Structure & Team

Sandown Capital’s Private Equity business comprises a series of Guernsey-regulated legal entities:

Sandown Capital Limited – Investment Adviser
Sandown Capital International GP – Private Equity General Partner
Sandown Capital International LP – Private Equity Limited Partner

The fund structure is simple and effective: designed to make the process of on-boarding and administering the management of third-party capital straight-forward. Governance structures are totally transparent meaning that investor due diligence processes are simplified. The investment manager / adviser provides investment advice to the General Partner whilst individual investments are held at the Limited Partner level.

Fund Mandate, Board Structures, Advisors & Partners

Sandown’s Public-To-Private equity fund is actively managed and closed-ended with a term of 10-years (with 1 +1 extensions). Its primary aim is to deliver long-term capital growth with capital distributions back to investors upon crystallization of value events.

Sandown Capital’s primary mandate is to invest in intrinsically undervalued public companies across the African continent, starting in South Africa, with the intention of seeking ultimate control and driving substantial value creation.

The fund holds a diversified portfolio of investments across adjacent sub-sectors designed to extract synergies via collaboration and technology sharing.

Sandown’s central objective is to achieve long-term returns above a benchmark 20% Internal Rate of Return.

Board Of Directors: Sandown Capital Limited – Investment Advisor

Andy Smith: CEO, Sandown Capital
Andrew Whittaker: Independent, Aver Partners (Guernsey)
Rabie Abas: Group Partner, MD Oxygen Consulting (Guernsey)

Selected Service Providers

(Brokers)

(Administrators)

(Lawyers)

(Auditors)

(Bankers)

Investment Committee Advisors

Oyama Mabandla: Independent & Ex Chairman Vodacom
Warren Chapman: CEO Peresec
Andrew Hannington: Power Advisors / Independent
Mandy Munro Smith: Legal Counsel / Independent
Paul Baloyi: Independent
Andrew Whittaker: MD, Aver Partners
Rabie Abas: MD, Oxygen Consulting
Paolo Zaniboni, MD Genesis Advisors

Investment Team & Track Record

Lord Bellingham

Chairman General Partner

Chairman Sandown Capital Limited. Chairman at DMA, Clifton Africa, Glencara Estate Co. Chair All-Party Group On Commonwealth.

Knighted 2016. UK Envoy To United Nations. Chairman Westminster Democracy Foundation. Board Member ADM Energy.

UK Foreign Office Minister for Africa. Foreign Office Minister for the UN. Shadow Justice Minister.

UK Shadow Trade & Industry Minister. MP West Norfolk. Non-Executive Board Positions mainly related to Corporate Governance.

11 Old Square Barristers. Called to the Bar in 1978. Eton College & Magdalene College Cambridge University (MA Law).

Oyama Mabandla

Chairman Investment Committee

Chairman African Phoenix & Sandown Capital IC. Drove NAV +50% over 2 years at African Phoenix which retains tax shield > ZAR1bn.

Chairman Vodacom Group with subsidiaries in RSA, Mozambique, Tanzania & DRC. Took Vodacom public and presided over its Black Economic Empowerment deal.

Deputy CEO & Legal Counsel SAA. Director Mvela Group Limited; Member JP Morgan African Advisory Board.

Johannesburg Bar & Advocate UBS Investment Banking; Director of Group Five Limited.

BA (University of California) & Juris Doctorate JD (Columbia University School Of Law).

Andy Smith

Chief Executive Officer

CEO Sandown Capital; Established team & Guernsey Legal structure. Advisor to Peresec & Secured Cornerstone.

Head No 1 EM Research Team at BAML - Dubai. Award Winning Head of Research Sberbank (Troika Dialog) Moscow. Entrepreneur.

No.1 Rated Global Consumer Analyst (Schroders & Citigroup). Entrepreneur: Built & Sold Premium Vodka Brand 2010-2012.

Portfolio Manager – Citadel LLP & Millennium Capital LLP Hedge Funds Delivering av. annual 12% Alpha with Sharpe Ratio 3.5x

2 Degrees Cambridge University (Engineering). Winner University Prize. MBA C Eng & C.Dip AF. Senior Manager Unilever Strategy.

Paul Baloyi

Investment Committee Member

Entrepreneur with extensive experience in VC and PE with an African focus; 30 years in Financial Markets.

Chairman Basil Reed & CEO / Deputy Chairman of Talent 10. Successful private entrepreneur.

Board Member at Old Mutual, Bidvest Group, Bidvest Bank, Hudaco Industries.

