Navigate Approach Strategies Private Equity Private Credit Process Contact
On-balance-sheet private markets investor · South Africa & sub-Saharan Africa

Capital ground fine, built to last.

Lapis was carried across continents and ground into the deepest blue a painter could find — worth more than gold, used only where permanence mattered. We deploy capital the same way: patiently, selectively, across private equity, private credit, real assets and special situations.

4Strategies under management
On-balance-sheetCapital, not a fixed-life fund
SA & SSAPrimary investment footprint
DirectOrigination model

We don't treat capital as a clock running toward an exit. We treat it as a partnership — expertise, discipline and patient capital sitting alongside the people who built the business, or the fund, in the first place.

01

On-balance-sheet capital

We invest from our own balance sheet, not a fund with a fixed life — so we're never forced into an exit or repayment timeline that doesn't suit the business, whether the instrument is equity, credit or a structured blend.

02

Operator-first partnerships

We back management teams and founders who know their industry cold, and we stay close enough to add real value without getting in the way.

03

Structured for the deal, not the template

Every package — equity, debt, or a blend — is shaped around what the business, the counterparty and its shareholders actually need.

4Strategies Under Management
SA & SSAPrimary Market
UnconstrainedHolding Period
DirectSourcing Model
Where We Deploy Capital

Four strategies, one underwriting discipline.

Each strategy is managed on its own terms, but shares the same sourcing philosophy, fiduciary grounding and risk culture.

E

Private Equity

Control and significant-minority positions in established private businesses, with a focus on governance improvement and operational value creation.

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C

Private Credit

Direct lending and structured debt to businesses underserved by traditional bank finance, secured with disciplined covenant and collateral structures.

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R

Real Assets & Infrastructure

Long-duration investment in property and infrastructure assets that produce contracted, inflation-linked income for institutional portfolios.

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S

Special Situations

Turnaround and business rescue capital for companies in financial distress, deployed alongside our practitioners' restructuring and legal expertise.

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Private Equity — How We Partner

Six ways we back businesses.

From growth-stage backing to full buy-outs, our capital is structured around the milestone the business is facing.

G

Growth capital

Funding for businesses ready to scale operations, enter new markets, or invest in capacity ahead of demand.

B

Buy-outs & buy-ins

Leveraged and management buy-out structures for established businesses changing hands or changing leadership.

T

Transformation transactions

Structured funding that supports broad-based ownership transformation without compromising business fundamentals.

R

Replacement capital

Buying out existing shareholders who want liquidity, while keeping the business's strategy and team intact.

C

Complex ownership situations

Flexible equity funding for businesses navigating succession, restructuring, or a capital structure reset.

A

Pan-African expansion

Capital and connections for South African businesses taking their model into new markets across the continent.

Private Equity — Investment Criteria

R50m–R750mTypical deal size
R30m+Minimum recurring EBITDA
Minority–MajorityStake sought
UnconstrainedHolding period
Private Credit

Capital that fills the gap banks leave behind.

Lapis Equity Partners originates and structures direct loans and structured debt for established businesses that are underserved by traditional bank finance — companies with sound fundamentals but funding needs that don't fit a conventional credit box.

Every facility is underwritten with the discipline of a fiduciary: conservative loan-to-value, enforceable security, and covenant packages designed to protect capital first and generate return second.

Bilateral, directly negotiated facilities — no syndication drag, faster execution

Security-backed structures with disciplined loan-to-value and covenant design

In-house legal and governance capability shortens diligence and documentation timelines

Active monitoring through the facility term, not a set-and-forget lender

Indicative Facility Parameters

Facility size
R10m – R150m
Tenor
18 months – 5 years
Security
First / second ranking
Structure
Senior, mezzanine, unitranche
Coupon
Fixed or floating
Amortisation
Bullet or scheduled

Structures We Deploy

01
Senior Secured Debt

First-ranking facilities against hard assets, cash flows or receivables for stable, cash-generative businesses.

02
Mezzanine & Subordinated

Higher-yielding subordinated capital for growth, recapitalisation or ownership transitions.

03
Unitranche Facilities

Blended senior/mezzanine pricing in a single facility for simpler capital structures and faster close.

04
Bridge & Acquisition Finance

Short-duration capital to fund acquisitions, corporate actions or refinancing ahead of permanent capital.

Financial & Business Services Property & Infrastructure Healthcare Manufacturing & Industrials Consumer & Retail Logistics Pension & Public Sector Adjacent
Real Assets & Special Situations

Long-duration income and complex-situation capital.

Two further strategies, deployed selectively alongside our core equity and credit platforms.

Real Assets & Infrastructure

Long-duration investment in property and infrastructure assets that produce contracted, inflation-linked income for institutional portfolios. Suited to investors seeking predictable cash yield with lower correlation to equity markets.

Real Assets

Special Situations

Turnaround and business rescue capital for companies in financial distress, deployed alongside our practitioners' restructuring and legal expertise to protect and rebuild enterprise value.

Turnaround Capital
Sector Experience

Industries we understand deeply.

We concentrate where our operating knowledge compounds, rather than spreading thin across everything.

Consumer & Retail Healthcare Financial Services Industrials Agriculture & Agri-processing Logistics & Transport Business Services Technology-enabled Services Property & Infrastructure Pension & Public Sector Adjacent
How We Work

From sourcing to realisation.

A disciplined, repeatable process — the same sequence for every mandate, regardless of asset class.

01

Source

Direct origination through founder, advisor and institutional networks.

02

Evaluate

Rigorous commercial, financial and legal due diligence.

03

Structure

Terms built around downside protection and aligned incentives.

04

Partner

Active governance involvement through the hold period.

05

Realise

Disciplined exit planning aligned to long-term return objectives.

Investor & Founder Access

Building something worth backing?

Whether you're a founder, management team or shareholder weighing a transaction, or an institutional investor exploring a mandate, co-investment or LP allocation — we'd welcome an early, informal conversation.

Get in touch office@lapisequitypartners.co.za

Lapis Equity Partners
1 Iris Road
Eastgate Lane Office Park, Block C, 1st Floor
Bedfordview, Gauteng
South Africa

This page is provided for general information purposes only and does not constitute an offer, solicitation, or investment advice. Private market investments are illiquid, carry risk of capital loss, and are generally suitable only for institutional or qualified investors. Prospective investors should seek independent financial and legal advice before committing capital. Fund-specific performance, AUM and track record data are available to qualified investors under NDA.