Summit Africa, an impact investment manager, has announced the completion of the maiden exit for its Summit

Private Equity Fund I (“Fund”), with the successful sale of its interest in Efficient Group to Apex Group. This marks

the Fund’s first exit since its final close in September 2021.

The disinvestment was completed in October 2023, following regulatory approvals from the South African

Financial Sector Conduct Authority and the Competition Commission Authority, and after the unbundling of

Efficient Group’s financial advice, wealth management and related businesses, in which the Fund has retained a

strategic interest. The Fund continues to provide hands-on support for Efficient Group’s mission to make bespoke

financial advice, planning and investments easily accessible in its domestic markets.

Tomi Amosun, the firm’s managing partner, said, “Our private equity team is proud to have actively contributed to

Efficient Group’s growth since the Fund invested in December 2020. We are equally pleased to have completed

the maiden exit from the Fund, demonstrating our thesis-driven investment approach and our focus on enabling

partnerships well-positioned to realise desired financial, impact and inclusion outcomes for all stakeholders.”

Background Information on Summit Private Equity Fund I

The Summit Private Equity Fund I is a R1.62 billion private equity fund established through a partnership between

Summit Africa and various institutional investors to conclude sought-after investments in Healthcare, Education,

Financial Services and ICT Services in a manner that achieves the combined outcomes of financial prosperity

(returns), transformation, diversity and inclusion, and sustainable social development. Our partners include

AlexForbes, Thuso Incubation Partners, British International Investments, 27 Four Black Business Growth Fund II,

National Fund For Municipal Workers and other distinguished retirement funds.

In addition to its strategic interest in Efficient Group’s financial advice and wealth management business, the

Fund holds interests in seven other portfolio investments, each of which is well-positioned to meet the Fund’s

investment objectives.

Background Information on Summit Africa

Summit Africa is a black-owned and managed impact investment manager based in South Africa and Mauritius.

The firm was awarded ‘African Emerging Manager of the Year’ at the 2022 SuperReturns GP Awards. Additionally, it was ranked as a leading Private Equity Manager in Sustainability Themed Investment and ESG Integration in the 6th Edition of the African Investing for Impact Barometer by Riscura and the UCT Business School, evaluating 2,640 funds from 382 fund managers across Africa.

Summit Africa has been nominated for two awards in the 2023 edition of the SuperReturns GP Awards to be held in December 2023: South African Fund Manager of the Year and Best ESG Fund of the Year.