At a Glance
- Sango connects global investors to African businesses needing governance and patient capital.
- The firm offers primary, secondary, and continuation fund solutions across the full investment cycle.
- Mauritius operations provide transparency, regulatory clarity, and fund administration for institutional investors.
Sango Capital, an investment management firm, founded by investor Richard Okello, has become a key player in Africa’s private markets, channeling long-term institutional funds from global pensions, sovereign investors, and endowments.
Operating from Johannesburg, Lagos, and Mauritius, the firm which focuses on delivering superior risk-adjusted returns from fund and direct investments in Africa, provides structured solutions across primary funds, secondaries, and continuation vehicles.
With African private equity facing slower exits and currency pressures, Sango Capital’s disciplined approach ensures liquidity, governance, and alignment, offering institutional investors secure, patient capital opportunities in Africa’s growing private markets.
With African private equity facing slower exits, weaker currencies, and older funds seeking solutions, Sango’s approach is being tested. For the firm, the challenge isn’t ambition but ensuring liquidity, restructuring, and investor alignment hold up when markets tighten.
A platform designed for harder markets
Unlike many African investment firms, which focus mainly on deploying capital, Sango provides solutions across the full life cycle of private funds. Its structure includes: Primary allocations to established African mid-market fund managers, Secondary purchases, acquiring interests in existing funds, End-of-life fund solutions, continuation vehicles and capital restructuring, an evergreen Strategic Equity Vehicle for longer-term direct deals, A Mauritius platform providing governance, tax clarity, and fund administration.
The framework appeals to large institutions seeking African exposure while expecting transparency, clear exits, and risk management. “Our investors include sovereign wealth funds, pensions and endowments,” the firm said. “They expect transparency, consistency, and alignment over the long term.”
A defining secondary transaction
In 2024, Sango strengthened its position with a landmark secondary deal, acquiring a majority of limited-partner stakes in Synergy Private Equity Fund I & II. Synergy Managers (Mauritius) Limited remained the general partner, while Sango became the majority LP, streamlining the investor base and accelerating liquidity planning.
“This first transaction of its kind in Africa is part of our strategy,” Okello said. “We remain active across the full life cycle of private equity funds, with the collaboration of the majority of the fund’s investors.”
Christian Roelofse, who leads Sango’s special situations work, said: “African private equity needs more liquidity solutions. Sango can partner with GPs and LPs as they navigate this.”
Why Mauritius still matters
Mauritius offers regulatory oversight, governance, tax clarity, and experienced fund administration, key elements for institutions allocating to Africa. Sango has committed to a real operational footprint, ensuring it meets tightening substance rules.
Working through Africa’s liquidity challenge
Exits in Africa often rely on trade sales or strategic buyers. In a tougher market, liquidity demands creative tools. Sango’s mix of secondaries, continuation funds, and evergreen capital addresses this, but execution requires patience, strong governance, and careful alignment.
Why it matters
Sango’s evolution reflects a maturing African private market, where discipline, patience, and trust increasingly determine success. Quiet focus, not publicity, often signals the ability to solve complex challenges and shape the future of institutional investing on the continent.
