Billionaire Johann Rupert’s ‘stepchild’ has R125 billion in assets

Billionaire Johann Rupert’s often-overlooked Reinet Fund was sitting on €6.66 billion (R125.14 billion) in net asset value at the end of June 2026.

This is up €55 million (R1.03 billion) from the end of March 2026, as Reinet has made some significant changes to its portfolio over the past year.

On Tuesday, 21 July, Reinet provided shareholders with an update on its Reinet Fund’s net asset value, as at 30 June 2026. Reinet Fund is the firm’s specialised investment vehicle.

The firm said its net asset value per share was €38.87 (R730.31) at the end of June, up from €38.55 (R724.16) at the end of March 2026.

Based on Reinet’s 171.3 million shares in issue, the Reinet Fund’s net asset value amounted to €6.66 billion (R125.14 billion) at the end of June 2026.

This reflects the fund’s investments and cash resources, as well as its assets and liabilities. 

Reinet is a Luxembourg-based investment vehicle chaired by billionaire businessman Johann Rupert, forming part of the Rupert family’s empire.

Reinet was established when the Rupert family’s conglomerate, Rembrandt, was restructured and its assets spun off into separate companies.

Luxembourg-based Richemont was created to hold Rembrandt’s international and luxury assets, while Reinet ended up with its non-luxury assets.

Reinet is an investment powerhouse that holds mainly unlisted assets. Until recently, it held stakes in British American Tobacco (BAT) and UK-based Pension Insurance Corporation Group (PICG).

Since 2024, Reinet has steadily sold off its stake in these two companies, as the company has pivoted its strategy to be less concentrated and more focused on unlisted assets.

In 2021, BAT and PICG accounted for 51.2% and 33.9% of Reinet’s net asset value, meaning 85.1% of the company’s total value was tied to these two investments.

Starting in December 2024, Reinet started selling off its shareholding in BAT, completing its full exit in January 2025.

The sale of its BAT shares generated gross proceeds of €1.6 billion (R30.07 billion) for Reinet, significantly boosting the firm’s liquidity.

In March 2026, Reinet also sold 100% of its stake in PICG to Athora Holding UK for €3.3 billion (R62.01 billion), ending its 14-year-long history with the company.

In its results for the financial year ending March 2026, Reinet’s management described this period as a time of significantly derisking the firm’s portfolio and reducing concentration.

It also improved Reinet’s liquidity, with the investment giant now sitting on €5.5 billion (R103.35 billion) in cash and liquid funds.