Khulasande is dedicated to the growth of our country

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About Us

Khulasande Capital is a black-owned
and controlled private equity and
investment vehicle.

Khulasande Capital is a black-owned and controlled private equity and investment vehicle. Khulasande is dedicated to the growth of our country through Broad-Based Black Economic Empowerment (BBBEE).

As a credible commercial BEE partner our aim is to grow South African enterprises while contributing to the broad-based South African society and economy through social initiatives. Khulasande is deemed to be 100% black-owned, with 51% of voting rights and economic interests vested in the hands of black South Africans.

Credible Commercial BEE Partner

Khulasande was created as a partnership between Investec Equity Partners (IEP) and the Entrepreneurship Development (ED) Trust.

The ED Trust is a charitable trust with black beneficiaries focusing on South African economic development through educational and entrepreneurial activities.

As a BBBEE vehicle with access to our own funds and the backing of one of the most prominent investment teams in the country, Khulasande offers your enterprise a competitive advantage.

Investec Partnership

Khulasande will provide your enterprise with strong BEE credentials, expert commercial assistance and the benefits involved with our IEP partnership.

BEE Credentials

  • BEE Ownership score: 22 points out of a required score of 20 points (2 extra points scored)*
  • The broad-based beneficiaries of the ED Trust ensure that BEE benefits the right people
  • BEE investor with its own cash
  • No exit pressures

*This score was based on the 2007 BEE Codes of Good Practice

Download BEE credentials

Commercial BEE Partner

  • Assisting management with corporate governance and corporatisation
  • Assisting management strategically, where possible, to build a sustainable business

IEP Partnership

  • Leveraging off skills from various experienced individuals/divisions within IEP
  • Leveraging off relationships that various individuals have within  IEP

Khulasande Capital Founder & CIO

Sthembile Nkabinde

Sthembile Nkabinde is the founder of Khulasande Capital. She is a qualified chartered accountant and has 9 years auditing, corporate finance, leverage finance and private equity experience. After qualifying with PricewaterhouseCoopers, Sthembile joined the corporate finance division of Investec. She later joined the Private Capital team dealing with debt and equity funding in the unlisted space.

Sthembile Nkabinde
Sthembile Nkabinde

Investment Committee Member

Fani Titi

Fani Titi is the founding CEO of Kagiso Media and the founding chairman of the private equity firm Tiso Group. He’s currently the chairman of Investec PLC and non-executive chairman of Investec Bank Limited. Fani also serves on the board of the MTN Group and Kumba Resources.

Fani Titi
Fani Titi

Investment Committee Member

Stephen Koseff

Stephen Koseff is the CEO of the Investec Group, as well as non-executive director of the South African Banking Association. Stephen was former non-executive director of the Bidvest Group and the JSE, as well as former chairman of the Independent Bankers Association.

Stephen Koseff
Stephen Koseff

Investment Committee Member

Luyolo Poswa

Luyolo Poswa is the founder and CEO of Poswa Incorporated. He previously worked as a consultant in the debt capital markets division of Absa and as a senior legal advisor in the Investec Capital Markets division.

Luyolo Poswa
Luyolo Poswa

Investment Committee Member

Happy Masondo

Happy Masondo is currently a director at Werkmans Attorneys. She’s the former Executive Vice President – Legal Services and General Counsel at South African Airways (SAA). Happy also previously worked as the Assistant Legal Adviser to former President Nelson Mandela and sits as a Trustee on the Constitutional Court Trust. She is a Morris Zimmerman Scholar and a Thomas Franklin Fellows.

Happy Masondo
Happy Masondo

Investment Committee Member

Constance Mashaba

Constance Mashaba has been with Black Like Me Products since inception in 1985, working as Finance Manager. She took over as Managing Director in 2005. Constance has been a board member of Deutsche Bank Africa Foundation since 2009 and also serves as non-executive chairman of The Energy Company. She serves as a non-executive director of African Equity Corporation.

Constance Mashaba
Constance Mashaba

Entrepreneurship Development Trust

The Entrepreneurship Development Trust is an active and credible development vehicle for delivering innovative entrepreneurial activity and educational enrichment that contributes to South Africa’s upliftment. The value created in Khulasande will contribute towards benefiting the ED Trust and therefore uplifting its beneficiaries.


Investec Equity Partners has been delivering returns for more than ten years, with a remarkable track record of successful partnerships with respected brands and management teams across the globe. The partnership with IEP provides Khulasande access to an experienced private equity team with an extensive track record, helping Khulasande add value to its partners and enabling them to grow.

