South African billionaire Johann Rupert plans to work with sovereign wealth funds to acquire distressed assets, due to their collapsing prices. Rupert’s family owns the retail jewelry company Cie. Financiere Richemont SA.
He told Bloomberg.com reporter Thomas Mulier, “I’m seeing very interesting opportunities right now, distressed sellers, but I don’t think they’ll disappear.” The Richemont company plans to create the satellite investement company Reinet, specifically for distressed asset investment. The intent is for Reinet to cooperate with several other major and sovereign wealth funds in such investments.
Investors like Rupert and Buffet are certainly savvy enough to recognize opportunity when it’s there. The rest of us might not have their wealth, but that doesn’t mean we can’t take advantage of similiar opportunities, either independently or with help.
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