Introduction

October marked the first month of negative performance since the formation of the Government of National Unity (GNU). The medium-term budget set a cautious tone going forward, as fiscal deficits and national debt are set to increase over the next three years. Inflation continued to decrease towards the end of the year, now below 3% and within the South African Reserve Bank’s (SARB) target. This enabled the SARB to further cut interest rates by another 25 basis points to 7.75% during its November meeting.

Bonds also experienced slight losses in December, but recorded a strong annual performance for 2024. Business confidence continued to rise and reached its highest level since 2015. The rand had a volatile run during 2024, starting the year at R18.78/USD and reaching R17.60/USD in December.

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Pedal Project offers a trail therapy programme for at-risk youths in Macassar, Strand and Jamestown, outside Stellenbosch. Through physical activity in a natural environment combined with mental and emotional development opportunities, the program encourages the formation of positive values and healthy habits, fostering resilient young people both on and off the bike.

Reason for selection: This initiative aligns with our mandate by promoting positive life choices and creating role models, thereby contributing to the overall well-being of at-risk youths.

In 2023, Fairtree’s impact contributed to the program successfully impacting 60 children and youth aged between 10 and 13 years, including both boys and girls who are vulnerable to mental health challenges such as anxiety, depression, and attention-deficit or aggressive behaviours. While there have been no educational programs or economic opportunities created as part of this initiative, the program includes one mental health support initiative aimed at assisting at-risk children. This program is designed to provide essential mental health services to help participants achieve greater stability while attending school. The long-term goal of this initiative is to empower youth to lead positive change within their communities.

The PedalforGood initiative has conducted 153 Trail Therapy sessions over 34 weeks, focusing on mentorship, mindfulness, and mountain biking. Led by local community leaders, the program has improved social connections, children’s well-being, and nurtured a love for the outdoors, promoting individual growth and peace in the community.

A Meeting of Minds Leads to Establishing Indigenous Forest on Paul Clüver Estate

A burgeoning indigenous forest has been planted on the De Rust Farm in Elgin, home of Paul Clüver Family Wines in an initiative aimed at furthering natural and community sustainability. The more than 340 endemic tree species planted, including Yellowwood, Cape Chestnut and Wild Olive, is a combined endeavour between Paul Clüver Family, the Fairtree Foundation and irrigation specialists Agrico. Agrico is owned by the Andrag family who are related to the Clüvers through Gertrude Clüver – née Andrag – the late mother of Dr Paul Clüver.

The Fairtree Foundation donated 140 trees, as well as a donation to the De Rust Futura Academy primary and secondary school situated on De Rust farm. This school was founded in 1957 by Getrude Clüver, mother of Dr Paul Clüver, to provide education for the children from local communities whose parents were working on the surrounding farms. Today the school has over 1 300 pupils from Grade 1 to Matric and besides providing education and meals for pupils, offers an array of extra-curricular activities.

The newly-planted indigenous trees are irrigated with equipment donated by Agrico.

Paul Clüver Jnr, managing director of Paul Clüver Family Wines, says the project is the culmination of an informal campfire discussion between himself, Walter Andrag of Agrico, Fairtree group chairman André Malan and Hendrik Pfaff in the importance of re-establishing indigenous ecosystems and the need for inter-generational sustainability of people and communities through education.

“Fairtree, an asset management company, had already established indigenous forests in the Eastern Cape, and on De Rust we are continually removing alien vegetation and replacing it with indigenous flora,” says Clüver. “Over a bottle or two of Pinot Noir – Paul Clüver, of course – next to the fire under the Karoo skies, we decided to put thought into practice. Fairtree would donate the indigenous trees to complement those my father, Dr Paul Clüver, had established as well as a capital sum for the De Rust Futura Academy. With my second-cousin Walter being in the irrigation business, he offered to lay down the watering system to get these beautiful trees off to a great start.

“And then we engaged some of the pupils of the De Rust Futura Academy to help with the planting – besides the donation from Fairtree, it is these children who as adults will one day benefit from an environment enriched by the splendours of an indigenous forest.”

Before the tree planting began next to the Paul Clüver Amphitheatre, which is set to re-open later this year after an enforced hiatus due to the Covid pandemic, André Malan from Fairtree accentuated the importance of natural sustainability and bettering the future generations through education.

