Perpetua Investment Managers

Perpetua Investment Managers

Perpetua was co-founded by Delphine and Logan Govender as an independent, owner-managed investment firm in Cape Town. Delphine Govender serves as Chief Investment Officer, bringing prior experience as a Portfolio Manager and Executive Director at Allan Gray — one of South Africa’s largest privately held asset managers. The firm anchors its identity in bottom-up fundamental research and a deliberate distance from consensus positioning. The investment strategy concentrates on mispriced South African equities and balanced multi-asset portfolios, wielding a long-term time horizon measured in years, not quarters. The flagship Perpetua SCI Equity Fund runs a concentrated, high-conviction book with an aggressive risk profile, while separate balanced and growth mandates target broader market cycles. Positions are built through rigorous in-house research; the firm publicly cites Vestas Wind Systems as a holding where it invested through cyclical turbulence. There is no disclosed allocation to private markets, venture, or direct debt — the observable footprint is liquid, listed South African securities. Geographic focus remains squarely on South Africa, with no indicated expansion into other African or developed markets. The firm is led by a tight investment team. Alongside Delphine Govender, Patrick Ntshalintshali acts as Executive Director and Portfolio Manager, and Lonwabo Maqubela is Deputy Chief Investment Officer. Raymond Ndlovu sits on the board as Non-Executive Director. Professional affiliations signal embeddedness in South Africa's institutional community: Delphine Govender serves on the board of ASISA, is a former president and active member of the CFA Society South Africa, and sits on the executive committee of YPO Cape Town. Perpetua also runs the Perpetua Foundation as its philanthropic vehicle. In late 2025, the firm published its annual Stewardship & Sustainability Report, formally adopting South Africa's 2020 Stewardship Code. Perpetua’s structural differentiator is its owner-managed partnership model tied to a stewardship-first mandate. Rather than pursuing asset-gathering scale, the firm commits publicly to the 2020 Stewardship Code's definition of responsible allocation and long-term value creation, and publishes an annual report holding itself accountable to that standard. The governance architecture — independent, co-founder-led, with a non-executive board director and deep CFA/ASISA professional integration — places it among a small cohort of South African boutiques that tie capital stewardship explicitly to firm-level reporting, not just portfolio management.