Building global-ready funds: how South African managers are scaling through offshore platforms

South Africa’s asset managers have the expertise to compete internationally, yet many need structures that meet the expectations of global investors. Mauritius and Guernsey now offer the stability, governance and scalability that enable African strategies to attract institutional capital and operate on a genuinely cross-border footing, writes Stephan Hartzenberg, Managing Director of PIM Capital

It is well-documented that South African asset managers are increasingly looking beyond domestic borders to grow their businesses, attract international investors and remain globally competitive.

South African managers have the talent, track record and capability to compete on the global stage. They often lack a scalable, internationally credible structure that allows them to raise capital, diversify mandates and meet the expectations of global investors. That is where offshore platforms — particularly in Mauritius and Guernsey — are essential.

As global markets become more integrated and investor preferences evolve, South African managers are recognising that offshore structures offer far more than tax efficiency. They provide regulatory stability, risk segregation and investor confidence — key ingredients for sustainable, cross-border growth.

Such jurisdictions as Mauritius and Guernsey have earned global reputations for their robust legal frameworks, transparent governance and compliance with OECD and FATF standards. These jurisdictions offer an ideal environment for asset managers seeking to attract institutional capital and expand their international presence.

Two structures in particular are driving this evolution: the Incorporated Cell Company (ICC) and the Protected Cell Company (PCC).

An ICC allows for the creation of multiple legally independent “cells” under one umbrella, giving each strategy or investor mandate its own governance, assets and liabilities. The structure offers complete ring-fencing and scalability, making it ideal for managers running multiple funds or strategies.

A PCC provides a more cost-effective entry point. While its cells share a single legal entity, assets and liabilities remain segregated. It’s an attractive solution for smaller or emerging managers testing strategies or launching niche mandates.

PIM Capital has positioned itself as a bridge between African investment expertise and global capital markets. The firm assists asset managers with structuring, licensing, administration and compliance across multiple jurisdictions. This ensures regulator alignment and allows them to focus on investment performance.

Our clients trust us to simplify what is often a complex process. We handle the establishment, oversight and day-to-day fund administration, ensuring their offshore structures are efficient, compliant, and built for long-term success.

As investor appetite for African exposure continues to grow, the opportunity for South African managers has never been greater. Such offshore structures as ICCs and PCCs offer the scalability and governance required to compete internationally while maintaining strong ties to home markets.

The next generation of South African managers won’t just operate locally; they will manage African strategies through globally recognised platforms. PIM Capital will be the partner that helps many of them to get there.

PIM Capital Limited is an award-winning independent fund structuring and administration firm with licensed operations in Mauritius, Guernsey, South Africa and Botswana. The company provides end-to-end services in fund establishment, oversight, administration and investment support. With deep expertise in corporate structures and regulatory landscapes, PIM Capital serves asset managers, institutional investors and wealth managers who seek efficient, compliant cross-border solutions.

Stephan Hartzenberg, Group Director of PIM Capital, has more than a decade’s experience managing firms in financial services and capital markets with products across multiple jurisdictions, including the Channel Islands, Botswana, Ireland, Mauritius and South Africa. A CFA Charterholder with deep expertise in portfolio management and financial governance, Stephan has managed investment portfolios to the value of more than $700 million.

Further information
Produced with support from PIM Capital. To find out more about its structuring capabilities and international fund administration services, visit www.pimcapital.mu

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