“It is about establishing roots,” he said, “the roots of indigenous trees that have over time seen their habitat taken over by invasive species, as well as nurturing the roots of young minds who can one day proudly and with dignity better themselves and their communities through education. These magnificent yellowwoods, wild olive and other trees will, admittedly, take a longer time to reach adulthood than these children still being educated at the De Rust Futura Academy, but their planting symbolises the importance of future generations living fulfilled lives in a naturally sustainable environment.”

Walk for Little Feet is a fundraising event hosted by Life Child. It is a 5km Charity Walk, and this year, Fairtree’s Volunteer Programme committed to getting involved. Our team of volunteers came together to plan the route for the upcoming Walk for Little Feet, prepare goodie bags, and get everything ready for the big day. Our team also participated in the walk, which brought participants together, all united by a shared commitment to support children in need.

Fairtree has partnered with the Cape Parrot Project and the Wild Bird Trust to plant at least 10,000 indigenous trees over three years – and this is only the beginning. Fairtree wants to give back what was lost – indigenous forests that provide a canopy for fauna and flora to flourish while limiting water depleting exotic species.

The Yellowwood tree is a national treasure worth preserving for generations to come, and the Cape Parrot, South Africa’s only endemic parrot, is reliant on it for its survival. On the one hand, this collaboration assists the Cape Parrot Project in their conservation efforts of the Cape Parrot, which is on the brink of extinction. On the other hand, the Fairtree Yellowwood Reforestation Project will drive local community involvement by enabling community members to act as custodians of these trees, including the Yellowwood tree, until they are planted in the forest.

The project aligns with Fairtree’s purpose of enriching the lives of all our stakeholders by enabling our employees, investors, and partners to flourish while positively impacting the society and environment in which we operate.

Introduction

The Fairtree Volunteer Programme is a structured initiative designed to encourage and enable our employees to engage in volunteer activities that help our impact partners flourish and multiply the positive impact we can make together in the communities where we operate.

At Fairtree, we are deeply committed to using our time and financial resources to make a meaningful difference in the lives of vulnerable communities. This programme aligns with Fairtree’s core values, reflecting our commitment to fostering meaningful relationships – not just with our impact partners but with each other as well. Through this initiative, we can grow personally and collectively, extending our impact for generations to come.

Key Takeways

• Determine your financial goals. What are you trying to achieve financially by investing?
• Assign a time-line to those goals. Time and risk go hand-in hand. The shorter your time horizon for disinvestment, the lower the risk should be within your portfolio. The longer your time horizon for disinvestment, the higher the risk could be within your portfolio. This allows your portfolio time to recover from the volatility it may experience during the period.
• The biggest destroyer of investment growth is ‘disinvesting’. Stay invested an achieve your goal.

A Perspective on Energy: The Fuel for Growth

The major mix shift under way in energy provision in all economies is through electrification. Global electricity demand is expected to more than double from 25,000 terawatt-hours (TWh) to between 52,000 and 71,000 TWh by 20501.  The drivers will be continued economic growth, growing digitalisation and automation, including the rise of AI, electric vehicles, building conditioning (such as air conditioners and heat pumps), and the rising importance of electricity-intensive manufacturing.

Increasingly, that power is coming from renewables. Renewables’ share of electricity has been growing relentlessly due to its increasingly competitive cost position and rapid construction timelines and now contributes over 30% share of electricity production. Wind and solar, particularly, have grown rapidly, with 19% and 38% compound annual growth rates over the last 20 years, respectively.

Wind and solar are currently the cheapest sources of power to the grid, significantly cheaper than fossil fuels, and forecast to get even cheaper: Solar is forecast to drop 31% by 2035, and wind by 23 (offshore) – 26% (onshore).

Large oil, gas and coal countries may institute policies to try and protect domestic fossil fuel industries, but they are facing a fundamental and inexorable economic shift. With zero marginal cost of production of renewables (no fuel needed), extremely low operating costs, and innovation and scale production driving capital costs down and lifetime up, renewables have become, and will continue to be, a critical part of the solution to the power challenge.Renewables are forecast to grow an additional 2.7x by 2030 (with China accounting for 60% of the expansion).

Renewables’ weakness is their volatility. In open energy markets, a high contribution of renewables can cause energy over-supply mismatched to demand, causing volatility in wholesale prices. Supply and demand smoothing through storage is a big focus at the moment, as are various trading technology and mechanisms to facilitate price optimization for customers.

