Peregrine Capital raises Caxton stake to $32.5 million in South Africa media bet

South Africa-based hedge fund Peregrine Capital has increased its investment in Caxton & CTP Publishers & Printers to R517.68 million ($32.5 million), strengthening institutional confidence in the country’s media and packaging industries.

The investment firm, which is South Africa’s longest-running and one of its most successful boutique hedge fund managers, headquartered in Sandton, lifted its shareholding to 10.03%, making it the second-largest shareholder behind executive chairman Terrence Moolman.

The purchase was disclosed in a Feb. 14 regulatory filing on the Johannesburg Stock Exchange.

Stake increase signals domestic market confidence
The additional shares increased Peregrine’s holding from 8.89% to 10.03%,  equivalent to 35.5 million shares.

The move highlights renewed institutional interest in South African equities, particularly companies exposed to retail consumption, advertising recovery, and packaging demand.

Caxton’s diversified operations, newspapers, magazines, printing and packaging, position the company to benefit from economic normalization.

Moolman maintains controlling position
Caxton was co-founded in 1980 by Noel Coburn and Terrence Moolman, who still holds a 53.46 percent stake valued at over $170 million.

The company now operates 88 newspapers, 15 magazines, commercial printing facilities and packaging manufacturing operations. Its shares have returned 10.62 percent in 2026 as investor sentiment improved.

Long-term investment strategy
Founded by David Fraser and Clive Nates, Peregrine focuses on domestic value opportunities. Nates later became vice chairman of Lincoln City Football Club.

The latest purchase reinforces the fund’s strategy of backing established South African businesses with stable cash flows and dividend potential.