Beagle is a B-BBEE Investment Company that was established by the founders of the RECM group over a decade ago.

Beagle acts as an empowerment investor, executing investments within an opportunity set that includes listed empowerment schemes as well as private companies seeking capital and enhanced B-BBEE credentials.  Beagle is a non-controlling shareholder in portfolio companies.

This investment strategy is executed by RECM on behalf of Beagle according to its investment mandate.

The directors of Beagle are Piet Viljoen and Jan van Niekerk.

Anchor shareholder: The RECM Foundation

The anchor shareholder is the RECM Foundation, a non-profit institution that provides funding for education initiatives in poor communities in and around Cape Town. The objective is to contribute towards the education of disadvantaged black children. The trustees of the RECM Foundation are independent of RECM and exercise independent judgment in carrying out the affairs of the RECM Foundation.  The investment decisions and administration of Beagle is handled by RECM.

Beagle allows the RECM foundation to invest its capital in a sensible way to actively grow its capital base beyond the donations it receives. This allows the foundation to make an ever-growing impact on education. It also allowed the RECM Foundation as well as the RECM founders and staff to invest in assets that may not otherwise be available to them. Since inception, Beagle has been largely funded via investments from the RECM Foundation, RECM founders and RECM staff.

Empowerment credentials

Beagle is currently 51% Black-Owned and will always remain at least 51% Black-Owned. This allows Beagle to invest in listed empowerment structures (such as Phuthuma Nathi or Zakhele Futhi) as well as unlisted companies that benefit from an enhanced Black Ownership score. In addition, Beagle can benefit from Enterprise Development and Corporate Social Investment spending.

Beagle shares are unlisted and trade by consent among shareholders. The directors make an effort to facilitate trade at the disclosed net asset value per share twice a year after the release of interim and annual results. Shares can be traded at any other time among parties, provided the Black Ownership does not drop below 51%.

Track record

As at 30 September 2021, the 5-year CAGR was 17.4% (net of deferred tax) vs. 8.9% on the JSE All Share Index. Since inception, Beagle has generated net after-tax returns of 23% per annum.


With an asset base that exceeds R50 million, Beagle has now reached a scale at which the board would consider investments from third parties. Importantly, such investment needs to support Beagle’s status as an empowered investment entity.

Beagle would welcome the opportunity to consider private investment opportunities that require an empowered investor.