Returns
Returns built on alignment, not on fees.
Transvaal Partners does not charge upfront management fees on deployed or committed capital. We earn when our investors earn. If they don't make money, we don't make money. That is not a promise — it is the legal structure of every investment agreement we sign.
Headline economics
Five numbers. One mandate.
- Target net IRR18.5% – 35%Range across instruments
- Mid target25%Indicative portfolio mid-point
- Hurdle rate15%Preferred return, paid in full before carry
- Carried interest20%Above the hurdle · GP share
- Management feeNoneNo fee on deployed or committed capital
How we participate
We do not get paid until you do.
Our carried interest is 20% of returns above a 15% preferred return hurdle. The sequence is fixed: capital is returned first, the 15% preferred return is paid second, and only then does Transvaal Partners participate in upside.
Because we do not charge a management fee on deployed or committed capital, our only income comes from the success of the investments we make. Our interests and those of our investors are structurally identical.
Hurdle
15%
Carry
20%
Mgmt fee
0%
Return targets by instrument
A precise framework — not a single number.
Returns vary by instrument, duration, and asset type. We disaggregate them here so investors and counterparties can evaluate exposure with the precision the asset class demands.
Distribution waterfall
Capital first. Preferred second. Carry last.
Stage 1
01Capital return
Investors
100%
Transvaal
0%
Full return of committed capital to all investors. Transvaal Partners does not participate.
Stage 2
02Preferred return
Investors
100%
Transvaal
0%
15% preferred return per annum on committed capital, paid in full to investors. Transvaal Partners does not participate.
Stage 3
03Carried interest
Investors
80%
Transvaal
20%
All returns above the 15% hurdle are split: 80% to investors, 20% to Transvaal Partners.
The structure is the alignment.
How we workDisclaimer
All return figures on this page are targets — not guarantees of future performance. Actual returns will vary by investment, asset type, instrument, commodity price, duration, and market conditions. All investments carry risk, including the risk of total loss of capital.
Nothing on this page constitutes financial advice or an offer to invest. Transvaal Partners (Pty) Ltd operates exclusively through private placements with qualified and institutional counterparties. Prospective investors should seek independent financial, legal, and tax advice before making any investment decision.