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About Us

Khulasande Capital is a black-owned and controlled private equity and investment vehicle.


Khulasande, which means to grow and multiply, is dedicated to the growth of South Africa through Broad-Based Black Economic Empowerment. We are a credible, commercial BEE partner.

  • Khulasande contributes to the broad-based South African society and economy
  • 51% of voting rights and economic interests vested in hands of Black South Africans.


Who we are


Khulasande Capital Partnership I

Khulasande I is a partnership between the Entrepreneurship Development Trust (EDT) and the Bud Group.

EDT is a charitable trust with Black beneficiaries focusing on the development of the South African economy through educational and entrepreneurial activities.

The Bud Group is a diversified business of scale and relevance operating across chosen platforms including, Chemicals and Minerals, Industrial Services, Building Materials, Financial Services and Industrial Supplies. The Bud Group is present in 9 provinces in South Africa and operates in 12 countries in Africa.

Khulasande Capital Partnership I has been dissolved as all the investments have been disposed of.

Khulasande Capital Partnership II

Khulasande II was created as a partnership between Investec Limited and the EDT.

Investec provides a wide range of financial products in South Africa through its Specialist Banking and Wealth and Investment divisions.

Khulasande Capital III Proprietary Limited

Khulasande Capital III Proprietary Limited was established in 2018 as the fund manager to the Khulasande Capital Trust. It was created to provide Khulasande Capital with a platform to invest in larger B-BBEE transactions whilst providing investee companies with strong B-BBEE credentials.

Khulasande Restructure Partners

Khulasande Restructure Partners was formed in 2020 to take advantage of opportunities that presented themselves as a result of changes in market conditions, largely brought about by the Covid-19 pandemic. The investment mandate of the Khulasande Restructure Fund is to make investments or partner desirable businesses that are over-geared and are currently or likely to undergo a capital restructure that may result in the requirement of a Black empowerment partner.


Investment Executive

Zola Tsotsotso

Zola Tsotsotso is a qualified chartered accountant with 14 years’ post articles experience in investment banking and principal investments which she gained at Rand Merchant Bank in the corporate finance and resource finance divisions and Shanduka Group, which merged with Phembani Group. Zola joined Khulasande in September 2018 and holds an MBA from INSEAD Business School in France.

Investment Committee Member

Nicholas Stretch

Nicholas Stretch is a qualified chartered accountant and has been at Investec for 6 years, having worked in both the corporate finance and principal investments divisions.

Investment Committee Member

Stephen Koseff

Stephen Koseff is the former chief executive officer of the Investec Group, dual listed on the London Stock Exchange and the Johannesburg Stock Exchange. Stephen was with Investec for 39 years in various capacities and CEO from 1996 to 2018. In 2017, Stephen was awarded an Honorary Doctor of Commerce Degree by the University of the Witwatersrand. Stephen is chairman of BidCorp Limited, Bud Group (Pty) Ltd and IEP Group (Pty) Ltd and co-chair of Youth Employment Service (YES).

Investment Committee Member

Ishara Ramsunder

Ishara Ramsunder is the founder and CEO of Catalytic Advisory. She is a qualified chartered accountant and has over 20 years of local and international experience ranging from auditing, corporate finance, leverage finance, private equity and debt capital markets. She serves as a non-executive director of Idwala Industrial Holdings.


Entrepreneurship Development Trust

The EDT is a partner in Khulasande I and Khulasande II

The EDT is an active and credible development vehicle for delivering innovative entrepreneurial activity and educational enrichment that contributes to South Africa’s upliftment.

The value created in Khulasande will contribute towards benefiting the EDT and therefore uplifting its beneficiaries.

Bud Group

The Bud Group was a partner in Khulasande I.

The Bud Group is diversified business of scale and relevance operating across chosen platforms including, Chemicals and Minerals, Industrial Services, Building Materials, Financial Services and Industrial Supplies.


Investec is a partner in Khulasande II.

Investec is an international specialist bank that provides a diverse range of financial products and services to a select client base in three principal markets: the UK and Europe, South Africa and Asia/Australasia.

Investec focuses on delivering distinct profitable solutions for its clients in its core areas of activity, namely: Wealth & Investment and Specialist Banking.

Investment Portfolio

Current investments

Clover is a branded food and beverages group with a presence throughout Southern Africa.

A leading African Integrated Workplace Management Solutions Provider with over 50-years of experience.

Past investments

Barrows Khula specializes in designing and manufacturing retail point of sale visibility solutions within the Fast Moving Consumer Goods sector.

ClaytonCare is a sub-acute rehabilitation medical group providing comprehensive inpatient treatment and care.

The Afrit Group provides a comprehensive trailer solution to the market including trailer manufacturing, rentals, insurance, short-term financing and second-hand trailer sales services.

Bud Chemicals and Minerals has established itself as a major operator in the manufacturing, importing, stocking and distribution of chemical products. The Group encompasses the following leading companies:

  • Ferro SA
  • Idwala
  • NCP Chlorchem
  • Cerebos
  • CJP Chemicals
  • Botash
  • Walvis Bay
  • FFS Refiners

Bud Industrial Services was created through the integration of a number of South Africa’s oldest and most established industrial brands. Group companies include:

  • Goscor
  • Concord Cranes Group
  • Uni-Span
  • Prowalco
  • Augusta Steel
  • Afrit

Our Impact

The Entrepreneurship Development Trust

EDT’s objectives are to give back to the nation by providing educational and entrepreneurial enrichment to previously disadvantaged South Africans.

The Entrepreneurship Development Trust



Promaths offers extra tuition for Grade 10, 11 and 12 learners in Soweto, helping them improve their performance in Maths and Science. The Promaths model, in partnership with other funders, has seen 12 years of extraordinary results and currently funds eight centres across South Africa.

The impact the programme is having on the children and the larger communities in which they operate is inspiring. To date, over 5 000 school children have been through the programme.

High School Scholarships


This initiative provides students with scholarships to study at Johannesburg’s best high schools. Students who show academic excellence and are in financial need are identified and supported.

Young Entrepreneurs Trips

EDT has provided young and upcoming entrepreneurs with the opportunity to get exposure to other entrepreneurs and start-ups in global hubs such as San Francisco, Helsinki, and Detroit amongst others by exposing them to leading expertise in various fields, enabling them to develop networks that contribute to their personal and business growth.

The EDT has affected over 70 young entrepreneurs through this initiative.


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Khulasande Capital has terminated its FAIS license and is no longer an authorized financial services provider.