What has to be true before an opportunity becomes an ICSA investment.
A capable, committed team we can trust to execute on a long-term plan.
A defensible position — not a business that wins on price alone.
Genuine room to grow over years, within a sector we understand.
A business that funds its own growth, not one permanently dependent on capital.
Existing structures and decision-making we can strengthen, not rebuild from zero.
A sector with durable, structural demand tied to South Africa's economy.
Alignment with ICSA's existing sectors, thesis, and The ICSA Way.