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ALC is divesting and paying back investors their funds after the investment reached the agreed-upon maturity point, as part of the private equity arrangement made in 2020.ALC runs a multimillion-pula mandate, powered by the Botswana Public Officers Pension Fund and other investors.Under a multi-structured transaction, Bima Holdings is acquiring Minet Mauritius and its Botswana subsidiaries, the latter of which are co-owned with ALC. As part of its approval of the deal, the CCA said once Bima finalises the initial acquisition, it has to sell off ALC’s former stake to citizens or citizen-owned companies within 24 months.Speaking during the annual ALC conference on Tuesday, the fund manager’s founder and managing partner, Bame Pule, said the exit was not unexpected, as it had been agreed upon at the inception of the investment.He said the Minet deal began in 2019, was signed in December 2020, and received regulatory approval in mid-2021.“A lot of benchmarking was done across several countries before finalising this deal. “We saw an opportunity to add value to the business. “We must conclude it so that our clients get their money back. This marks a major milestone for the seven pension funds we represent, including BPOPF,” Pule said, adding that exiting in under five years is ‘a good outcome’.Pule emphasised that exits are an integral part of any private equity model, designed to deliver measurable returns to investors.“Every investment we make has a defined exit timeline,” he said.According to Pule, the divestment highlights ALC’s disciplined investment approach and its role in strengthening local ownership in Botswana’s financial services sector.Minet Botswana provides a wide range of services, including insurance brokerage, commercial risk solutions, risk transfer, claims advocacy, capital management, retirement solutions, and risk control consultancy. The company is part of the broader Minet Group, a leading pan-African risk advisory firm operating across several markets in Africa, representing Aon as its Global Network Correspondent.The partnership between ALC and Minet was established after ALC and Minet Group jointly acquired Aon’s shareholding in Aon Botswana. This acquisition became effective on June 1, 2021, following regulatory approval by the CCA. The transaction marked one of the largest and most strategic deals in Botswana’s insurance and risk advisory sector at the time, positioning Minet Botswana as a citizen-partnered firm with a long-term growth outlook.
