Futuregrowth Asset Management

SA nominal bonds delivered standout performance in Q3, supported by easing inflation, an improving sovereign risk profile, and a constructive monetary policy backdrop. Fitch’s affirmation of SA’s BB− rating, coupled with progress toward FATF greylist removal and declining inflation (3.3% y/y in August), all point to a more stable macro environment - one that’s providing strong support for local bond valuations. Globally, US political developments and President Trump's public pressure on the Fed to ease monetary policy added to volatility, but the domestic story remained dominant: improving fiscal dynamics, anchored inflation expectations, and attractive bond carry have positioned South Africa’s fixed income market for further resilience. The Futuregrowth interest rate team - Rhandzo Mukansi, Yunus January, and Sundhiren Govender - continue to favour nominal bonds across the interest-bearing universe, taking advantage of attractive accrual and duration opportunities amid market pullbacks. 📊 Read the full September Bond Market Review: https://lnkd.in/d74V2N9C #FixedIncome #BondMarket #InvestmentInsights #SouthAfrica #Inflation #SARB #FiscalPolicy #Futuregrowth #InterestRates #Macroeconomics #Markets

The investment in Preference Capital forms part of our strategy to back institutions that truly understand and can better support the SME market. #SMEFunding #Futuregrowth #PreferenceCapital #SMEFinance #EconomicGrowth https://lnkd.in/dJg8bQz7

Futuregrowth Asset Management will launch a #venturecapital fund and expand its #offshore capabilities as part of a push to meet changing client needs under the leadership of new CEO Vuyo Nogantshi. Jaco Visser shares insights from Nogantshi here. https://lnkd.in/dPQR4XpF

I had the honour of being on a panel discussion at the SAPOA conference this past week talking about social impact investing. Everyone I met at the conference is doing amazing things to bolster the South African economy despite various challenges!As South Africans we find ways to navigate uncertainty which is why our talent gets snapped up globally. I am very optimistic post this conference about the SA economy, however there are some key factors that I have been saying for the last 10 years that needs urgent attention,which were key takeaways from the conference: 1) need municipalities to function properly to enable property value growth 2) more public private partnerships 3) management teams to focus on fundamentals of property rather than short term goals. Shareholders need to set management behaviour by reducing short term incentivised behaviour. Lastly a congratulations to all the municipalities that won an award. Promoting and recognising the top performing municipalities is a great way of encouraging other municipalities to improve. Futuregrowth Asset Management SAPOA (South African Property Owners Association) #impact #southafrica #assetmanagement #municipalities

Earlier this week, our CEO, Vuyo Nogantshi and incoming CIO, Shaun Harris, joined industry leaders at the Asset TV South Africa InConversation 2025 event - a pivotal dialogue on the future of South African asset management. The event's theme, “The CHASE”, asked a powerful question: are we chasing the right things? - Balancing efficiency and transformation As Vuyo shared, South Africa cannot afford to optimise for one at the expense of the other. Our sector must deliver strong financial performance while driving meaningful transformation to serve all 60 million South Africans. - Public-private partnerships (PPPs) Shaun reflected on the realities of PPPs: they remain a viable model for delivering critical infrastructure but require careful refinement rather than rejection. Success lies in risk-sharing, institutional capacity, and the bankable certainty needed for private capital to flow into developmental outcomes. - Tackling infrastructure challenges Water, in particular, was highlighted as one of the most complex but urgent priorities. As Shaun noted, “The social and political sensitivity between a cup of water and an electron is very different in terms of basic human access rights.” The next five years will determine whether SA’s asset management sector becomes a passive processing industry, or a dynamic force generating returns while building the economy those returns depend on. At Futuregrowth, we remain committed to mobilising capital with impact - balancing financial and non-financial factors and pursuing opportunities that deliver real economic and social value. A big thank you to GEPF, Asset TV South Africa, the moderators, and all fellow panelists for creating a space for these critical conversations. #InConversation #ImpactInvesting #FuturegrowthAssetManagement #Infrastructure #DevelopmentalInvesting #PPPs #AssetManagement

Private Equity’s Reset: Hype, Patience, and the Search for Real Value Bloomberg recently published a sombre take on the fundraising slump in private equity: (https://lnkd.in/dSW535tq). After a decade of abundance, the tide seems to be pulling back. Yet I can’t help wondering if this reset may prove healthy. When cheap capital dries up, the easy wins of financial engineering often fall away, and what’s left is the harder (but arguably more meaningful) work of building real businesses. From where we sit at Futuregrowth Asset Management, we’ve seen how capital, when aligned with long-term purpose, can still generate both returns and broader benefits. The same question applies to private equity: are allocators ready to prize patience over speed, depth over volume, alignment over hype? Cycles will turn again, but perhaps the measure of this moment is not how much money is raised, but whether the industry takes the chance to rethink what lasting value creation looks like. #PrivateEquity #CapitalAllocation #InvestingWithPurpose #Futuregrowth #LongTerm

