What IJG Capital does

IJG Capital is the private equity and development capital arm of the IJG Group, one of Namibia's largest integrated financial services companies. Founded in 1996 in Windhoek as Irwin, Jacobs, Greene (Pty) Ltd and 100% Namibian-owned, IJG Group operates five core subsidiaries — IJG Capital (private equity), IJG Securities (stockbroking), IJG Investment Managers (asset management), IJG Advisory (corporate finance), and IJG Wealth Management — plus a unit trusts business and the award-winning IJG Research platform. IJG Capital specifically manages closed-end funds including the Desert Stone Fund (generalist growth capital, 2010), the IJG Frontier Investment Fund (development capital, 2015), and NIFCO (a renewable energy infrastructure joint venture with Old Mutual Investment Group Namibia). The firm serves Namibian corporates, pension funds, government entities, institutional investors, and high-net-worth individuals.

Revenue is generated through five streams: advisory fees (valuations, restructurings, capital raising, trade sales), investment management fees on assets under management (TER target under 1.5%, no performance fees), stockbroking commissions on NSX and JSE trading, returns from private equity investments, and wealth management fees. Go-to-market is relationship-driven direct sales with no third-party distribution; the firm has acted as sponsor to 50% of all NSX-listed entities and has raised N$10.9 billion across 36 NSX listings. The proprietary technology layer is the IJG Research publication suite (IJG Daily, IJG Monthly, IJG Elephant Book, Business Climate Monitor, Earnings & Estimates), supplemented by in-house financial modelling and infrastructure asset management tooling for portfolio companies.

IJG's customer base includes FirstRand Namibia, Old Mutual, NamPower, Telecom Namibia, the Government of the Republic of Namibia, Standard Bank Namibia, Ohlthaver & List, and B2Gold, with 27% of shares held by previously disadvantaged Namibians and an Equitable Economic Empowerment score of 75.2%. The firm operates exclusively in the Namibian market with regional stockbroking access to the JSE, and has increasingly oriented its PE franchise toward renewable energy infrastructure financing.

Name

IJG Capital

Legal name

Irwin, Jacobs, Greene (Pty) Ltd

Website

https://ijg.net

Company type

Private

Founded year

1996

Operating status

Operating

Short description

IJG Capital is the private equity and development capital arm of Namibia's IJG Group, a 100% Namibian-owned integrated financial services firm founded in 1996. It manages closed-end PE funds (Desert Stone, Frontier, and NIFCO JV with Old Mutual) and serves Namibian corporates, pension funds, government, and HNW individuals with equity, debt, and advisory solutions.

Ownership category

akta.pro rank

Product category

Private Equity & Asset Management

NAICS

Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Corporate Finance & Capital Advisory (BPAHADAB)

akta.pro secondary industries

Renewables & Energy Transition Funds (Solar, Wind, Hydrogen, CCUS) (FSANAEAD), Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE)

Keywords

• Private equity management
• Asset management services
• Corporate finance advisory
• Stockbroking services
• Wealth management

Headquarters

HQ city

Windhoek

HQ country

Namibia

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Advisory Fees: Corporate finance and transaction advisory services including business valuations, restructurings, capital raising, trade sales, privatizations, debt issuance, and debt restructuring.
2. Investment Management Fees: Asset management fees charged as a percentage of assets under management. Total Expense Ratio (TER) target of less than 1.5% for solutions with no performance fees, advice fees, or penalty fees.
3. Stockbroking Commissions: Commissions from equity and fixed income trading services on the Namibia Securities Exchange (NSX) and Johannesburg Stock Exchange (JSE), including NSX Sponsor services.
4. Private Equity Returns: Returns from equity investments in portfolio companies through Desert Stone Fund, IJG Frontier Investment Fund, and NIFCO, including capital gains and dividend income.
5. Wealth Management Fees: Fees from comprehensive wealth management services including financial planning, estate planning, retirement planning, and education planning solutions.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels2 records

Core offering

IJG Capital is IJG's focused development capital and equity fund manager, providing equity and debt funding, strategic know-how, and transaction advisory support to Namibian businesses with a focus on the renewable energy sector. It manages closed-end funds including the Desert Stone Fund, IJG Frontier Investment Fund, and Namibia Infrastructure Finance Limited (NIFCO). The broader IJG Group delivers an integrated suite of corporate finance advisory, asset management, stockbroking, wealth management, and unit trusts to institutional clients, corporates, and individuals.

Product overview

IJG is one of Namibia's leading financial services companies offering a comprehensive suite of financial products and services. The core offerings include Advisory, Investment Management, Private Equity (IJG Capital), Stockbroking (IJG Securities), and Wealth Management. IJG Capital specifically focuses on development capital and equity fund management, managing investment funds including the Desert Stone Fund, IJG Frontier Investment Fund, and Namibia Infrastructure Finance Limited (NIFCO). Additional products include Unit Trusts and research services through IJG Research. The company was registered in 1996 and is headquartered in Windhoek, Namibia.

