What Kendal Capital does

Kendal Capital is a private investment firm, operating under the trading name Kendal:cap, that provides permanent equity capital and operator expertise to founder-led specialist businesses. It is part of the Kendal Group, alongside the execution and advisory arm Kendal IP, which delivers capital markets advisory, financial planning and analysis, legal consulting, and operational support to both portfolio companies and third-party clients. The firm invests with no private equity mandate or exit timeline, distinguishing it from traditional time-bound funds and allowing alignment with long-term business value creation. Its deal sourcing is sales-led and relationship-driven, leveraging the operator track record of founders Grant Kurland (Co-Founder of Bayport Management Limited) and David Hurwitz (former CEO of a JSE-listed company), alongside strategic backing from Investec Bank.

The firm holds minority stakes across a portfolio of 9 active companies spanning Financial Services, Tech, Insurance, and Data, with additional exited positions. Active holdings include 3Way Group (performance marketing, Africa's largest hot qualified leads provider), 365 Finance (UK SME merchant cash advance lender, loan portfolio >£40m), Traficc (global underwriting manager, 22% stake, 26 countries, >2.1m policies), Level (FCA-regulated UK specialist lender, £200m lent to date), Chickpea (AI-powered personalised video communication platform), Talmar Investment Group (South African wellness platform), Acronym Consumer NPL Fund (consumer NPL recovery, R350m Fund 1), bs2 Seguros (Brazilian B2B2C insurance JV), and Picasso Moon Investments (Mauritius insurance/reinsurance structures). Currency mix is 30% USD, 50% GBP, 20% ZAR by value, with geographic reach across the UK, South Africa, Rest of Africa, Latin America, the Caribbean, and the US.

Kendal Capital generates revenue through two primary streams: equity investment returns realised via strategic partial exits (Clearworld MOIC >50x, IRR 163% in January 2026; PayCurve MOIC >25x), and advisory and execution fees from Kendal IP, which serves both portfolio and third-party clients. The firm's value proposition centres on permanent capital without PE constraints, embedded operator involvement at the operational level rather than passive board oversight, and balance sheet structuring tailored to business realities.

Name

Kendal Capital

Legal name

Kendal Capital (Pty) Ltd

Website

https://kendalcap.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

Kendal Capital is a private investment firm providing permanent capital and operator expertise to founder-led specialist businesses in Financial Services, Tech, Insurance, and Data across the UK, South Africa, Rest of Africa, Latin America, and the US. It operates alongside the Kendal IP advisory arm.

Ownership category

akta.pro rank

Product category

Specialty Finance / Private Equity Investment

NAICS

Other Financial Investment Activities (5239), All Other Financial Investment Activities (52399)

SIC

Investors, Nec (6799)

akta.pro primary industry

Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE)

akta.pro secondary industry

Portfolio Construction & Asset Allocation Advisory (FSAEAAAC)

Keywords

• Permanent capital investing
• Specialty finance investment
• Operator-led private equity
• Founder-led partnerships
• Equity investment advisory

Headquarters

HQ city

Nicosia

HQ country

Cyprus

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Equity Investment Returns: Kendal Capital generates returns through equity appreciation in portfolio companies. The firm provides permanent capital without PE mandates or exit timelines, allowing long-term value compounding. Returns are realised through strategic partial exits (e.g., Clearworld MOIC >50x, PayCurve MOIC >25x) and future exits.
2. Advisory and Execution Services via Kendal IP: Kendal IP, the group's execution and advisory capability, provides hands-on support across debt and equity raises, capital structuring, FP&A, financial modeling, legal consulting, and operational support. Services are delivered to both portfolio companies and third-party clients, generating advisory fee revenue.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Kendal Capital provides permanent equity capital and embedded operator expertise to founder-led specialist businesses across Financial Services, Tech, Insurance and Data sectors globally. Through its affiliated execution arm Kendal IP, the firm delivers capital markets advisory, financial planning, FP&A, financial modeling, legal consulting, and operational support to portfolio companies and third-party clients.

