Zephyr Management co-founded the one of the first post-apartheid South African private equity strategies in 1996, Strategy: South Africa Capital. Strategy: South Africa Capital invested in consumer, service and IT companies in South Africa that benefited from the newly enfranchised black middle class, both as customers and employees. Strategy: South Africa Capital’s investments included equity interests in manufacturing, transportation, business technology services, security, retailing, media, and health care companies.

Strategy: South Africa Capital invested in the opportunities created by and for South Africa's newly enfranchised black population.

Strategy: South Africa Capital supported the introduction of black strategic investors in Gray Security Services, the South African market leader in the provision of premium security guard and asset protection services.  The company employed more than 14,000 people and practiced good human resources policies.

Strategy: South Africa Capital invested in Prime Cure Clinics, an operator of primary health care clinics which provided quality healthcare at a low cost to the underserved in South Africa.

Astrapak provided products and packaging services to manufacturers and retailers of consumer products in South Africa. Astrapak grew by acquiring innovative businesses that manufactured and developed plastic packaging. The company encouraged entrepreneurship at the business unit level while keeping the corporate headquarters small.