Five years on: Motsepe's ARC to narrow its focus and slash fees to win over investors

When Patrice Motsepe's African Rainbow Capital (ARC) listed on the JSE in September 2017, it attracted tremendous market attention for a new investment holding company. Through its association with Motsepe and two well-known former Sanlam entrepreneurs as its co-CEOs, ARC had a great many eyes glued to what it had up its sleeve. 

But for most of the past five years, its acquisition spree - which drew scrutiny and criticism because of the company's highly diversified portfolio and cash-hungry startups - dominated ARC's story.

"[It's a] pretty diversified portfolio, which some people like, but [it's] also difficult to explain and market," said ARC co-CEO Johan van Zyl on Tuesday.