Supplementing wind and solar with grid battery storage is entering a cost-competitive range, with battery storagecost also expected to further decline by 49% by 2035. Total installed battery storage capacity is expected to increase between 9 and 14-fold by 20302, representing a $120-$150B p.a.3 market opportunity. As power provision has become increasingly localized (e.g. residential and commercial solar), so power storage and smoothing is likely to as well. E.g. EV makers such as BYD supply built-in bi-directional charging technology allowing the car to be used as a buffer battery for the house.

2 IEA, “Batteries and Secure Energy Transitions”, 2024

3 McKinsey, “Enabling renewable energy with battery energy storage systems”, August 2023

The need for greater baseload power reliability is bringing two other sectors to the fore: geothermal and nuclear.

Geothermal energy currently contributes less than 1% of global energy demand, but could rise to the fore as a baseload renewable energy source in the future. Advances in technology in horizontal drilling and hydraulic fracturing honed through the oil and gas industry in the US has the potential to dramatically open up the potential for geothermal to provide energy for heating as well as electricity generation. Next-generation geothermal approaches leverage these technologies to create human-made reservoirs from ubiquitous hot rock, rather than hunting for naturally occurring reservoirs in unique locations. Costs are forecast to fall as much as 80% by 2035, bringing costs to around $50/MWh and very competitive with other energy sources. On that basis, geothermal is forecast to potentially contribute up to 15% of global electricity demand growth to 20504. Diversifying into geothermal could be of particular interest to the oil and gas majors as a demand hedge that leverages their existing strong technical capabilities. The US Department of Energy is forecasting a 20-fold increase in US geothermal energy production. New drilling technologies that can utilise geothermal resources at depths beyond 3 km opens potential for geothermal in nearly all countries in the world and offers the second highest technical energy potential (behind solar) of all renewable energy sources, 64-fold higher than the current global total installed energy capacity of all sources.

To date, nuclear has largely stagnated globally, driven by challenging approval paths, long build times and escalating costs. China, however, has embraced nuclear power at pace and at scale. China has 28 nuclear reactors currently under construction, which will deliver a 50% increase in its nuclear capacity, and it is doing it faster than anyone else (it has added more nuclear capacity in the last 10 years than the US did in 40), cheaper (a fifth to tenth cheaper than the US) and safer (world’s first Gen IV reactor went live in December 2023 in Shandong, China). China plans to approve 6-8 nuclear reactors per year, increasing nuclear from 5% of the electricity mix in 2023 to 10% by 2035 and 18% by 2060. China holds a cost advantage across all forms of renewable or low-carbon power, but its advantage in nuclear is particularly dramatic (capital costs of $23/MWh vs $114-191/MWh in the West), bringing nuclear well into a compelling $/MWh cost range and justifying a significant portion of grid supply.

China overtook the US as the world’s largest energy producer in 2011, and today produces double that of the US. Coal remains a large component of its power supply growth in its past, and current mix (around 60%), but the rapid build out of other sources will see coal-based thermal power generation fall in 2025. The cost advantages China currently holds on new power generation, and the scale of new supply being made available, means that each incremental MWh available will likely be best priced in China.

AI will be a critical productivity driver in this next economic transition. However AI and data centers are extremely power-hungry and will be one key element of electricity demand growth. Energy costs are around 40-60% of the operating expense of data centres, with around 40% of the power going to compute, and 40% to cooling.

4 IEA, “The Future of Geothermal”, Dec 2024

Historically, data centers relied mainly on CPUs, which ran at roughly 150 watts to 200 watts per chip. State-of-the- art GPUs for gen AI (Nvidia H100) run at 700 watts, and next-generation Blackwell chips are expected to run at 1,000-1,200 watts. In the US alone, 400 TWh is expected to be required by 2030 to support data centre growth, representing 30-40% of all net new demand.

We can safely assume that there will likely be innovation in energy efficiency, but regardless, the race to build out AI and compute in the decades to come will require large capacity increases in electricity provision, and the price of that energy will be fundamental to the economics of adoption and competition.

