally and in our targeted region.” says Anthony Hewat a founder of Metier.” We will drive commercial returns from viable low-carbon and commercially proven technologies. Given the nascent nature of the renewable energy industry the fact that we can support early development is a key value-add” according to Marc Immerman the lead executive of LMSC.

Lereko Metier intends to grow a material and market-leading sustainable investing division from its specialised LMSC niche. The fund is initially targeted at a minimum of R500 million of capital commitments in a field requiring substantial risk capital over the next decade. Lereko’s Valli Moosa will chair the LMSC management company.