Looking back at the IRFA Conference 2025, where Iqeraam Petersen and I presented on infrastructure partnerships, the data tells a sobering story about what's actually bankable. We've just presented this framework to a client again, reinforcing how relevant these principles remain. Everyone talks about South Africa's R2+ trillion infrastructure pipeline as if it represents genuine investment opportunities for retirement funds. While initiatives like Project Vulindela 2.0 and Infrastructure South Africa are making genuine progress, the reality is many infrastructure projects still fail basic bankability requirements. We showed how REIPPPP succeeded with R250bn deployed across 123 projects and zero defaults over 13+ years. Why did it work when so many infrastructure programmes struggle? Because it systematically addressed all nine bankability requirements that funders need to see: regulatory certainty, policy alignment across government departments, robust legal agreements, proper risk sharing, and certainty of cashflows, amongst others. Many infrastructure projects in the current pipeline fail these basic tests. Without these fundamentals, projects simply aren't bankable for institutional investors with fiduciary responsibilities. The difference between REIPPPP and typical infrastructure proposals isn't just about sector or technology - it's about systematic structuring that addresses investor concerns. Elements like clear regulatory frameworks, standardised project agreements, and appropriate risk allocation were part of a comprehensive approach that covered all the fundamentals. For investment managers evaluating infrastructure opportunities, apply rigorous bankability criteria. Ask whether all nine requirements are genuinely met, not just promised. The infrastructure opportunity is real, but distinguishing between viable deals and wishful thinking requires frameworks that separate successful programmes from projects that never reach financial close. #IRFA2025 #InfrastructureFinance #Bankability #REIPPPP #RetirementFunds #ProjectFinance #SouthAfrica #DevelopmentFinance #InfrastructureInvestment #Futuregrowth #Alternatives

“Climate is front and centre – locally and globally.” Our Head of Sustainable Investment Practices, Angelique K., reminds us that climate change is not only an environmental issue but also a social and economic one. South Africa is already seeing the impacts through floods, droughts and agricultural instability and investors cannot afford to look away. At Futuregrowth, we continue to engage with investee companies, particularly in high-emitting sectors, to understand how they are preparing for transition risks. The reality is that many businesses still lack clear decarbonisation plans for 2030 and 2050, and reporting remains superficial. Beyond climate, Angelique highlights other pressing themes shaping sustainable investing: transformation, diversity, equity and inclusion, remuneration, and artificial intelligence. Sustainability is no longer a niche – it’s the future of capital markets. Read more here: https://lnkd.in/d2ZjkZUK #ClimateChange #Sustainability #ImpactInvesting #Decarbonisation #Futuregrowth #DEI #Transformation #AI

💭 Private Equity, Infrastructure, Venture… But for Whom? Lately I’ve been wondering about private markets — infrastructure, private debt, private equity, venture capital. For pension funds and other large institutions, these asset classes are already part of the furniture. They diversify, they can protect against inflation, and in South Africa they’ve often supported developmental outcomes. But for individual investors? Access still appears limited. Ticket sizes are high, structures are complex, and regulation — probably with good reason — errs on the side of protection. For most households the exposure comes indirectly, through their retirement funds or perhaps listed proxies like REITs or Ethos Capital. Elsewhere, experiments are underway: US interval funds, tokenised infrastructure in Europe, Asian feeder funds that cut the entry size down dramatically. Are these genuine breakthroughs in access, or simply new ways of shifting risk? At Futuregrowth Asset Management, we spend a lot of time thinking about the role of capital in building inclusive growth. Which makes me wonder: should we be finding more pathways for South African retail investors into private markets, or does the illiquidity and opacity mean the risks outweigh the benefits? I don’t have a final answer, but it feels like a conversation worth having. #PrivateMarkets #ImpactInvesting #Futuregrowth #SouthAfrica #Infrastructure #PrivateEquity #PrivateDebt #VentureCapital

Futuregrowth Asset Management's new CEO, Vuyolwethu Nogantshi, steps into the role at a pivotal time for the industry. For him, transformation is not a slogan but a driver of growth, sustainability and long-term impact — from ownership structures and investment flows to talent pipelines and boardroom decisions. “Transformation is about ownership, about where capital flows and about whether your investment philosophy is truly inclusive,” Nogantshi says. Futuregrowth already has a strong track record, with close to 70% Black ownership and more than 85% Black staff. Yet Nogantshi believes there is more to do: building talent pipelines, strengthening governance, and directing capital to sectors that deliver both returns and social impact. His vision is clear: transformation and performance are not mutually exclusive. They are the foundation of a sustainable asset management industry that reflects South Africa’s future. Read more here: https://brnw.ch/21wVPQJ #AssetManagement #Leadership #Transformation #Futuregrowth #Sustainability