Product overview

Kendal Capital is a permanent capital investment platform providing equity and operator expertise to drive long-term growth in specialist businesses. The company operates a multi-product portfolio across Financial Services, Tech, Insurance, and Data sectors, with its primary offerings including the Kendal IP capital markets advisory platform and portfolio investments in 3Way Group (lead generation), 365 Finance (SME lending), Chickpea (AI-powered video communications), Level (specialist litigation finance), Traficc (insurance underwriting), bs2 Seguros (Brazilian insurance), Talmar (wellness investment), Acronym Consumer NPL Fund (debt recovery), and Picasso Moon Investments (insurance structures). Kendal Capital offers permanent equity without private equity constraints, combined with operator-led capabilities including strategy design, geographic expansion support, organizational design, governance, and data-driven financial planning support through Kendal IP.

Differentiator

Problem solved

Functional benefit

Products and services

• Permanent Equity Capital Long-term minority equity investment capital deployed alongside founder-management teams in specialist businesses, with no private-equity mandate or forced exit timelines. Targets cash-flow positive or cash-flow-ready founder-led businesses in Financial Services, Tech, Insurance and Data.
• Kendal IP (Kendal Investment Partners) Advisory Services Capital markets advisory, financial planning and analysis (FP&A), platform-as-a-service, financial modeling, legal consulting, and operational support covering debt and equity raises, capital structuring, forecasting, reporting, and ongoing performance management for portfolio companies and third-party clients across UK, USA, South Africa and the Middle East.
• Balance Sheet Optimisation & Capital Structuring Structuring of liabilities to match the realities of founder-led businesses, working alongside banks, institutional investors, credit funds and other investors to execute funding at scale, including senior debt facilities (e.g., £150m facility arranged for 365 Finance).

Quantifiable outcome

• Clearworld exit: MOIC >50x, IRR 163% (January 2026)
• +6 more outcomes

Named customers11 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Partnerships

One partnership is on record.

• Kendal IP (Kendal Investment Partners)coreStrategic or Co-development PartnerKendal IP is the execution and advisory arm within the Kendal ecosystem. It provides capital markets advisory, financial planning, FP&A, legal consulting, and operational support to Kendal Capital's portfolio companies and third-party clients. Kendal Capital and Kendal IP operate as an integrated model with a shared history, culture, and long-term orientation.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Ethos Private Equity: South African mid-market private equity firm taking significant stakes in founder-led businesses across Africa. Most directly comparable to Kendal Capital by geography, deal size, and operator-led investment style.
• CapitalWorks Investment Partners: South African private equity firm focused on majority and significant minority stakes in mid-market businesses, with an operator-led value creation approach. Closely comparable to Kendal's founder-partnered, hands-on model in the same regional ecosystem.
• Helios Investment Partners: Pan-African private equity firm investing across financial services, telecom, and consumer businesses. Comparable to Kendal Capital through its Africa-heavy portfolio, financial services focus, and operator-driven value creation in emerging markets.
• LeapFrog Investments: Private equity firm exclusively focused on financial services and insurance businesses in emerging markets. Highly comparable to Kendal Capital's specialty-finance/insurance vertical emphasis (365 Finance, Level, Traficc, Acronym).
• Apis Partners: Private equity manager investing in financial services and financial inclusion businesses across Africa and Asia. Comparable to Kendal Capital via shared focus on specialist FS businesses, emerging markets, and growth-stage founder partnerships.
• Development Partners International (DPI): Pan-African private equity firm investing in mid-market businesses across Africa. Comparable to Kendal Capital through shared African geography, mid-market founder-led targets, and growth equity orientation.

Broad incumbents

• Actis: Large-scale emerging markets private equity firm investing across energy, financial services, and consumer sectors in Africa, Asia and Latin America. Overlaps with Kendal Capital on geography, FS/insurance exposure, and growth-stage equity, but operates at materially greater AUM.
• Investec: International banking and wealth group that is Kendal Capital's named strategic partner, co-investing in portfolio companies like Talmar and originating deals. Materially larger and broader than Kendal, but a relevant peer given the embedded institutional relationship and overlapping FS/Africa franchise.

Regional players

• Verod Capital Management: West African-focused growth capital firm backing founder-led businesses, primarily in Nigeria and Ghana. Adjacent to Kendal Capital's West/East Africa portfolio exposure (3Way Group's Nigerian operations) but regionally narrower.

Others

• Bayport Management: Emerging-markets financial services group co-founded by Kendal's Grant Kurland. Not a direct investor competitor, but the closest comparable operating platform — emerging-market consumer credit at scale — and a signal of the operator pedigree Kendal markets to founders.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/kendal-cap

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kendal Capital