Our founders comprise one of the largest institutional asset managers in Africa and a group of seasoned senior executives.

The Founders of Capital Appreciation have a wealth of experience in a range of industries within South Africa, across Africa and beyond. Together with the experience of our board of directors, we are positioned to identify prospective targets, catalyse a transaction and attract talented management

  • The Public Investment Corporation (PIC) -

    The PIC was established in 1911 and is one of the largest investment managers in Africa today, managing assets of over R1.6 trillion and still growing. The PIC, a registered financial services provider, is wholly owned by the South African Government, with the Minister of Finance as shareholder representative. The PIC invests funds on behalf of public sector entities, based on investment mandates set by each of these clients and approved by the Financial Services Board. The PIC has nominated Dr Daniel Matjila and Mr Roshan Morar as non-executive members of the Board. The PIC has committed to invest at least R250 million in CTA.

  • The Capital Appreciation Empowerment Trust (CAET) -

    The CAET is a trust specifically created for the recognition and benefit of black individuals and other historically disadvantaged South Africans. The identity of the beneficiaries will be determined from time to time by the trustees of the CAET. The CAET has committed to invest at least R50 million in CTA.

  • The individual founders are Michael Pimstein, Bradley Sacks, Michael (Motty) Sacks and Alan Salomon –

    See the Directors section for information about each of them. Collectively they have committed to invest at least R60 million.

Executive Directors
Bcomm Acc (Wits)
Joint Chief Executive

Michael has more than 30 years’ experience as a senior executive in the steel, engineering and manufacturing sector having served most recently as CEO of Macsteel Service Centres SA, a position he held from 1999 through 2013. Michael has been and is a member of various government, labour and business committees that address industrial policy, growth and development plans, infrastructure requirements and investment, labour mediation and wage negotiations.  Michael has served as President of the Steel and Engineering Industries Federation of Southern Africa, President of the Southern African Stainless Steel Development Association and President of the Association of Steel Service Centres.  He served on the advisory committee of The Adopt-A-School Foundation.

BEconSc (Wits), MBA/JD Hons (Duke University School of Business and School of Law)
Joint Chief Executive

Bradley has more than 20 years’ experience in the financial services and investment business. Bradley is the Managing Partner of Centric Capital Ventures LLC, a private investment firm based in New York. Previously Bradley was a Managing Director, Global Head of Technology, Media and Telecommunications Mergers & Acquisitions for Bank of America.  Bradley was also an investment banker with Citigroup, having started his investment banking career at Salomon Brothers. Bradley started his professional career as an associate in the corporate department of Fried, Frank, Harris, Shriver & Jacobson, a law firm based in New York.  Over the course of his career Bradley has been involved in evaluating, advising and investing in strategic and financing transactions with an aggregate value exceeding US$100 billion.  Among others, Bradley is a director of various private companies in which Centric has invested, giving him extensive experience in the operational management of these portfolio companies.

BSc Hons (University of London), CA (SA)
Chief Financial Officer

Alan has more than 35 years’ experience as a senior executive in an array of financial services and industrial sectors. Most recently Alan served as the CEO of Bidvest Bank, a subsidiary of The Bidvest Group Limited, a position he held for 8 years.  In addition to Banking and Financial Services, Alan has also held executive management positions in Waste Management and Waste Recycling, Stationery, Packaging, Catering Equipment, Services, Property, Import and Export and Distribution.  He also has extensive experience in various manufacturing businesses.  Other directorships held by Alan include Executive Director of The Bidvest Group Limited (from 1990 to 2012), CEO of AFCOM Group Limited, Non-Executive Director of Transpaco Limited, Non-Executive Director of Voltex Limited and Non-Executive Director of Enviroserv Holdings Limited.

Non - Executive Directors
BBusSc (UCT), CA (SA)
Independent Director

Bukelwa is a founder and executive director of Jade Capital, a principal investment firm with a focus on the property sector, including direct property investments as well as investments in property services companies. She started her career in finance with Investec Limited as part of their TOPP programme. Bukelwa soon moved into the Investec Private Equity division where she was intimately involved in various investments made by the group in companies in the hospitality, quick service restaurant, industrial services, engineering, retail and wholesale sectors. Bukelwa is a director of Unispan Holdings Proprietary Limited and Franki Geotechnical Proprietary Limited having first been exposed Franki as an Investec representative prior to Franki’s joining with Esor. Bukelwa is also a Trustee of the Franki Africa Employee and Community Trust. Bukelwa completed the Program for Leadership Development at the Harvard Business School.

BA (Law), MBA, DCom (hc)
Lead Independent Director

Meyer is the former Chairman and Group Managing Director of SABMiller Plc having joined the company in 1966 and retired in 2012. During 1997 to 1999 he was seconded full-time to the South African Police Service as its Chief Executive and was awarded the South African Police Star for Outstanding Service in 2000. Meyer is a non-executive director of Netcare Limited and is currently the acting Chairman.  He is a co-founder of and non-executive director of Afrocentric Investment Holdings Limited.  Meyer has served on the boards of numerous companies, been active in various charitable and civic organisations and has been recognised with various business and leadership awards over his career.