The world is undergoing a large growth in energy demand, as it has throughout recent history. Technology shifts underway across multiple sectors are driving rapid electrification, and meeting this demand will be fundamental to unlock its potential. Renewables, storage technology, power cost, demand-smoothing and efficiency technology will all be critical. Geo-political regions are trying to protect and support their local industries to ensure energy independence in this new world. Europe and the US have woken up late to the challenge, but competition sharpens all players and both regions have a tremendous depth of resources and capabilities to draw on, and economic systems that facilitate and reward rapid innovation and change. Europe is more methodical than the US, but both are heading in the same direction and putting policy and investment frameworks in place to drive energy expansion and competitiveness.

Maxwell + Spark (with batteries) and Kalpana (with films for solar panels and battery electrodes) are two of our portfolio companies that play directly in this space and are leveraging opportunities here. But we also encounter many fascinating businesses driving new business models and innovation in various aspects of these sectors, and we keep seeking to find the next champions who may emerge in the years to come.

We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run.

– Amara’s Law, Roy Charles Amara

Artificial Intelligence (AI) is a term used rather loosely, but at its essence, it can be used simply as an umbrella term for strategies and techniques you can use to make machines more human-like. The recent emergence of Generative AI tools using Large Language Models (LLMs) that can receive instructions and compose responses using natural language has catapulted this field into mainstream awareness and unlocked excitement around its future potential.

Overall, AI is a tool, as software has been a tool, and as a tool, it will be incorporated by businesses and consumers to solve problems and drive productivity. The productivity gains that AI will unlock are expected to provide the next wave of economic growth, and consumers, businesses, and countries that leverage this best will be positioned to pull ahead. There is much capital pouring into this space, many new businesses and business models emerging, and the disruption that AI may create could provide an opportunity for us as a Fund to find new champions. But it is also critical that our portfolio companies capitalise on this changing landscape to drive their businesses, and that we leverage it as an effective tool even within our own Fund operations.

The evolving AI industry

The large technology companies such as Meta, Google, Microsoft and Amazon that have strong balance sheets and cash generation from legacy businesses are now racing each other to execute massive capex drives to build out processing power for AI applications, with Nvidia’s GPU chip being the current beneficiary of this investment wave. In fact, at this pace, their business models are at risk of transitioning from a high ROI platform play with deep network effects to an infrastructure-based model as they search for ways to ensure they are not disintermediated by this next wave of disruptive innovation.

However, the application layers and the business models that will be structured around them are still a work in progress. Estimates are that last year, the industry spent around US$50bn in capex on chips but only generated around US$3bn in revenue. Regardless, capex investment is set to accelerate, with current quarterly forecasts showing a tripling of capex spend. Questions now are being fairly asked as to where the revenues will come from that will justify this enormous spending. The industry seems to be faithfully following the classic Gartner Hype Cycle, and we seem to be heading quickly from the Peak of Inflated Expectations into the Trough of Disillusionment.

Gartner hype cycle

Stepping back from the noise and viewing this sector in context in the long term appropriately frames it as a continuation of long-running technology development, points to where some of the direct and indirect impacts may be, the potential impact on our portfolio companies and the opportunities that may arise for disruption and investment. The longer-term implications (the Plateau of Productivity) will provide the most powerful opportunities.

Within this space, there is a complex value chain but simplistically it can be thought of as encompassing:

1. Supply chain to the chip industry (e.g. ASML, and the suppliers to ASML)
2. Core compute engine designers and manufacturers (various chip configurations such as Nvidia and other GPUs/TPUs/LPUs etc).
3. Cloud computing providers (e.g. Google, Meta, Amazon)
4. Training data (e.g. search data, social data, research)
5. Language models (e.g. GPT, Llama, Claude, Gemini)
6. Application layer (e.g. Microsoft’s Copilot, Salesforce’s Einstein, Perplexity for search)

The strategic dynamics within each are important to consider when evaluating knock-on effects and opportunities within and outside of AI, with different capital needs, expertise depth and network effects important for success in each. But at this stage, we expect that for venture and growth capital, the most interesting opportunities are likely to be found in areas 1 (in deep-tech businesses) and 6 (especially valuable niche-level applications), with some supporting opportunities elsewhere (e.g. cooling and energy management technology). For our portfolio companies, we expect that areas 4 (training data) and 6 (application layer) will be where they will need to capitalise.

