Reinet, led by South African billionaire Johann Rupert, posts $7.8 billion in net assets

Reinet Investments (Reinet), the Luxembourg-based investment firm controlled by South Africa’s richest man, Johann Rupert, has reported another abrupt decline in the net asset value (NAV) of its flagship fund, falling to $7.76 billion for the six months ended Sept. 30, 2025.

The downward movement in asset values by €257 million ($297.67 million) over the space of six months signals ongoing market volatility across segments in which Reinet is exposed, particularly in insurance, real estate, and unlisted investments. Representing a 3.72 percent slide to €6.66 billion ($7.71 billion) from €6.92 billion ($8.01 billion) at the end of March. The Net asset value per share also declined to €36.62 ($42.41), down from €38.04 ($44.06).

Reinet NAV drops despite portfolio growth

Reinet Investments reported a net asset value of €6.66 billion ($7.71 billion), representing a compound annual growth rate of 8.6 percent in euro terms since March 2009, including dividends paid. NAV has risen steadily from €1.85 billion ($2.1 billion) in March 2009. During the period, the firm committed €298 million ($344.99 million) to both new and existing investments, funding €7 million ($8.1 million).

The results reflect fair-value changes across Reinet’s portfolio, which includes its major holding in UK-based Pension Insurance Corporation Group Ltd. Cash inflows from PIC’s regular and special dividends totaled €303 million ($350.67 million). Reinet has also agreed to sell its entire stake in PIC to Athora Holding Ltd., with the transaction expected to close in 2026.

Reinet's diversified portfolio drives value

Since its demerger from Richemont in 2008, Reinet has shifted from a tobacco-focused investment firm to a diversified asset manager emphasizing long-term value creation. Rupert, who owns a 24.9 percent stake in the company, has seen the firm become a key contributor to his $18.3 billion fortune, according to the Bloomberg Billionaires Index.

Reinet has kept steady growth while rewarding shareholders, thanks to its consistent dividend approach and hands-on portfolio management. The company spreads its investments across different sectors, which helps cushion it against market swings.