Differentiator

Problem solved

Functional benefit

Brands

• Desert Stone Fund: Closed Namibia-focussed generalist growth capital fund started in May 2010
• IJG Frontier Investment Fund
• NIFCO (Namibia Infrastructure Finance Limited)

Products and services

• Private Equity / Development Capital (IJG Capital) IJG Capital is IJG's focused development capital and equity fund manager, providing equity and debt funding, extensive expertise and strategic know-how to businesses, and transaction advisory support to Namibia's growing renewable energy sector.
• IJG Advisory (Corporate Finance Advisory) Full suite of corporate finance services including business and intellectual property valuations, business broking, trade sales, balance sheet restructuring, capital raising (debt and equity issuance), and corporate finance and transaction advisory support for corporate clients.
• IJG Investment Managers (Asset Management) A 100% Namibian-owned asset management firm offering pension, corporate and retail clients a wide range of investment solutions, tailored to the unique risk and return objectives of each client, with a Total Expense Ratio (TER) target of less than 1.5%.
• IJG Securities (Stockbroking) Namibia's leading stockbroker providing equity and fixed income (bonds & treasury bills) trading services on the NSX and JSE, supported by cutting-edge market research and analysis, as well as NSX Sponsor services.
• IJG Wealth Management Provides financial, estate, retirement and education planning tools to assist clients in optimizing and consistently achieving their personal savings and investment goals.
• IJG Unit Trusts Cost-effective savings products designed to deliver certainty over time, including white labeling solutions for institutional clients.
• IJG Research Award-winning research team providing quality research spanning economics, bonds and equities with in-depth analysis on investment opportunities in Namibia, including regular reports on yield curves, asset performance, and company analyses.
• Desert Stone Fund A closed Namibia-focused generalist growth capital fund started in May 2010, backing investments such as MobiPay and NEC Power & Pumps.
• IJG Frontier Investment Fund A closed generalist Namibia-focused development capital fund with a commencement date of 1 October 2015 and a lifespan of 10 years (extendable by a further 2 years), supporting investments such as a Namibian paint manufacturer and the Omburu PV plant.
• Namibia Infrastructure Finance Limited (NIFCO) A private equity investment company targeting renewable energy infrastructure projects in Namibia, jointly originated and managed by IJG Capital (Pty) Ltd and Old Mutual Investment Group (Namibia) (Pty) Ltd, with portfolio companies including SunEQ, NCF Energy, and Tandii Investments.

Quantifiable outcome

• N$10.9 billion raised for clients through 36 company listings
• +3 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Namibia Preferential Procurement CorporationcoreOthersAwarded an Equitable Economic Empowerment score of 75.2% to IJG, with 27% of shares held by previously disadvantaged Namibians (PDNs).
• Namibia Securities ExchangecoreOthersIJG Securities serves as Sponsoring Broker for entities listing on the NSX, with track record as sponsor to 50% of all listed entities on the exchange.
• Johannesburg Stock ExchangeminorOthersIJG Securities provides equity and fixed income trading services on the JSE in addition to NSX, supporting dual listings.

Scale indicators7 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• PSG Capital: South African integrated financial services and corporate advisory firm offering capital raising, stockbroking, asset management, and private equity — most directly comparable as a regional integrated advisory/PE platform.
• Africa Merchant Capital: Pan-African advisory firm focused on capital raising, M&A, and IPO advisory — most directly comparable to IJG Advisory's transaction advisory and listing sponsor work.
• Novare Equity Partners: Sub-Saharan Africa-focused private equity and development capital manager — directly comparable to IJG Capital's PE/development capital thesis in emerging African markets.
• Cobalt Capital: South African-focused private equity and advisory firm — comparable as a regional PE platform with overlapping investor base and similar deal scale.

Broad incumbents

• Sanlam Private Equity: Pan-African financial services group with private equity and alternative investment capabilities — comparable to IJG Capital's PE arm and Old Mutual partnership, with broader institutional reach.
• Stanlib (Liberty Group): South African asset manager with significant unit trust business — comparable to IJG Investment Managers and Unit Trusts pillar, with similar pension fund and corporate client focus.
• RMB (Rand Merchant Bank): Large South African investment bank with corporate finance, equities, and principal investing capabilities — overlaps with IJG's advisory and stockbroking arms but at substantially greater scale across Africa.

Regional players

• Imara Holdings: Pan-African financial services group with equity capital markets, advisory, and trading operations across frontier markets — comparable to IJG's integrated advisory and stockbroking model in similar geographies.
• Letshego Africa Holdings: Pan-African inclusive finance and asset management group — overlapping with IJG's wealth management and unit trust offerings across African markets.

Emerging players

• Grovest (formerly Concept Interactive): South African private equity and venture capital firm investing in emerging and frontier-market businesses — comparable to IJG Capital's growth and development capital focus.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/ijg_research

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about IJG Capital