I am advised by the Ms Philisiwe Buthelezi, CEO of National Empowerment Fund (NEF), that the NEF does not have a Fund referred to as the Corporate Fund. The funding products listed in the question are housed under the NEF’s uMnotho Fund.
Ms Buthelezi has provided the following information in respect of the uMnotho Fund:
“Brief description of uMnotho Fund:
uMnotho Fund is designed to improve access for medium-sized black businesses and has the following six funding products:
These products provide capital to black-owned and-managed enterprises as well as to black entrepreneurs who are provided with expansionary acquisition finance that allows black majority shareholding in companies, new ventures finance and black businesses that are or wish to be listed on the JSE. Funding ranges from R2 million to R75 million. The Fund is priced to achieve returns that are in line with the level of risk taken by the NEF.
uMnotho Fund performance since inception to date:
The Fund since inception to date has invested R3.3 billion in black transactions by value of investment. These investments have benefited over 143 companies that are black-owned and managed. Over 20 290 jobs have been supported through this Fund. The sectors invested include but are not limited to Property, Transportation, Tourism & Entertainment, Arts & Culture, Media, Construction, Energy etc.
Funding products under inquiry:
(i) uMnotho Liquidity & Warehousing portfolio
(ii) uMnotho New Ventures Finance portfolio
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