Royal Bafokeng Holdings

South Africa · Africa · Founded 2006 · Savings and future generations fund · Not an IFSWF member

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Focus

Royal Bafokeng Holdings: what it invests in

Financial servicesMining and metalsInfrastructure and utilitiesConsumer and retailTelecoms and mediaReal estate

Public equitiesPrivate equityFixed incomeHedge funds and absolute returnReal estateInfrastructure

Geography Domestic and global

Scale

Royal Bafokeng Holdings: how big it is, and on what basis

R66B

Net assets or equityAs of 2026-07-22

In US dollars: about USD 3.988B. R66B NAV at ZAR 16.548 per USD (ECB reference, 2025-12-31)

Transparency

Royal Bafokeng Holdings: what it publishes

8.5 of 10 Band 5 of 5

Published 7 · Partly 3 · Not published 0

Our 10 item score. It measures what is public, not how well a fund is run.

NAV, end 2025S1: R66B (about USD 4.0B; up 18%); As of 2026-07-22
Direct equity shareS1: 88%; As of 2026-07-22
Insurance weightS1: 29.4% (banking 19.9%); As of 2026-07-22
Dividend to shareholder 2025S1: R849M; As of 2026-07-22
FoundedS1: 2006; As of 2026-07-22
Transparency scoreS1: 8.5 of 10; As of 2026-07-22

At a glance. Royal Bafokeng Holdings (RBH) is the investment company of the Royal Bafokeng Nation, a Tswana community of about 29 villages near Rustenburg whose wealth came from platinum. Since selling its platinum interests in 2021 it runs a diversified portfolio of mostly direct stakes in South African insurers, banks, retailers and infrastructure. Net asset value was R66 billion (about USD 4.0 billion) at end 2025. S1 S3

Key points

NAV of R66 billion at 31 December 2025, up 18 percent from R56 billion, led by insurance assets. S1
Direct equity is 88 percent of the portfolio; the other 12 percent sits with third-party managers in global equity, bonds, absolute return and property funds. S1
Insurance (29.4 percent) and banking (19.9 percent) are the largest sector weights. S1
Paid R849 million to its shareholder in 2025 and R10.2 billion in total since 2006. S1
2025 deals: bought 30 percent of Swiftnet, Telkom's towers business, and added to WeBuyCars and Boxer. S1
Set aside R500 million for community projects after the 2021 platinum transaction. S1

Interesting facts

It is owned by a traditional community: the trust that holds it is led by the Kgosi, the Bafokeng traditional leader. S1
Albertinah Kekana has led RBH as CEO since November 2012. S1
The company turned 20 in 2026. S1

Mandate and goals

RBH has a dual mandate: preserve and grow the Nation's wealth for future generations with steady dividends, and fund community development under Plan '35. S1

Preserve capital and grow NAV over the long term. S1
Maintain liquidity and steady distributions to the shareholder. S1
Support Royal Bafokeng Nation development under Plan '35. S1

How it invests

Industries	Financial services, Mining and metals, Infrastructure and utilities, Consumer and retail, Telecoms and media, Real estate, Healthcare and life sciences, Energy: oil and gas S1
Asset classes	Public equities, Private equity, Fixed income, Hedge funds and absolute return, Real estate, Infrastructure, Cash and money markets S1
Stages	Public markets, Buyout, Growth, Infrastructure S1
Geography	Domestic and global. Mainly South African companies, with global equity and property funds S1
Direct / through funds / co-invest	Yes / Yes / Yes S1
Managed in house	88 percent S1
Ticket size	Minority stakes, usually listed, plus some larger unlisted positions. S1
Deal sizes seen	About 3 to 5 percent in listed retailers to 30 percent in Swiftnet; R500M NEPI top-up (2024)
External managers	Third-party managers run global equity, fixed income, absolute return and property funds S1
Co-investment programme	Invests alongside other shareholders in listed and unlisted companies S1

Largest holdings: Swiftnet (30%), Dis-Chem (5%), WeBuyCars (4.7%), Boxer (3.49%), Northam Platinum, NEPI Rockcastle (as of 2026-07-22) S1

Published criteria

Balance growth with liquidity and dependable dividends to the shareholder. S1
Reduce concentration risk after the exit from platinum. S1