The technology foundation of AI

Computing capability has been driven up exponentially over time. Moore’s law (the observation that the number of transistors in an integrated circuit doubles about every two years) is slowing as transistor size has bumped up against the limits of physics, but other innovations have allowed computational power to continue to rise on a power law basis (i.e. exponentially). Simultaneously, other critical drivers have also continued to change on a power law basis: storage cost declines, the volume of data stored, and data transmission speeds. This has had an inexorable positive impact on our capability to conduct complex calculations since the first electronic computers were developed in the 1940s, and consequently impacted a plethora of human endeavours. Generative AI is built on a foundation of sufficient stored data, highly sophisticated models, and computational hardware that now has the ability to process the data at sufficient volume and speed to be useful. Previous cost and capacity breakthroughs facilitated the rise of Netflix thanks to streaming video, and Instagram thanks to phone cameras and images. Working in the US on private equity projects in video compression, fibre networks and mobile networks in the early 2000s, I was in the fortunate position of being a direct witness to the powerful effects here through the dot-com boom, bust and re-emergence of new business models. As an example, the rapidly collapsing cost of data transmission and storage opened up a radically different video transmission experience that resulted in Netflix streaming and YouTube.

Overall, computational power, cost speed, and the application of complex models to a variety of problems have been core drivers to this phase of human technological progress for some time and will likely be for some time further. See below for a perspective on how these dramatic functional and economic exponential shifts have been playing out for some time (note that the y-axis is on a log scale, representing 10x changes in each step).

For now, based on history and current innovations, it can be comfortably extrapolated that computational power and speed, data storage, transmission speed, and volume are likely to continue increasing dramatically, opening up ever-increasing application possibilities and improving speeds and costs.

However, note that the observation behind Moore’s second law also applies: which is that the capital cost of a semiconductor fabrication plant also increases exponentially over time (essentially doubling every four years). Suppliers such as ASML, which makes highly complex photolithography machines, have been beneficiaries of this rising investment. For now, the sheer increasing scale of the industry has ameliorated this cost per unit, but at some point, the cost of investment may start to compress the economics.

Drivers of success in AI

AI can be thought of simplistically as a multivariate regression model which essentially takes existing data to calibrate a model which can predict an outcome based on a new scenario. The accuracy of the model is a factor of two things: the amount of data, and the number of variables (complexity) that can be handled in creating the model. The more data you have, the better the model. The more complexity you can handle in the calculation, the more variables can be added, and then the more accurate the model. These models have been rapidly rising in computational capability as the technical foundation has strengthened.

At Fairtree, we believe that giving back goes beyond financial contributions. True impact is created when we combine our resources with our time, skills, and passions to build stronger communities. That’s why we are proud to launch the Fairtree Volunteer Programme (FVP), a carefully organised initiative designed to enable our colleagues to make a meaningful difference in the lives of the vulnerable communities we serve. 

This programme is not only an extension of Fairtree’s core values but also a reflection of our commitment to multiplying the impact we can achieve by partnering with our employees and Impact Partners. 

The Fairtree Volunteer Programme: A Shared Mission 

The Fairtree Volunteer Programme provides structured and coordinated opportunities for employees to volunteer their time, skills, and knowledge. Governed by clear guidelines aligned with Fairtree’s mission and the Fairtree Foundation’s mandate, the programme is designed to: 

• Support employees in contributing to their communities through activities that align with Fairtree’s Corporate Social Investment (CSI) goals. 

• Offer a range of volunteering opportunities tailored to suit different social interests, career paths, workloads, and personal commitments. 

• Strengthen the relationships between Fairtree, our Impact Partners, and the communities we serve. 

Through this initiative, our goal is to build deeper connections, not just within the communities we operate in, but also within our teams at Fairtree. 

The Benefits of Corporate Volunteerism 

Volunteerism is about more than just making a difference; it’s about creating a ripple effect that benefits all involved. Research highlights several advantages for both individuals and organisations that embrace a culture of giving back: 

• Improved employee well-being, including mental and physical health, by fostering a sense of purpose and fulfilment. 

• Strengthened ties with the communities we serve, reinforcing our commitment to creating meaningful change. 

• Enhanced hiring and retention by attracting purpose-driven talent. Studies show that job seekers are drawn to organisations where their personal values align with the company’s mission and where they anticipate pride in being part of the team. 

• Encouraged creativity and motivation, which can lead to improved performance at work.  

• Boosted productivity and increased employee engagement. 

By investing in volunteerism, Fairtree is creating an environment that supports both individual growth and organisational success. 

The Multiplying Effect 

The launch of the Fairtree Volunteer Programme underscores our belief in the multiplying effect: the idea that when we combine financial contributions with the time, skills, and energy of our employees, we can create a far greater impact. 

