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E Squared Investments
Founded in 2007 as a BEE partner to Allan Gray Limited, E Squared began active funding only in 2017.
E Squared Investments
Founded in 2007 as a BEE partner to Allan Gray Limited, E Squared began active funding only in 2017. The firm deploys patient capital — from pre-seed conceptual work all the way through growth equity and management buy-ins — exclusively anchored to firms that can demonstrate both commercial scalability and measurable social outcomes. It functions as a strategic partner to Allan & Gill Gray Philanthropies, giving it a permanent-capital base and a mandate longer than most Africa-focused impact investors. E Squared runs five distinct investment lines. Startup Founder Pitch and Pathways are low-touch vehicles reserved for Allan Gray Fellows testing early-stage ventures. E Squared Ventures writes seed-to-growth equity checks into scalable businesses and management buy-ins, while E Squared Co-investment targets Series A and later, majority BEE-owned companies. The firm also operates 3 Capital Ventures, its dedicated B2B early-stage vehicle, plus a full fund-of-funds program for emerging South African managers. On the social-enterprise side, program-related grants and venture philanthropy deploy blended finance — recoverable grants, equity, debt, and quasi-equity — into hybrid for-profit entities registered as PBOs. Recent portfolio additions include an investment in EdTech platform Zaio Technologies and a partnership with Secha Capital to deliver operational execution capital. Run by CEO Gladwyn Leeuw — promoted from CIO in September 2023 — the firm fields a 26-person team across Johannesburg, Cape Town, and its Bryanston headquarters. Under CIO Pyi Maung and CFO Ofentse Mkhandawiri, E Squared layers post-investment value-creation managers directly into portfolio companies to build governance, market access, and operational discipline without taking founder control. The firm maintains active SAVCA membership and sponsors its annual conference, signaling its role as a institutional convener inside South Africa's emerging-manager ecosystem. Structurally, E Squared fuses an endowment-like permanent-capital posture with the specialized origination pipeline of a foundation-linked talent academy: portfolio access is disproportionately shaped by the Allan Gray Orbis Foundation Fellowship network, giving the firm a captive top-of-funnel that most African impact investors cannot replicate.
General information
Firm type
Generalist
Year founded
2007
AUM
Undisclosed
Location
Region
Africa
Country
South Africa
City
Bryanston
Corporate office
Bryanston, Sandton, South Africa
Additional offices
Cape Town, South Africa · Johannesburg, South Africa
Principals
Gladwyn Leeuw
Chief Executive Officer
Pyi Maung
Chief Investment Officer
Ofentse Mkhandawiri
Chief Financial and Operations Officer
Tshilidzi Matlala
Chief Portfolio Officer
Lungile Mdluli
Trustee and Board Chair
Sector focus
Frequently asked questions
Who runs investment decisions at E Squared Investments?
Chief Investment Officer Pyi Maung leads the investment function, formulating and executing strategy across all vehicles. The executive leadership team — including CEO Gladwyn Leeuw, CFO Ofentse Mkhandawiri, and Chief Portfolio Officer Tshilidzi Matlala — governs capital deployment. A board of trustees chaired by Lungile Mdluli provides additional oversight.
How is E Squared Investments related to Allan Gray?
E Squared was founded in 2007 as a BEE partner to Allan Gray Limited, using capital seeded by the late Dr. Allan Gray. It operates as a strategic partner to Allan & Gill Gray Philanthropies but maintains its own management and investment committee.
Is E Squared a single family office or an asset manager?
E Squared functions as a specialized asset manager, not a family office. It deploys institutional capital from its permanent base toward impact-driven venture capital, private equity, and a fund-of-funds program, with a flat commercial-and-social return mandate.
Which investment stages does E Squared target?
The firm covers the full spectrum: pre-seed venture building and fellowship-specific startup programs, seed and growth-stage equity through E Squared Ventures and 3 Capital Ventures, later-stage co-investments in BEE-owned companies, and fund commitments to emerging South African managers.
Does E Squared participate in fund commitments or only direct deals?
Both. E Squared runs a dedicated Fund of Funds program that backs emerging and established South African fund managers, while simultaneously writing direct equity, quasi-equity, and blended-finance checks through its venture and growth vehicles.
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