South Africa Private Equity Fund, L.P.

completed

Summary Of Project Information (SPI)Project NameRepublic of South Africa - SACGFII    RegionSub-Saharan AfricaSectorProject No009153Projected Board DateJuly 16, 1998Company NameSACGFIITechnical Partner and/or Major Shareholders Major shareholders are expected to be US institutional investors.PROJECT DESCRIPTION: The project consists of the formation of a 10 year closed-end private equity fund, SACGF II, which will be established as a Limited Partnership with the Manager as General Partner. It will consist of two parallel investment vehicles: one incorporated locally to accommodate domestic investors and another in the tax-efficient jurisdiction of the Cayman Islands for foreign investors. Both vehicles will be managed by the same Manager and will be linked by an agreement to invest and divest together in proportion to their respective capitalizations. SACGF II is a follow-on to SACGF, which had the same parallel structure, and was established in 1995 with IFC support and total commitments of US$144 million (IFC’s commitment was US$20 million). SACGF is performing exceptionally well, with 65% of its capital already invested and is generating healthy returns. The local Manager has developed a strong pipeline of new deals, hence the rationale for a second roundPRIMARY SPONSORS:The Manager and Sponsor of the Fund will be Brait Capital Partners Limited, an investment management company operating through representative offices in South Africa and New York and majority owned by Capital Partners (who were the local sponsors and co-managers of SACGF) and Brait S.A., a newly created South African investment bank.Project Cost Including proposed IFC investment US$350 million, including an IFC equity investment of up to US$35 million.Location of project and Description of site South AfricaDescription of Company and Purpose of Project The investment strategy for SACGF II will be the same as SACGF, namely to make later-stage private equity investments in growth companies, including management buyouts and expansions with the primary objective of achieving superior investment returns.     Environmental Category and Issues This is a Financial Intermediary (FI) project. The Manager will be required to undertake an environmental review of eligible investee company’s operations. In addition, IFC will assess the Manager’s capability to carry out environmental reviews. Under IFC''s proposed new environmental procedure, this would be a category FI Tier 2 project. If and when the procedure is approved, it would apply to this project.Date SPI sent to PIC      June 8, 1998“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 974-4384