Every investment ICSA makes is tested against five principles before it becomes part of the portfolio. This is our internal decision-making framework — and a public statement of what we stand for.
Does it operate in a sector that is important to South Africa's economy?
We look for businesses positioned inside industries that matter — sectors whose growth is tied to the country's own.
Can the business create value over many years rather than just deliver a short-term return?
We test for durability before we test for return. A business has to be able to compound, not just perform once.
Are we paying a fair price, and does the investment fit our long-term strategy?
Price discipline protects every investment that follows it. We walk away from good businesses at the wrong price.
Will our ownership strengthen the business through good governance and sound decision-making?
Ownership is a responsibility. We expect our involvement to leave a business stronger and better governed.
Will this investment still matter in 10, 20, or 30 years?
The final and hardest question. If we can't answer yes with conviction, it doesn't belong in the portfolio.
The five principles of The ICSA Way are the internal framework our team uses to evaluate every opportunity — before term sheets, before due diligence. Presenting them here is deliberate: it tells founders, partners, and communities exactly what we look for, and holds us to the same standard publicly that we apply privately.