Johann Rupert's stepchild Reinet now sits on R128 billion in assets

Johann Rupert's quietest investment vehicle just got a little louder. Reinet Investments, the Luxembourg-based fund the South African billionaire created back in 2008, told shareholders this week that its net asset value reached €6.60 billion, or R128 billion, at the end of March, up €13 million on the December reading.

The fund's NAV per share now sits at roughly €38.55. Reinet itself owns all 171.3 million shares, with another 1,000 management shares sitting with Reinet Fund Manager. The increment is small, but the rebuild behind it is anything but.

Reinet has spent the past year rewriting its portfolio. The vehicle exited British American Tobacco in stages between September 2024 and January 2025, ending a relationship that traced back through Richemont and into Anton Rupert's tobacco beginnings. As recently as 2024, BAT alone accounted for around 24% of Reinet's NAV.

The bigger break came with Pension Insurance Corporation Group. Reinet flagged a sale of its PICG stake for roughly €2.9 billion, or R56.17 billion, in 2025, drawing a line under a decade-long bet on UK specialist insurance. Around March 2025, PICG was the fund's largest holding at about R77.62 billion, or 53.7% of NAV. Selling the position freed up an enormous slug of capital and forced Rupert's team to think about what comes next.

The vehicle has long been the overlooked sibling in Rupert's empire. Richemont owns the luxury franchise, with brands like Cartier, Van Cleef and Arpels alongside a stable of Swiss watchmakers under one roof. Remgro carries the South African industrial and consumer holdings. Reinet, by design, takes the leftover bets, and that has kept it out of the headlines while everyone else watches the Rupert balance sheet through Geneva or Stellenbosch.

The lineage runs deep. Anton Rupert built Voorbrand into Rembrandt in the 1940s, then expanded into mining, financial services, engineering and food. Johann joined the family business in the 1980s, spun the international assets out as Compagnie Financière Richemont and later oversaw the formation of Reinet itself in 2008. He still chairs all three groups.

The next question is what Reinet does with the cash. Without its biggest legacy positions, the fund now has the room to recycle capital into newer themes. The Rupert family typically settles those calls at its own table rather than through a press release. Either way, the fund's quietness is a feature of the structure, not a bug.