Speaking at the launch event, Andre Malan, Founder and Chairman of the Fairtree Foundation, shared these inspiring words: 

“With the Fairtree Volunteer Programme, we have the chance to multiply our impact – not just by supporting our Impact Partners financially, but by rolling up our sleeves and offering our time, skills, and hearts to make a real difference. Together, we can change lives – not only today but for generations to come.” 

Why This Matters 

At Fairtree, we believe in living out our values – not just within our organisation but in the broader community. The Fairtree Volunteer Programme represents an opportunity to: 

• Connect more deeply with the communities we serve. 

• Build stronger relationships among colleagues. 

• Empower employees to grow both personally and professionally while making a tangible difference. 

Making a Difference 

The Fairtree Volunteer Programme is more than a corporate initiative – it’s a call to action. A chance for our employees to step forward, lend a hand, and make a lasting impact on the lives of those in need. 

We are excited about the journey ahead and working together to live our values, deepen our connections, and multiply the impact we can make in the communities we are privileged to serve. 

Together, we can change lives. 

Fairtree Elevant Ventures is a European investment fund focused on accelerating ambitious, growth-orientated companies preparing to scale. With a focus on Seed to Series A investment in Europe, the fund is invested in portfolio companies reshaping the world in which we live. The partnership with TASK, a clinical services company expanding in Europe, marks the fund’s first investment into human nutrition and health – a critical area identified as ready for transformation and accelerated growth.

Fairtree concludes private equity transaction in the global health sector as Fairtree Elevant Ventures, part of the Fairtree group of companies, partners with TASK in the Netherlands to drive growth.

TASK is a multi-national, multi-site clinical services company committed to its vision of better healthcare for everyone by providing a platform for developing healthcare that benefits the community by testing and progressing novelty medicines, vaccines, and diagnostics in a range of therapeutic areas.

TASK provides a full suite of services to support Phase I to IV clinical trials, from protocol development, regulatory support, seven multi-national test sites, quality assurance, laboratory services, and training services to data analysis and management. TASK has recently launched a joint venture with the University Medical Centre (UMC) Utrecht, in The Netherlands.

Prof. Andreas Diacon founded TASK in 2005. Diacon, TASK’s chairperson and chief science officer, is a Swiss-trained physician and a world-leading authority on tuberculosis research based on his work in South Africa over many years. He will continue to support TASK on its growth journey and will remain a shareholder. TASK’s management team, Johann de Bruyn (Chief Executive Officer) and Melissa Mitchell (Director of Strategic Projects), have joined as shareholders alongside Fairtree to drive this next chapter of TASK’s journey.

We see enormous potential in TASK as it is strategically poised to play an increasingly important role in global drug development, supporting the work of traditional drug companies and emerging biotech players.

“The speed of vaccination and drug development during the COVID-19 pandemic showcased new technology advances, opening up exciting new avenues for drug development – and increasing the demand for clinical trials. TASK is well-positioned to play an important role in this value chain, particularly with its expansion into Europe”, stated David Evans, Managing Director of Fairtree Elevant Ventures.

“Prof Andreas Diacon has, with his management team, built a strong base in South Africa, and we look forward to partnering with them to expand the business, focusing on TASK’s partnership with the UMC Utrecht in The Netherlands. At Fairtree, one of the areas where we see significant growth potential is Human Nutrition and Health, especially where there are structural changes, and TASK fits well within this category,” concluded Evans.

“To build TASK’s interlinked South African research ventures has been a great and rewarding journey for me as a physician and entrepreneur over the last 20 years. I see with deep pleasure and satisfaction how TASK keeps maturing into an international organisation led by the next generation. Fairtree is ideally placed to catalyse TASK’s further development and growth, and it will be an honour for me to support TASK’s further expansion,” says Prof. Andreas Diacon, Founder and Chairperson of TASK.

“Being able to partner with a company that has a passion for European incubation expansion and the growth of South African companies is a big win for us. Fairtree has shown great commitment to helping us through their local expertise in Europe to establish TASK as a go-to partner and collaborator in European clinical trials. This partnership will enable us to not only assist in the process of quicker drug development through our own site network, but also drive diversification in trial enrolment through our established sites in Africa,” commented Johann de Bruyn, Chief Executive Officer of TASK”.