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New Musa Capital Appointment Cascades PE Benefits To Small And Micro Sector

With the appointment of Modula Mofolo as an executive director, Musa Capital has taken another step towards further cascading to the small and micro enterprise sector the benefits of its private equity and fund management activities in the mid-cap space.

Mofolo, former head of business development for the Investments Division of Khula (now the Small Enterprise Finance Agency), is a specialist in development finance and will focus at Musa Capital on enabling the small and micro suppliers to Musa’s mid-cap investee companies to access growth finance and business support.

“For the past seventeen years, Musa bridged the gap between medium-sized enterprises on the African continent and the world of international high finance,” says Musa co-founder and director, Will Jimerson. “We connect entrepreneurs who have great ideas to financial resources that would, traditionally, be out of their reach.

“In all cases, we have chosen investees based on their capacity to provide products and services to grass roots communities. It’s a financially responsible approach, because the need at grass roots in Africa is immense. This makes the businesses that supply basic needs sustainable and creates superior investment returns.

“Over and above that, we focus on the supply of basics because we believe our investment carries with it a responsibility to improve the quality of life in the communities in which we operate.

“Our success in growing our investees has however had the related consequence of putting an onus on their suppliers to grow accordingly. These suppliers are often small or micro enterprises that have no access to finance and cannot afford to acquire the additional materials, plant and equipment, or trained employees to grow their income and asset base. Also, the cash flow constraints of the very small companies in our investees’ supply chain have the potential to negatively impact the overall supply chain.

“So, we’re expanding our business model to include an in-house ability to ensure capacity building for our investees’ suppliers, so that they, too, can benefit from the growth we trigger.

“Modula is ideally positioned to help us do that, having 12 year’s experience not just in the practicalities of development finance but also in helping to create the frameworks within which private and public sector financial institutions can function most effectively with financial intermediaries and financial services co-operatives in providing financing to micro and survivalist businesses.

“Apart from her exceptional skills, we’re also delighted that Modula shares our passion and vision for catalysing entrepreneurial success in Africa.”

Having obtained her law degree at the National University of Lesotho, Mofolo honed her legal skills at law firms before joining the Lesotho Finance Ministry’s privatisation unit, focusing on procurement. This set her on the path towards development finance, with subsequent stints in compliance and auditing at Liberty and FNB culminating in her joining Khula as a legal advisor in 2005.

By the time she left Khula in August 2012 to join Musa, she had become head of Business Development and Investment Finance, managing the organisation’s wholesale funding activities as well as its Packaged Transactions Programmes in co-investment with public and private sector financing partners. Her responsibilities included overseeing capital-raising, developing new co-investment partnerships, sourcing new market opportunities, reviewing and monitoring the financial performance of equity funds, and influencing their strategic direction.

In her seven years with Khula, she had facilitated the conclusion of significant private public partnerships between the organisation and some of the prominent private and public sector players within the SME funding space. She championed the establishment and implementation of Khula’s first Regulatory Compliance and Risk Management Framework.  She also provided strategic input into the construction of the investment policy framework, product design and management, pricing, and other initiatives aimed at enhancing portfolio performance and overall sustainability.

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