Thuso Incubation Partners, an independent, majority black-owned asset manager and incubation specialist, has selected Prescient Fund Services as the Fund Administrator to its Fund of Private Equity Funds and associated incubation programme.

Olwethu Cata, CEO at Thuso, said: “Prescient is a trusted partner who we have selected as our fund administrator and highly recommend to our incubated managers. The fact that they are B-BBEE level 2 speaks volumes for the credible black talent across the value chain within financial services. We look forward to walking a long and prosperous path with Prescient.”

Thuso, which is backed by Ke Nako Capital, a South African-domiciled mid-market private equity specialist, was established in 2018 with the launch of the Hodisang Fund 1, which is the country’s first dedicated Black South African Private Equity Manager Incubation Fund of Funds.

Their second fund vehicle, launched in 2019 is Thuso Private Markets Fund 1, a fund of funds that incubates and invests across private equity and real assets (infrastructure, credit, real estate).

Both funds have institutional seed and anchor investors.

In addition to generating returns for its investors, Thuso’s strategic mission is to incubate South Africa’s next generation of black-owned asset managers, with the provision of capital and strategic guidance, as well as the creation of an institutional quality value-added operational platform, underpinned by sound ESG (Environmental, Social and Governance) management practices.

Thuso’s inclusion of Broad-Based Black Economic Empowerment (B-BBEE) principles throughout their entire value chain, including investee companies and service providers, is designed to nurture the economic growth, empowerment and inclusivity which are critical to the creation of wealth and opportunity for future generations.

“At Prescient we are proud of our B-BBEE credentials, coupled with employing and developing the best financial services talent, as we strive to be the leading fund services provider in our core market,” said Hayden Reinders, Head of Business Development and Client Management at Prescient in Cape Town.

“We feel privileged to have been selected as a key partner to the Thuso team and look forward to building depth in our relationship with them over the years to come.”