PhD (Wits), MSc (Rhodes), BSc Hons (Fort Hare)
Non-Executive Director

Dan is a senior leader and respected figure in the investment management industry and has substantial expertise and experience as a finance and investments specialist, investment risk management specialist and investment strategist.  Dan is the Chief Executive Officer of PIC where he is responsible for managing and investing funds for a diversified group of clients.  He joined PIC in 2003 as a Risk Manager before being promoted to the position of the Chief Investment Officer and Executive Director in 2005.  Dan is also currently a Non-Executive Director and board member at Afrisam Limited, Entabeni Holdings (Chairman) and Harith General Partners.  Prior to joining PIC, he was the Senior Manager Quantitative Research Analysis for Stanlib, and before that he worked for Anglo American where he was the Senior Manager of Quantitative Research Analysis.  Dan started his career as a Senior Mathematics lecturer at the University of the North and worked in academia for over nine years.

Non-Executive Director

Roshan is a Chartered Accountant and the Managing director of Morar Incorporated, Public Accountants and Auditors.  Roshan is the Non-Executive Deputy Chairman of PIC.  He also serves as the Non-Executive Deputy Chairman of the Airports Company (SOC) Limited, is a Non-Executive Director of the South African National Road Agency (SOC) Limited and a Non-Executive Director of Adcock Ingram Holdings Limited.

CA (SA), AICPA (Isr)
Non-Executive Chairman

Motty has more than 45 years’ experience as a consultant, advisor and mentor to numerous local and foreign companies and executives.  He has also held Executive and Non-Executive office in various business sectors, including healthcare, financial services, technology, education, property and manufacturing. Motty was a co-founder of Netcare Limited, having served as its Executive Chairman for 12 years and thereafter as Non-Executive Chairman and Non-Executive Director. Motty was also a co-founder and Chairman of Aplitec Limited (now Net 1) and co-founder and mentor to BEE controlled Afrocentric Investment Corporation Limited.  Motty has served as Chairman and/or Director on several Boards including, Fedsure Holdings, Federated Employers Mutual, The Automobile Association, Clinic Holdings, Advtech Limited, The International Association of Political Consultants and, more recently, was appointed an Independent Non-Executive Director of Adcock Ingram Limited.

B Comm (Wits), BC Acc (Wits), CA (SA)
Independent Director

Victor is the immediate past national vice chairman of the South African Institute of Chartered Accountants.  He has also served as the chairman of the audit committee and as a member of the strategy committee of the South African Institute of Chartered Accountants. Victor is active in the accounting profession having served on the board of the South African Institute of Chartered Accountants for the last ten years. He is also past National President of the Association for the Advancement of Black Accountants.

Victor is the Chief Executive of SizweNtsalubaGobodo, the largest national black owned accounting firm and fifth largest national audit and accounting firm in Southern Africa. He has extensive audit and consulting experience in various industries such as transport, logistics, energy and the public sector.

He is a former member of the Assurance and Auditing Standards Committee, a committee of the Independent Regulatory Board for Auditors, which is tasked with setting Auditing Standards in South Africa.

B Comm LLB (Wits), H Dip Tax (Wits)
Independent Director

Charles was the most senior partner in Bowman Gilfillan’s Corporate, Commercial and Financial Services department for many years. He has extensive experience in M&A and financing transactions. Chambers and Partners has regularly ranked him as one of South Africa’s foremost corporate/M&A and banking and finance lawyers. Charles has been the lead lawyer in some of the largest transactions in which Bowman Gilfillan has acted as legal advisors. Charles is currently working on a full time basis as a Special Counsel to Bowman Gilfillan.


As a company that will be listed on the JSE, we will be subject to the corporate governance and financial reporting requirements dictated by the JSE Listings Requirements and the King Code.

We are committed to maintaining a high level of corporate governance throughout the Company and our approach is guided, principally, by the King Code.  Effective corporate governance is central to ensuring that our team leads the Company in a way that is efficient, accountable, transparent and ethical.

To further reinforce the importance of rigorous governance and to provide investors with added comfort as to the sound stewardship of their investment funds, Professor Mervyn E King SC has been appointed as a special advisor to the Board in relation to commercial and corporate governance matters.

Professor Mervyn King SC (B.A., LL.B. (Wits) (Cum Laude), PhD (hc) in Law (Wits), Hon LLD (Law) (Leeds University), Higher Diploma Income Tax (Wits)) is recognised internationally as an expert on corporate governance and sustainability. He practised as an advocate for many years, being appointed senior counsel in 1975.  He is a former judge of the Supreme Court of South Africa and his experience in relation to corporate governance issues includes:

  • Chairman of the Integrated Reporting Committee of South Africa

  • Chairman of the International Integrated Reporting Council in London

  • Chairman emeritus of the Global Reporting Initiative in Amsterdam

  • Past Chairman and member of the United Nations Steering Committee of eminent persons who reviewed the governance and oversight within the United Nations, its funds, programmes and specialised agencies

  • Chairman of the King Committee on Corporate Governance in South Africa, which has published the King I, King II and King III Reports on Corporate Governance in South Africa

  • Chairman of the Asian Centre for Corporate Governance

  • He is a regular speaker on radio and television talk shows, ran his own television series, “King on Governance” and has spoken at conferences and lectured on corporate issues in over 50 countries