Entrepreneurship Development Trust
Investec Principle Investments
Investment Mandate

Khulasande partners with enterprises that:

  • Demonstrate a profitable track record
  • Are cash-generative
  • Are significant players in their respective sectors
  • Have good growth prospects
  • Have strong and passionate management teams that are eager to partner with Khulasande to grow their businesses
  • Are looking to build long-term partnerships
  • Are based in South Africa
  • Embrace transformation

Khulasande does not invest in:

  • Start-ups
  • Turn-arounds
  • The agricultural industry
  • The property industry
  • The primary mining industry (excluding mining services)

Khulasande requires a minimum shareholding of 25%, although smaller stakes will be considered where there are minority protections and we invest next to acceptable partners.

Investment Portfolio


Chlor Alkali Holdings
Chlor-Alkali Holdings (CAH) is the holding company of three trading divisions which manufacture chlorine, caustic soda, soda ash, chlor alkali deriviatives and bulk and refined salt in Southern Africa. Khulasande has a 8.4% shareholding in Chlor-Alkali Holdings.



The Industrial Services Holdings Group (InServe) is the holding company of the following entities:

- Concord Cranes – Provider of mobile crane hire and rigging services (holding company of Anglo V3, Elcon Crane Hire, Castle Crane Hire and Concord Namibia)

Goscor Group – suppliers of premium equipment including forklifts, access equipment, earthmoving and compact equipment, power products and compressors

- Prowalco – Fuel dispensing solutions to the retail, commercial and fuel storage depots

- Uni-Span -Provider of manufacturers and rental of prime scaffolding and formwork as well as the manufacturing of steel tubing.


itec GROUP

ITEC PLAIN logo + Colour blocks
The Itec group operates in the managed print and business services market offering turnkey print solutions to corporate clients in South Africa. The business has historically consisted of 4 main components (distribution, finance, shared services and channel partners), which collectively satisfy the full value chain from manufacturer to end user. Primary brands supplied to markets and Konica Minolta (white labeled “ITEC”) and Lexmark.



Afrit is involved in the manufacture and sale of large trailers for the road transport industry. The Afrit Group is able to provide a full service offering to its clients including in-house financing, trailer rentals and second hand truck and trailer sales. It is one of the leading trailer manufactures in South Africa. Khulasande acquired 19.4% in the Afrit Group.


tarsus technology group

Tarsus Technology Group is South Africa’s leading IT distribution group. It distributes most of the first tier technology brands including HP, Dell, Lenovo, Acer, Samsung, OKI and Lexmark through Tarsus. It also contributes consumables and accessories through ACT, as well as providing financing and financial products through Channel Capital.




CJP imports and distributes speciality and commodity raw materials to the pharmaceutical, nutraceutical, and sport nutrition market in Southern Africa. CJP was established in 1986 and employs 232 individuals. Sales offices and warehouse are situated in Johannesburg, Durban, Cape Town and Port Elizabeth. Khulasande acquired 10% of CJP.



Giving Back

The Entrepreneurship Development Trust

The Entrepreneurship Development (ED) Trust’s objective is to give back to the nation by providing educational and entrepreneurial enrichment to previously disadvantaged South Africans.

The Entrepreneurship Development Trust


University of the Witwatersrand


Underprivileged black students who have shown potential at high school level are awarded scholarships through the University of the Witwatersrand Foundation. The scholarship students study vital skills needed for the South African economy, including medicine, engineering, actuarial science and accounting.


Promaths offers extra tuition for Grade 10, 11 and 12 learners in Soweto, helping them improve their performance in maths and science. The Promaths model, in partnership with other funders, has been expanded to over 15 clusters in South Africa.

High School Scholarships


This initiative provides students with scholarships to study at Johannesburg’s best high schools. Students who show academic excellence and financial need are identified and supported.

Young Entrepreneurs Trip to Israel and Palestine

The ED Trust provides young and upcoming entrepreneurs with the opportunity to get exposure to other entrepreneurs and start-ups in Israel and Palestine, enabling them to develop networks that contribute to the their personal and business growth.


Latest Blog Entry - 14th April 2015

Meet the Khulasande Team

The Khulasande Team is delighted to introduce Khulasande Capital, a private equity vehicle which has been formed as a partnership between Investec’s private equity division, Investec Principal Investments, and a charitable trust set up for black beneficiaries – the Entrepreneurship Development Trust.

The team is made up of a majority of black individuals with a depth of experience across various fields, therefore making a valuable contribution to the growth of Khulasande.

Read more at our blog



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