Imara adds Kura Capital to its asset management business (South Africa)

By Allan Cunningham | Africa Capital Digest September 26, 2017

Imara Holdings, an asset management and advisory firm, has acquired Kura Capital in an undisclosed deal. Once merged with Imara’s asset management business, the deal creates one of the larger pan-African fund managers, fielding more than $200 million of assets under management. The deal is expected to close once standard regulatory approvals have been granted.

Managers of the Kura Africa Fund, a long only equity fund that provides investors exposure to Africa beyond South Africa, Kura Capital was founded 12 years ago by Craig Bandason, Rainer Orth and Tony Schroenn. All three are expected to remain portfolio managers with Imara following the transaction close, with Bandason and Schroenn joining Imara’s Board. According to the statement announcing the transaction, the Kura team have been undertaking a handover process with Imara’s existing team over the last few months and will be assuming full responsibility by October.

In March this year, Imara was acquired by FWA Financial, an investment holding company formed by Fleming Wulfsohn Africa and de-listed from the Venture Capital Board of the Botswana Stock Exchange. FWA is backed by nine family offices from the USA, Europe and South Africa with significant experience of investing Africa and within the financial services sector. The investment firm was established in 2013 to source private equity and real estate deals in sub-Saharan Africa on behalf of international investors and first took a financial interest in Imara in 2015.

Imara operates five divisions – namely Asset Management, Private Equity, Corporate Finance & Advisory, Stockbroking and Trust and Corporate Services – from offices in Angola, Botswana, Malawi, Mauritius, South Africa, Zambia, Zimbabwe and the UK. The Kura Capital deal is the second for Imara in the last few months, following the addition of Mauritius-based management company FiducieForte Management Services to its Trust and Corporate Services business. That undisclosed deal reportedly increased Imara’s overall size by some 30%.

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