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2025	Swiftnet. Completed a 30 percent stake in Telkom's towers business. S1	Direct investment	Telecoms and media	Buyout	Not published	30%
2025	WeBuyCars. Added shares to reach 4.7 percent. S1	Direct investment	Consumer and retail	Public markets	Not published	4.7%
2025	Boxer. Bought into the discount grocer, reaching 3.49 percent. S1	Direct investment	Consumer and retail	Public markets	Not published	3.49%
2025	Dis-Chem partial sale. Reduced the pharmacy holding to 5 percent. S1	Sale or exit	Healthcare and life sciences	Public markets	Not published	5%
2025	Northam Platinum partial sale. Sold part of the Northam shares from the 2021 platinum deal. S1	Sale or exit	Mining and metals	Public markets	Not published
2024	NEPI Rockcastle. Additional investment in the property group. S1	Direct investment	Real estate	Public markets	R500M
2024	RMH stake sale. Disposed of the remaining RMH holding. S1	Sale or exit	Financial services	Public markets	Not published
2021	Royal Bafokeng Platinum sale. Sold the majority stake to Northam Platinum. S1	Sale or exit	Mining and metals	Public markets	Not published

Case studies

From platinum to a diversified portfolio S1

What: Sold the majority stake in Royal Bafokeng Platinum to Northam, then reinvested across sectors.
When: 2021 to 2025
Size: Not published
Why: To cut reliance on one commodity and secure lasting income for the Nation.
Outcome: NAV of R66 billion in 2025, led by insurance and banking.

Buying into towers S1

What: Acquired 30 percent of Swiftnet, the Telkom towers business.
When: 2025
Size: Not published
Why: Digital infrastructure offers long-term contracted cash flows.

Investment process

The RBH board, chaired by Moses Kgosana, oversees the CEO and investment team; board committees cover audit and risk, remuneration, and social and ethics, in line with the King code. S1

Committee	Role
Audit and Risk Committee	Chaired by Tom Boardman S1
Remuneration and Nominations Committee	Chaired by Fran du Plessis S1
Social and Ethics Committee	Chaired by Prof Fatima Abrahams S1

The investment team sources direct stakes and selects external managers. S1
Board and committees approve major transactions. S1
Portfolio dividends fund distributions to the trust and community programmes. S1
Results reported annually in the integrated review and report to society. S1

How to approach: Contact through RBH's Johannesburg office; no formal submission process is published. S4

Size and returns

Headline size: R66B (Net assets or equity, as of 2026-07-22) S1 S3
In US dollars: about USD 3.988B. R66B NAV at ZAR 16.548 per USD (ECB reference, 2025-12-31)
NAV, end 2024: R56B (Net assets or equity, as of 2026-07-22) S1
Dividends to shareholder since 2006: R10.2B (Published estimate, as of 2026-07-22) S1
Return, 2025: 18 percent (change in NAV, not a time-weighted return) S1

Leadership

Name	Title	Since
Moses Kgosana	Chairman S1	Not published
Albertinah Kekana	Chief Executive Officer S1	2012-11-01
Tinyiko Sihlangu	Chief Financial Officer S1	Not published
Udo Lucht	Chief Investment Officer S1	Not published
Tom Boardman	Director; Audit and Risk chair S1	Not published
Linda de Beer	Director S1	2026-01-01

Governance and transparency

Legal basis: Private company owned by the Royal Bafokeng Nation Development Trust S1
Oversight: Board of directors with independent committee chairs; reporting to the RBNDT S1
Reports against the King code of corporate governance. S1
Publishes an integrated review and a separate report to society. S1

Transparency score: 8.5 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, asset allocation, geographic or sector split, holdings or deal list, governance and mandate documents, named leadership, regular reporting schedule. S1
Partly published: annual return, long-term returns, audited financial statements. S1

History

Date	Event
2006	RBH formed from Royal Bafokeng Finance and Royal Bafokeng Capital. S1
2012-11-01	Albertinah Kekana becomes CEO. S1
2021	Majority stake in Royal Bafokeng Platinum sold to Northam. S1
2024	WeBuyCars stake received; NEPI holding increased. S1
2025	Swiftnet stake completed; NAV reaches R66 billion. S1
2026-07-22	Integrated Review 2025 published. S1

For family offices

RBH invests mostly through minority stakes in listed South African companies and selected unlisted assets. It is a natural co-shareholder for investors in those businesses. S1

Co-ownership in unlisted infrastructure, as with Swiftnet. S1
Fund mandates for global equity, bonds, absolute return and property. S1

Reports

Integrated Review 2025: https://www.bafokengholdings.com/downloads/reviews/rbh-iar-2025.pdf S1

Common questions

How big is RBH?

NAV of R66 billion, about USD 4.0 billion, at 31 December 2025. S1

Who owns RBH?

The Royal Bafokeng Nation Development Trust, for the Royal Bafokeng Nation. S1

Who leads it?

CEO Albertinah Kekana and Chairman Moses Kgosana. S1

Does it still own platinum assets?

It sold its majority platinum stake in 2021 and has been reducing its Northam shares. S1

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All sovereign wealth funds in Africa · All savings and future generations funds · All funds in South Africa

Sources

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