It has already raised R500 million (roughly $31 million) in commitments from a mix of institutional and private backers.

The fundraising is led by the Public Investment Corporation (PIC) and the SA SME Fund, with additional contributions from family offices and other private investors.

The firm is continuing discussions with potential institutional participants as it works toward a final close scheduled for June 2026.  

Hlayisani Capital, a Johannesburg-based venture and private equity manager with more than R1 billion (about $62 million) in assets under management across three separate funds, targets high-growth, technology-enabled firms that are rooted in South Africa.

The new fund is focused on Series A-stage companies that have proven product-market fit and are poised for expansion, particularly in sectors including artificial intelligence (AI), financial technology, health technology, education technology, and digital infrastructure. 

Already, HVF II has put capital to work in three portfolio companies, with the first investment going into Tractor Outdoor Media, a digital outdoor advertising operator that is leveraging advanced digital infrastructure to modernise out-of-home media in South Africa.

Next, the fund backed Spatialedge, a Stellenbosch-based AI firm that builds enterprise-grade machine learning tools to help businesses make faster, data-driven decisions. 

The third is Cogitait AI, a company developing AI technologies to enhance automation and operational intelligence for commercial users.  

These initial deployments reflect Hlayisani’s strategy of supporting founders developing scalable technology solutions with real-world applications, while also signalling growing interest from institutional investors in venture capital as an asset class in South Africa.

With strong backing already secured and further fundraising underway, HVF II is expected to contribute significant capital to the country’s innovation ecosystem over the next several years.