B-BBEE investment company

Beagle Investments (Pty) Ltd

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

RECM executes this investment strategy on behalf of Beagle in accordance with its investment mandate.

The directors of Beagle are Piet and Jan.

Track record

As of 31 March 2026, over the 16 years since inception.

The anchor shareholder is the RECM Foundation, a non-profit institution that provides funding for educational initiatives in poor communities in and around Cape Town. Its objective is to contribute to 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. RECM handles the investment decisions and administration of Beagle.

Beagle enables the RECM Foundation to invest its capital sensibly and actively grow its capital base beyond the donations it receives. This allows the Foundation to make an ever-growing, sustainable impact on education. It also allows the RECM Foundation, as well as the RECM founders and staff, to invest in assets that may not otherwise be available to them. Since its inception, Beagle has been largely funded by investments from the RECM Foundation, RECM founders, and the friends and family of RECM team members.

Beagle is currently 51% Black-owned and will always remain at least 51% Black-owned. This structure allows Beagle to invest in both listed empowerment structures (such as Phuthuma Nathi or YeboYethu) and 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 seek to facilitate trading at the disclosed net asset value per share twice a year, following the release of interim and annual results. Shares can be traded at any other time among parties, provided the Black Ownership does not fall below 51%.

With an asset base approaching R200 million, Beagle has now reached a scale at which the board would consider third-party investments. Importantly, any such investment needs to support Beagle’s status as an empowered investment entity.

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

Shareholders’ letters

Written twice a year, on the full year to 31 March, and on the half-year to 30 September.