South Africa’s second-richest man Nicky Oppenheimer has seen his net worth rebound by $200 million due to the recent surge in the value of his well-diversified investment portfolio.
According to the Bloomberg Billionaires Index, Oppenheimer’s net worth rose from $7.88 billion on Dec. 8 to $8.08 billion at the time of writing. This increase erased previous losses and pushed his year-to-date gains to $125 million.
The bump in Oppenheimer’s wealth solidifies his position as one of Africa’s wealthiest billionaires.
The recent increase in his net worth comes nearly 26 days after his net worth slumped by $270 million from $8.15 billion on Dec. 4 to $8.08 billion on Dec. 8.
However, Oppenheimer’s wealth has now rebounded sharply due to the performance of his private equity investments, which he has been managing since 2012.
Oppenheimer’s fortune is derived from a mix of private equity investments in Africa, Asia, the United States, and Europe, made through Stockdale Street in London and Tana Africa Capital in Johannesburg.
The leading South African billionaire has been involved in private equity for decades, with many of his investments occurring after he sold his family’s 40-percent stake in De Beers, the world’s largest diamond producer, to mining conglomerate Anglo-American in a $5.2-billion deal in 2012.
In addition to the cash proceeds from the deal, Oppenheimer received about $390 million in dividends from Anglo-American. The value of Oppenheimer’s cash investments is based on these dividends, as well as the effect of taxes and charitable contributions.
Aside from his investments in Stockdale and Tana Africa Capital, Oppenheimer continues to hold investments in 4Di Capital, a South African-focused venture capital firm. He established Tana Africa Capital, a private equity joint venture, with Singapore-based investment fund Temasek Holdings.
His diverse portfolio has helped him bounce back from recent losses and solidify his position as one of Africa’s wealthiest billionaires.
