More than 50 firms, including Naspers, MTN, Sasol and Nandos, have contributed to the newly formed SME Fund.

A total of 51 companies and institutional investors have collectively provided R1.5bn ($112m) of funding for a South Africa-based fund that will invest in small and medium-sized (SME) businesses.

SME Fund will provide funding and mentorship to high-potential entrepreneurs and SMEs. The public sector has agreed to match whatever capital is raised privately.

The fund’s limited partners include telecommunications companies Telkom, Vodacom and MTN, media and e-commerce group Naspers, platinum producer Anglo American Platinum, hospitality chain City Lodge, energy company…