Our Story
Trinitas was founded in 2008 by John Stipinovich, Soteris Theorides and Andrew Hall — three partners who had worked together for seven years in the private equity industry. Our focus has never changed: backing established mid-market businesses across all sectors, including property, and partnering with stakeholders to build long-term, sustainable value.
In 2012 we closed the Trinitas Private Equity Fund at R670 million, raised from institutional investors, going on to deliver above-average returns. In 2024 the fund’s remaining investments were transferred to the Trinitas Continuation Fund, to realise these investments in an orderly manner for investors.
In 2019 a decision was taken to shift from fixed-term funds to permanent capital, establishing two investment holding companies — Trinitas Equity Partners and Trinitas Property Partners. A longer holding horizon meaning returns can be maximised for investors, not dictated by a fund clock.
Trinitas Equity Partners draws on more than 25 years of mid-market experience to back market leaders in sectors with high barriers to entry: historically profitable, cash-generative companies led by strong management teams that value partnership, strategic insight and sound governance. Trinitas Property Partners brings over 14 years of property experience to brownfield redevelopments with a value-add proposition. Primarily retail, serving low- to medium-LSM communities in rural and peri-urban areas, with a secondary focus on affordable residential housing.
Today we manage assets of circa R7.5 billion – R3.5 billion in equity and R4 billion in property, invested across manufacturing, general merchandise and wholesale distribution, direct consumer sales, general industrials, technology, media and property.
In 2019 Trinitas sponsored and helped raise the Mpande Property Fund, a fully invested R900 million property fund, and retains a significant minority shareholding in the fund manager, playing an ongoing strategic role. Mpande’s underlying properties hold a gross asset value of R8 billion across low-LSM retail, logistics and warehousing, single-tenanted offices and affordable residential.
Trinitas Continuation Fund
Back to menuEstablished in 2024 to house the remaining investments of the Trinitas Private Equity Fund, the Continuation Fund has a defined mandate to realise its remaining investments in an orderly manner and deliver value to investors. Its portfolio at establishment comprised AutoX, a leading South African automotive lead-acid battery manufacturer and distributor (brands include Willard and SABAT); Serica Investment Holdings (Southdale Shopping Centre); and OneEighty Holdings — seven retail community shopping centres and the Central Park affordable residential development in the Kempton Park CBD. Serica and five of the OneEighty centres have since been merged into Enyuka Prop Holdings in an asset-for-share transaction.
Trinitas Equity Partners
Back to menuEstablished in 2019, Trinitas Equity Partners is a diversified private equity holding company investing across industries, excluding direct resources (mining and agriculture). We partner with entrepreneurs and management teams in established mid-market businesses — typically enterprise values of R200 million to R1 billion — to develop and grow them, investing as a bottom-up value investor, applying moderate gearing.
What we look for:
- Management buy-outs and buy-ins; replacement, acquisition or growth capital
- A history of profitability and stable cash flows
- Market leaders or significant players in sectors with high barriers to entry
- Equity stakes providing at least significant influence
- Equity investments of R50 million to R200 million per transaction
- A medium- to long-term horizon, with no forced exit timeline
- A predominantly South African focus
- Scope to introduce BEE partners that bring strategic value and enhance growth
Current investments:
- Avroy Shlain Cosmetics, a direct-selling beauty and cosmetics business.
- Zimco Group (50%), an industrial holding company comprising Dutton Plastics, Sondor Performance Foams, Associated Additives and Zimco Metals.
- Limited Partner stake in Trinitas Continuation Fund.
Trinitas Property Partners
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Trinitas Property Partners invests in property alongside specialist management teams. To date it has invested R270 million (2016–2021) in OneEighty Holdings Two, a joint venture with One Property Holdings. Over the investment period the venture built interests in Enyuka Prop Holdings, a lower-LSM retail portfolio; and a German residential property, held via OEH International.
Mpande Property Fund
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Mpande Property Fund is a fully invested R900 million generalist private equity property fund. Trinitas was instrumental in its establishment, holds a significant minority shareholding in the property manager, and participates in key investment decisions through a representative director on the manager’s board and investment committee.
Website: www.mpandeasset.com
