Africa’s Largest Mezzanine Debt Fund Manager Exits Cap Tamarin Project

Vantage Capital, Africa’s largest mezzanine debt fund manager, recently announced its full exit from investment in Cap Tamarin, a smart city development located in the town of Tamarin, on the west coast of Mauritius, managed by Trimetys Group. Vantage Capital’s exit was financed by an equity and bond raise that also provided funds for further expansion of the development.

Warren Van Der Merwe, a Managing Partner at Vantage Capital, stated that “The Jhuboo family and Trimetys, have been visionary and trustworthy sponsors to invest with. We wish them all the best in taking this landmark development to its successful conclusion”. Kian Jhuboo, Director at Trimetys noted that “Vantage Capital has been a valuable partner, and has accompanied our project with great professionalism and also a great listening ear, thanks to Warren and his team.”

In the first phase of the project, Vantage Capital provided $10m to Cap Tamarin in Jul 2018, to fund the infrastructure and amenities of the development which included civil works, telecom works, electrical works and construction of the park and bridges. While banks were unwilling to fund the early-stage construction, Vantage recognised the potentials of Cap Tamarin project, in a prime coastal location.

Roshal Ramdenee, Associate Partner at Vantage Capital said “Vantage is pleased to have supported Cap Tamarin. Our ability to provide flexible funding for the early-stage construction of the development, when traditional banks were unwilling to do so, highlights our commitment to supporting high-impact projects in Africa. We are proud to have fully exited our investment, and to have contributed to the successful completion of major infrastructure and amenities at Cap Tamarin.”

It is noteworthy that all major roads and bulk infrastructure at Cap Tamarin have been completed as well as various phases including a super market, primary school, gas filling station, sports club, offices and commercial units. Various other projects are underway, including the development of a medical clinic, retirement village and various residential units.