“THE MOST EFFICIENT WAY OF RETURNING CAPITAL TO INVESTORS WILL BE PRIORITIZED”
ABOUT
INTRODUCTION
- The S12J incentive gives individuals, companies and trusts the ability to write off 100% of their investment against their taxable income in the year they invest
- This reduces the cost of the investment and provides downside protection
- Overall returns are enhanced
- Fundamental allows you the investor to subscribe to a distinct share class with a ring-fenced underlying qualifying investment
- You determine your own ring-fenced share class investment You manage your investment

The effect of the incentive for an investor subscribing for R1,000,000 worth of shares in a S12J company is shown below:
Investor type | Individuals | Trusts | Corporates |
Gross investment | R1,000,000 | R1,000,000 | R1,000,000 |
Tax relief | (R450,000) | (R450,000) | (R280,000) |
Net investment | R550,000 | R550,000 | R550,000 |
Effective % tax relief | 45% | 45% | 28% |
“THE BOARD OF DIRECTORS IS APPOINTED TO ENSURE THAT FUNDAMENTAL COMPLIES WITH THE VENTURE CAPITAL COMPANY REQUIREMENTS”
THE TEAM
The investment committee’s primary function will be to review each opportunity presented by potential investors in order to ensure that it meets the qualifying criteria as set out in the legislation.
The Investment Committee will comprise of the following:
Hans Hillermann | Executive Director |
Olivier Barbeau | Executive Director |
Charles Reid | Executive Director |
Jens Reuning | Independent Non- Executive Director |
Uwe Meier | Independent Non- Executive Director |
The Investment Committee may be supplemented by relevant experts on a project-by-project basis
The Investment Committee members are ordinary shareholders in Fundamental
The Investment Committee members are shareholders in Fundamental Admin Company – refer to group structure
All Investment Committee members are required to invest in Fundamental
EXECUTIVE DIRECTORS

Hans-Dieter Hillermann (40) – Executive Director
Qualified as CA(SA)
Senior Partner at Moore Stephens Durban and Director at Moore Stephens
Hans has extensive national and international experience in advising primarily

Olivier Barbeau (44) – Executive Director
Qualified as CA(SA). Member of Institute of Directors in Southern Africa as well as Fellow of the Mauritius Institute of Directors
Managing Partner at Moore Stephens Johannesburg, Deputy Chairman of Moore Stephens South Africa
He has been involved as a principal in various corporate finance and advisory firms for over 15 years. His extensive experience in the mining and ICT sectors has seen him initiate, develop and implement merger and acquisition transactions for both listed and unlisted companies across the African continent.

Charles Reid (61) – Executive Director
Qualified as CA(SA)
Managing Partner at Moore Stephens Durban, Chairman of Moore Stephens South Africa and Africa
20+ years of experience in audit, tax and advisory services.
INDEPENDENT NON-EXECUTIVE DIRECTORS

Jens Reuning (41) – Independent
Qualified as Mechanical Engineer
Owned and successfully operated AC Exports Pty Ltd before exiting to a family office.

Uwe Meier (41) – Independent
Qualified as CA(SA)
Director at Moore Stephens CJL Corporate Finance
Uwe is an experienced executive with a demonstrated history of working in the financial services industry.
Uwe established Real Value Investments Fund in 2012
Governance, Risk Management and Cost

Cost Structure
THE FUND WILL BE SUBJECT TO THE FOLLOWING FEE STRUCTURE:
Initial
10% of Tax Savings
Annual / Ongoing Cost Contribution
2% of Assets under Management (AUM) per annum payable in advance
The % fee applies to each class of share
No carry / hurdle fees
The above model compares very favorably with current S12J funds
The Process
THE FUNDAMENTAL PROCESS
Step 1
The Fundamental 12J Fund has strict compliance metrics and with an experienced investment committee will review the opportunity presented by the potential investor in order to ensure that it meets the qualifying criteria as set out in legislation.
Step 2
The Fundamental 12J Fund will only approve investments once signed off by the investment committee. The investment committee may obtain input from other accounting and legal experts.
CONTACT US
T – +27 11 000 0303
F – +27 11 000 6264
ADDRESS & DETAILS
Boxcars Dozen Pty Ltd | Trading as Fundamental VCC
T: +27 (0)31 332 8622 , F: +27 (0)31 332 1828 , E: admin@fundamentalvcc.co.za
5th Floor The Spinnaker, Albert Terrace, Durban, Kwa-Zulu Natal, 4001 | P.O. Box 11800, Marine Parade, 4056
Registration No: 2016/350429/07 | FSP No: 48894 | VCC – 0093 | Directors: HD Hillermann, OA Barbeau, CF Reid