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African Private Equity Fund Review and Realisation Strategy
Cork Gully was engaged to undertake an independent review of an African private equity fund with approximately US$100 million in assets under management and develop a practical strategy for realising its remaining investments.
The fund held investments in businesses operating in challenging markets and was approaching the end of its term. Investors required an independent assessment of the portfolio’s prospects, the value that could realistically be recovered and whether retaining investments would deliver a better outcome than pursuing earlier exits.
Cork Gully undertook a detailed review of the portfolio companies, assessing their financial performance, liquidity, business plans and funding requirements. We examined the impact of market conditions, foreign exchange exposure and execution risks on valuations and the prospects for realisation.
A central part of the mandate was distinguishing reported investment values from the proceeds that could realistically be achieved. Cork Gully challenged management forecasts, assessed alternative valuation scenarios and considered potential disposal routes, drawing on available market evidence and transaction advice.
We also evaluated the case for holding or exiting each investment, taking account of the additional capital, time and operational support required. This analysis helped identify where continued ownership could be justified and where an earlier exit offered a more credible route to preserving investor value.
Alongside the portfolio review, Cork Gully considered the fund’s governance arrangements and the alignment of interests between the manager and investors. Our findings provided a basis for informed decisions on the remaining life of the fund, oversight of the portfolio and the sequencing of realisations.
Drawing on our experience in fund restructuring and managed exits, Cork Gully translated a complex portfolio assessment into a practical realisation strategy, enabling investors to evaluate their options against achievable outcomes and the risks of further delay.