South Africa’s Investec has reportedly decided to wind down the private equity portfolio of its Australian unit as part of its effort to shore up its balance sheet.
The investment bank’s executive director Jon Brett will be in charge of winding down the portfolio on a part-time basis, working three days a week according to the Wall Street Journal, which cited people familiar with the matter.
Assets recently sold by Investec include stakes in publicly listed companies Gale Pacific and Ariadne Australia.
It has also sold an 18 per cent interest in luggage company Strandbags and a 9.2 per cent stake in Clearview Wealth, which was acquired by Crescent Capital Partners.
Investec still holds a controlling stake in event services provider Staging Connections and an interest in ASX-listed telecommunications business Vocus Communications.
Earlier this year UK development finance institution CDC provided $30m to Investec’s Africa Credit Opportunities Fund 1.
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