We are pleased to release the December 2013 edition of the SAVCA RisCura South African Private Equity Performance Report. This Report tracks the performance of a representative basket of South African private equity funds and is released quarterly on an ongoing basis. The purpose of the Report is to provide stakeholders in SA private equity with more transparency into historic returns, and a way to benchmark private equity funds’ performances.

Please note that all private equity returns shown in the Report are net of all fees and expenses, and have been computed in South African Rands (ZAR) as well as US Dollars (USD).

We would like to thank all participants who make their data available to us to facilitate this Report. Particular thanks must also go to the SAVCA board for encouraging member participation.

Special thanks also go out to Thierry Dalais, Executive Chairman of Metier for contributing to our market commentary section. We are hoping to obtain similar commentary from other market participants in the future, in order to highlight key trends and investor experiences.