Senior Manager, Standard Bank. MD Nedbank Africa. Senior positions in Investment Banking with expertise in VC, PE and M&A.

University Of Manchester MBA, SEP (Harvard) & AMP (Instead).

Warren Chapman

Investment Committee Member

CEO Peresec. Drove Increase In Zarclear NAV by c 50% over 2 years. Led the merger with Legae Securities to form Legae Peresec (BEEE Level 1).

Steered Peregrine Securities to become the largest broker on the JSE & chief architect of its majority sale to a BBBEE consortium.

Deep understanding of capital market structures. Frequently invited to contribute to regulatory and policy discussions.

MD Peregrine Securities Johannesburg. Trading, Derivatives, Equities and Systems Technology.

University of Witswatersrand. B.Com in Accounts & Economics 1990-1993.

Craig Beney

Investment Committee Member

MD Helical Partners & Convergence Partners Private Equity with Responsibility for Investments, Treasury & ESG Strategies.

CEO Pan World Consulting specialising in African Private Equity. Capital Allocation & Investment Strategy & Operational Management.

Director of Treasury for Super Group RSA. Responsible for Balance Sheet Management & Optimising Capital Structure.

Senior Manager Investec Capital Markets with Responsibility for FX & Derivative Operations.

University of Natal. Batchelor of Commerce (B.Com) Honours. FSA Compliance & Licensing.

Stephan Burger

Investment Committee Member

CEO Energybanq advisory on PE Energy Solutions & Infrastructure. Sandown Capital IC.

VP Mogs Energy African Infrastructure & Energy. Project management & contract specialist.

Co-Founder Mogs Energy. Raised start up capital and implemented initial project pipeline.

MD Integer Financial Services & Retail Banking Platform. MD Target Capital.

University of Stellenbosch Batchelor of Economics (B.Com) Honours

Andrew Hannington

Investment Committee Member

CEO ENX Group. CFO of Zarclear. Independent Corporate Consultant & advisor to a number of RSA public & private organisations.

CEO of Grant Thornton Johannesburg responsible for all aspects of business strategy and integration with PKF.

CEO and Chairman of PKF Accountants. Chief accountant on a number of JSE listings, M&A transactions and de-listings.

Member of the South African Institute of Chartered Accountants Senior Partners Committee (SAICA).

University of Port Elizabeth. Batchelor of Commerce (B.Com) Honours.

Mandy Munro-Smith

Investment Committee Member

Founder MSP Law Johannesburg. Chief Legal & Risk Advisor for the Peresec Group. Responsible for all legal & regulatory matters.

Head Financial Crime Control at Standard Bank. Expertise in corporate legal advisory and forensic accounting.

Partner & Director at Bowman Gilfillan Johannesburg. Co-founded Bowman’s Governance, Compliance & Investigation Practice.

Admitted as an Attorney with right of appearance in the High Court of South Africa.

BA and LLB Degree from the University of Cape Town.

Sandown Capital: Analysts and Research Team

Sandown Capital’s research team comprises 6 of Africa’s leading investment analysts and portfolio construction experts. The team is led by Andy Smith and draws upon the no.1 rated Quant & ESG teams in Peresec and the Pyed-Piper Portfolio Analytics team based in Johannesburg.

Sandown’s analysts have conducted extensive valuation and impact investing due diligence research on more than 200 listed small and mid-cap corporates on the JSE. Their work feeds into Sandown’s proprietary screening analysis on BOTH Impact Investing and valuation / growth criteria and forms a vital contribution to the work of Sandown’s Investment Committee in appraising specific targets.

Andy SmithHead of Research

No.1 rated EM Analyst (BofA ML).
No.1 rated Head of Research EMEA.
No.1 rated Consumer Analyst (Citi).

Emlyn FlintPeresec Quant

No.1 rated Quant Analyst RSA.
Expertise in advanced financial modelling, FX and derivatives.

Waseem ThokanPeresec ESG

No.1 rated ESG Analyst RSA.
Expertise in Corporate Governance & Impact Investing.

Herbert ZuluPyed Piper

Portfolio Analytics Data & Software Solutions.
Asset Management & Risk Mathematics.

Stan MundodawafaPyed Piper

Risk & Performance Analytics Background in SA Compliance.
Ex Infovest & Riskcura.

Japet SibandaPyed Piper

MSc Applied Mathematical Modelling BSc (Hons) Operational Research & Statistics.
BSc Physics & Statistics.

“Someone’s sitting in the shade today because someone planted a tree a long time ago”

Warren Buffet