# PAPE Fund Managers

PAPE Fund Managers is a Private Equity based in Johannesburg, South Africa.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Johannesburg, South Africa
- **Region:** Africa
- **Address:** Bryanston, Johannesburg, South Africa
- **Founded:** 2005
- **Assets under management:** Undisclosed
- **Website:** papefunds.co.za
- **LinkedIn:** https://linkedin.com/company/pape-fund-managers

## Regulatory record

- **Reports private funds:** No

## About

PAPE Fund Managers is a black-owned private equity manager based in South Africa, with a focus on Southern Africa. The firm invests in long-term equity risk capital across multiple funds. PAPE Fund Managers has made 8 investments, including a secondary market investment in Entersekt on June 13, 2024.

## Sectors

- Manufacturing
- Services
- Technology
- Energy Transition & Renewables

## Offices

- Stellenbosch, South Africa

## People

- Zuko Kubukeli — Co-Founder
- Guy Baxter — Co-Founder

## Questions

### Who runs investment decisions at PAPE Fund Managers?

Co-founders Zuko Kubukeli and Guy Baxter lead investment decisions, supported by a third unnamed principal. Their association dates to 2006 when they co-founded Evolution One Fund, Africa's first clean-technology private equity fund, with three other directors.

### How does PAPE source proprietary deal flow?

PAPE cites its principals' own unencumbered capital commitment to every deal as a key differentiator in competitive processes. The firm also draws on deep business networks developed over 13 years of South African mid-market investing and the co-founders' earlier relationships with European development-finance institutions.

### Does PAPE participate in fund commitments or only direct deals?

PAPE makes direct investments only. It targets founder-led or owner-managed businesses where management co-invests alongside the fund, using ticket sizes above ZAR40m and targeting IRRs exceeding 25%.

### What investment stages does PAPE typically target?

PAPE focuses on growth equity, expansion and late-stage capital, management buyouts, secondaries, and succession-driven transitions. The firm explicitly does not invest in start-ups; portfolio companies must have proven business models, cash-generative operations, and scalable potential.

### How is PAPE related to Pan-African Capital Holdings?

PAPE Fund Managers grew from its 2005 roots as Pan-African Capital Holdings. That entity served as the precursor to the fund management company, which now operates independently as a 100% black-owned and black women-owned manager.

## Related profiles

- [Papa Bear Ventures](https://altss.com/profile/papa-bear-ventures)
- [Paper Ventures](https://altss.com/profile/paper-ventures)

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Last updated: 2026-06-03T20:00:00.000Z

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