(Adds Joffe comment)
JOHANNESBURG, March 31 Brian Joffe, the founder
of South Africa's Bidvest, will list a 2 billion rand
($150 million) investment firm, Long4Life, on the Johannesburg
Securities Exchange next week, the firm said in a pre-listing
statement on Friday.
Joffe will provide 100 million rand of the capital himself
and institutional investors will subscribe for the rest before
listing the firm on April 7. The firm will not raise any more
capital on its listing date.
Long4Life aims to be more nimble than traditional private
equity funds and will build up a diversified portfolio of listed
and unlisted assets.
The firm will initially focus on South Africa as it needs
more scale to invest abroad, Joffe told Reuters.
"It's an opportunistic, entrepreneurial play," he said.
The firm will most likely not invest in industries such as
deposit-taking banks, mining and resources companies, he added.
Joffe will be Long4Life's chief executive and only employee
to start with, and the firm will aim for returns of in excess of
15 percent per annum in the medium to long term.
"Long4Life will pursue investments predominantly with a
lifestyle focus. These could include businesses in the beauty,
outdoor, sport, retirement villages, and restaurants, among
other sectors," the firm said.
Long4Life will have the share code L4L on the JSE.
($1 = 13.3270 rand)
(Reporting by TJ Strydom; Editing by Mark Potter)