Africa’s second-richest man, Johann Rupert, has seen his investment company pay a record €117 million ($141 million) performance fee to its family-linked adviser after completing the biggest asset sale in its history, a transaction that has also left the group with billions of euros in cash and intensified investor focus on what comes next.
The payment was disclosed in Reinet’s annual report after the Luxembourg-listed investment company completed the sale of its 49.5% stake in UK specialist insurer Pension Insurance Corporation (PIC) to Athora Holding for approximately €3.3 billion ($3.9 billion).
The disposal generated a gain of about €2.1 billion, making it Reinet’s largest investment exit to date and triggering the biggest performance fee paid under the company’s long-standing advisory agreement with Jersey-based Reinet Investment Advisors, an entity controlled by Rupert family interests.
A performance fee, not a discretionary bonus
While the size of the payment has drawn attention, Reinet said it was made under a contractual arrangement rather than as a discretionary bonus.
