While much of the investment community was still clawing their way back from the financial crisis in 2012, the then four-year-old Pan African Private Equity (PAPE) Fund Managers was considering what water scarcity would mean.
That brought it to JoJo Tanks, and a 23% stake in the company that makes the ubiquitous water storage tanks is now a prized holding in its portfolio worth more than R1 billion.
PAPE would not say how much it paid for the shares, and the privately-held Jojo does not disclose enough details to accurately estimate its value. But in the five years to the end of 2016 sales of JoJo tanks increased by more than 500% – and if the company were to list publicly, it is expected to be a hot stock.
While his fund is making money out of the investment, Kubukeli tells Business Insider South Africa, he does not wish drought on anyone. While there is a drought, though, his fund is proud to help supply the water storage products that can help mitigate its impact.
Receive a single WhatsApp message every morning with all our latest news. Sign up here.