Structure & Team

Sandown Capital’s Private Equity business comprises a series of Guernsey-domiciled legal entities. An application to regulate all legal entities will be made in due course.

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.

Offshore Structure & Administration Sandown Capital

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)
Mark Finlayson: Director Zeta

Selected Service Providers

(Brokers)

(Administrators)

(Lawyers)

(Auditors)

(Bankers)

Investment Committee Advisors

Oyama Mabandla: Independent & Chairman
Ayo Salami: CEO EMIM
Stephan Burger: Energy Banq / Independent
Anthony Smith: COO Independent
Warren Chapman: CEO Peresec
Anders Einaarson: Promasidor / Independent
Tamsin Freemantle: Independent
Jonathan Reid: Hyde Park / Independent
Noah Naidoo: Independent
Paolo Zaniboni: Genesis Advisors / Independent

Board Members of the Investment Advisor & General Partner:

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).

Andrew Whitakker

Chairman Investment Advisor

Co-Founder & MD Aver Partners, Guernsey, sitting on a number of Fund Manager Boards across Debt, Equity, Venture & Renewables.

20 years experience in fund management in onshore & offshore vehicles, open & closed funds and alternative funds.

Former manager at Barings/Apex, MD Capita, VTB Capital, Haliburton & Midland.

Chartered Management Accountant & Member of Chartered Institute for Securities & Investment. Chair if the British Venture Capital Association.

Graduated Cardiff University & AixMarseille University.

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.

Katy Hodgetts

GP Board

Independent Non-Exec Director

Extensive knowledge of onshore/offshore vehicles, open/closed-ended, traditional/alternative funds. Well versed in offshore governance. 16 years + investment sector and fund industry.

Director of Sanne Group (Guernsey) Limited. Head of Relationship Management, BNP Paribas.

Investor Relations Manager, Henderson Global Investors (now Janus Henderson).

Investment Management Certificate. Institute of Directors Certificate, Diploma in Company Direction, and Chartered Director status. BSc University of Southampton.

Mark Finlayson

Investment Advisor Board

Board Member Sandown Capital Limited (Investment Advisor)

Chief Operating Officer Zeta AM (Guernsey) responsible for strategy and administration

EBoard Member on multiple Channel- Island financial services entities

Corporate Finance Funds Lawyer, Walkers – advisor on multiple deals Corporate Lawyer, Babbe Senior Exec, Masslift Africa Senior Associate, TWB Attorneys South Africa

University of SA LLM Commercial Law University Of Pretoria BA LLB Law

Investment Committee Members:

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).

Ayo Salami / EMIM

Investment Committee Member

CEO of Emerging Market Investment Managers (EMIM), an Africa-focused long-only investment fund with c US$200m AUM.

30 Years experience investing in EM with extensive senior-level contacts pan-Africa.

Former CIO of the year.

Initiated coverage of African equities at Nomura. Former Duet Senior Manager.

Kingston University Business School, Cass Business School, Birbeck senior lecturer on postgraduate degree programmes. Chartered Accountant; BA Economics Leeds & LSE. PhD City University.

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

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.

Tamsin Freemantle

Head ESG & Regulatory Affairs

Consultant to multiple pan-African Exchanges, financial institutions and law firms.

African Crowd Funding Association (ACfA) regulatory & policy supervision.

Johannesburg Stock Exchange (JSE) with responsibility for business development across Africa (ex-RSA).

JSE Interim Head of Sustainability Allen & Overy LLP Business Development & Marketing RSA

Director & VP SA Nigeria Business Chamber Mbona Private Nature Reserve & Just One Lap MBA Gordon Institute of Business, Pretoria BA English & International Relations University of the Witwatersrand.

Noah Naidoo

Investment Committee Member

Non Exec Director African Phoenix Limited & Extract Group Limited; Chair Rem. Committee. Director, Extract Group South Africa

Director, Barclays / ABSA Africa Head of Retail Banking Across 12 African Countries

MD Standard Bank East Africa Responsible for all operations including Uganda, South Sudan, Kenya, Tanzania and Malawi. CEO Zubair Oma n Industrial & Financial

Conglomerate with US$1bn Turnover Director Tongaat Hulett

International Senior Managers Program Harvard B.Com & MBL UNISA & BSc UDW

Jonathan Reid

Investment Committee Member

Director, Hyde Park Investments, London & Lisbon in Private Equity & Venture Capital. Reid Orbis European Private equity & VC, MD US Equities CLSA International.

Exec. Director, Global Equities UBS Investment Bank.

Exec VP Paine Webber International. Portfolio Manager, Hill Samuel Investment Management.

Qualifications In ESG Investing. Chartered Financial Analyst (CFA).

University of Strathclyde, M Eng. Electronic & Microprocessor Engineering.

Anthony Smith

Investment Committee Member

Head Risk & Compliance of Gibraltar Crypto Exchange Partner Deloitte In Risk Advisory & Financial Crime

Head of Compliance & Regulatory Affairs for ABSA and Barclays pan-Africa: 14 entities in 12 countries

Partner KPMG South Africa in Audit & Business Consulting Arthur Andersen M&A & Advisory

Chartered Accountant with more than 28 years experience across Finance, Operations, Governance and Forensic Accounting

Rhodes University Grahamstown South Africa & Batchelor of Commerce

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.

Anders Einarsson

Investment Committee Member

CEO Promasidor Nigeria responsible for West African investment portfolio. Member IC Convergence Partners RSA.

Mentor Endeavor Group. Co-Founder My Africa. Partner African Agriculture Fund.

Board Member Feronia Inc. Group CFO HIS Towers. Co-Founder MFS Africa.

Chartered Accountant - University Of Liverpool Management School.

BA Webster University Geneva.

Paolo Zaniboni

Investment Committee Member

MD Genesis Advisors London with extensive experience in VC start ups and PE

30 Years experience in the financial services sector as a top-rated investment analyst & research manager

CEO Sberbank CIB UK

Troika Dialog Global Head Investment Research MD Citigroup.

MD Schroders London – Head of EM Investment Research Leeds University UK

Sandown Capital: Analysts and Research Team

Sandown Capital’s research team comprises a number of Africa’s leading investment analysts and portfolio construction experts. The team draws upon advisory partnerships with top-rated rated Quant & ESG teams, the Pyed-Piper Portfolio Analytics team and the team of analysts and investment professionals at the Africa-dedicated EMIM fund .

Sandown’s analysts have conducted extensive valuation and impact investing due diligence research on more than 200 listed small and mid-cap African corporates with a focus on the JSE. Their work feeds into Sandown’s proprietary screening analysis on Impact-Sustainability 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).

Herbert ZuluPyed Piper

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

Ayo SalamiEMIM

30 Years experience investing in EM
with extensive senior-level contacts
pan-Africa.

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

Warren Buffet