Ke Nako Capital has put down a big marker in South Africa’s private equity scene. The firm joined a consortium to co-invest in Vox, Frogfoot, and Hypa, pushing the combined enterprise value to R14.4 billion ($863.3 million). Metier led the group and also increased debt funding, according to a TechCentral report.
Frogfoot plans to ramp up its fibre rollout from approximately 80,000 connections per year to 360,000, with a focus on township areas and underserved communities.
Strategic co-investment and market evolution
Ke Nako Capital used a two-pronged approach. It invested through the Metier Capital Growth Fund III—one of the biggest players in the deal—and also put in money directly from its own fund. This kind of structure is becoming normal in South African private equity. Big deals often need more cash than one general partner can provide. By bringing in limited partners who already back the fund, firms like Metier can write bigger cheques and still keep control. The consortium also includes British International Investment, BIO, DEG, Nedbank, and Standard Bank. Company management and private capital are in the mix too.
Why does this matter for investors? Infrastructure is hot. But on the stock market, pure infrastructure plays are rare. If you want exposure to fibre, you usually have to buy shares in mobile network operators and take on all their other business risks. The Vox and Frogfoot setup, with Hypa rolling out fibre in places that need it most, gives investors a more focused shot. In August 2026, the consortium bought new shares in Frogfoot, Vox, and Hypa. This move gave them more reach and resources. TechCentral confirmed the details.
Mutual benefits for investors and communities
Co-investment deals also tackle a big worry for limited partners: fees. These deals usually run on a no-fee basis. That means less drag between gross and net returns. Investors keep more of the upside. Ke Nako Capital’s long partnership with Metier has opened doors to high-conviction deals. Sometimes, Ke Nako even brings deals to the table through its own network, but always teams up with trusted partners.
French development finance institution Proparco announced a $20 million investment in Frogfoot, Vox, and Hypa as part of the broader Metier-led consortium, with the stated goal of funding the next phase of growth and expanding fibre infrastructure.
Ke Nako Capital now splits its strategy evenly between primary fund investments and direct or co-investments. This approach is paying off for its limited partners. The Vox, Frogfoot, and Hypa deal proves that when private equity firms and management teams pull together, they can deliver steady results. This is more than just a win for investors. It’s proof that South Africa’s private markets can deliver both scale and impact when the right players join forces.
