At a Glance
- Reinet exited British American Tobacco, netting €1.63 billion ($1.86 billion), and now focuses on emerging sectors like synthetic biology, fintech, and Southeast Asian superapps.
- Pension Insurance Corporation remains Reinet’s largest holding, making up 53.7% of NAV at €3.7 billion ($4.23 billion), reflecting strength in UK pension risk transfer markets.
- Diversification deepens with private equity plays in Trilantic, TruArc, and Coatue, plus increased exposure to U.S. real estate and gold via SPDR ETF.
Reinet Investments S.C.A., a Luxembourg-based investment firm established in 2008, manages a globally diversified portfolio spanning public equities, private equity, biotech, real estate, and alternative assets. Its strategy blends stable, income-generating holdings with long-term growth opportunities across sectors and geographies.
Founded after its demerger from Richemont in 2008, Reinet has transformed from a tobacco-focused firm into one that prioritizes long-term value creation across multiple sectors. Johann Rupert’s stake in Reinet is now worth R23.67 billion ($1.32 billion), according to the Bloomberg Billionaires Index, contributing to his total net worth of $16.4 billion.
As of March 2025, Reinet’s net asset value (NAV) climbed 11.85 percent year-on-year to €6.92 billion ($7.89 billion), up from €6.18 billion ($6.73 billion). Since its spin-off from Richemont, Reinet has delivered an 8.4 percent compound annual growth rate, including dividends paid.
British American Tobacco (BAT) was historically Reinet’s anchor investment. The firm exited BAT completely, collecting €366 million ($397.9 million) in proceeds and dividends, including €98 million ($106.5 million) in dividend income for the year.
Reinet now emphasizes growth assets, with notable positions in Grab Holdings, Twist Bioscience, and Cartesian Therapeutics. It also backs major private equity managers such as Trilantic Capital Partners, TruArc Partners, and technology-focused Coatue Management. Investments in Asia Partners and Prescient China Equity Fund add regional depth.
The Pension Insurance Corporation remains Reinet’s largest single investment, accounting for over half of its NAV. Complementary assets include gold via SPDR Gold Shares ETF and U.S. real estate projects blending mortgage debt and development.
Shore Africa documented the breadth of Reinet’s diversified portfolio as of March 2025.
1. British American Tobacco plc
Reinet held 48.3 million BAT shares valued at €1.36 billion ($1.56 billion) as of March 2024. BAT represented 22 percent of Reinet’s Net asset value (NAV), generating €98 million ($112.16 million) in 2024 dividend income. However, by January 2025, Reinet had sold all its remaining 43.3 million BAT shares (after selling 5 million in December 2024), realizing a total gross proceeds of €1.63 billion ($1.86 billion).
2. Grab Holdings Limited
Reinet holds 10.57 million Grab shares valued at €44 million ($50.36 million) as of March 2025. The value rose from €31 million ($35.48 million) due to share price gains. Grab is a leading Southeast Asian superapp offering food delivery, ride-hailing, and digital payments.
3. Cartesian Therapeutics, Inc.
Reinet holds 1.4 million shares in Cartesian, a biotech company pioneering mRNA cell therapies for autoimmune diseases, valued at approximately €1 million ($1.14 million) as of March 2025, stable from prior year.
4. Soho China Limited
Reinet holds 47 million shares in Soho China, a developer of architecturally notable office properties in Beijing and Shanghai, valued at €3 million ($3.43 million) as of March 2025, unchanged from the previous year.
5. SPDR Gold Shares (GLD)
Reinet owns 230,000 shares of GLD, the largest physically backed gold ETF, valued at €61 million ($69.82 million) as of March 2025. The value increased from €44 million ($50.36 million), reflecting rising gold prices.
6. Twist Bioscience Corporation
Reinet holds 444,497 shares in Twist, a synthetic biology company revolutionizing DNA synthesis, valued at €16 million ($18.28 million) as of March 2025, up from €14 million ($15.99 million) last year due to share price appreciation.
7. Pension Insurance Corporation Group Limited
Reinet owns 49.5 percent of Pension Insurance Corporation, a UK pension risk transfer leader, valued at €3.7 billion ($4.23 billion) as of March 2025. The investment rose by €279 million ($318.69 million) reflecting market multiples and sterling strength, comprising 53.7 percent of Reinet’s NAV.
8. Trilantic Capital Partners
Reinet invests in Trilantic North America and Europe private equity funds, focusing on controlling/minority stakes and energy sectors, with capital deployed across multiple funds, mainly targeting North American opportunities.
9. TruArc Partners Funds
Reinet committed €55 million ($62.8 million) to TruArc Partners, a middle-market investment firm, and in May 2025 added a $345 million commitment to TruArc Fund V, expanding its presence in private equity.
10. Coatue Funds
Reinet’s investment in Coatue Management, a tech-focused global firm, is valued at €198 million ($226.05 million) as of March 2025, up from €73 million ($83.34 million). Growth driven by capital contributions and underlying investment appreciation.
11. Prescient China Equity Fund
Reinet holds €141 million ($160.98 million) in Prescient China Equity Fund (March 2025), up from €124 million ($141.56 million), reflecting gains in underlying investments offset slightly by dollar weakness.
12. Asia Partners Funds
Reinet invested in Asia Partners I and II growth equity funds, valued at €34 million ($38.82 million) as of March 2025, unchanged from prior year. Capital contributions were offset by investment value decreases and currency effects.
13. NanoDimension Funds and Co-investments
Reinet’s NanoDimension investment, a venture firm in life and physical sciences, is valued at €64 million ($73.07 million) as of March 2025, down from €107 million ($122.16 million), reflecting distributions, investment value decreases, and currency impacts, partly offset by new capital.
14. United States Land Development and Mortgages
Reinet’s US real estate and mortgage debt investments are valued at €30 million ($34.25 million) as of March 2025, up from €21 million ($23.97 million), reflecting asset value increases offset by repayments and currency fluctuations.
