Why SA pension funds aren’t moving on infrastructure

In this thinkpiece in the retirement fund publication IRFA Talk, Mergence Head: Private Equity, Chito Siame, describes the benefits of including infrastructure as an asset class into retirement fund portfolios. He says that trustees are increasing taking infrastructure into account, in the knowledge of the fact that infrastructure can diversify portfolios, hedge against inflation and deliver meaningful developmental impact.

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It is our longstanding belief that companies cannot achieve sustainable economic success while neglecting their social and environmental responsibilities. Responsible investing forms an intrinsic part of our investment processes and supports our mission in creating sustainable shared value through delivering positive risk-adjusted returns for our clients while making a significant positive impact on society and the environment.

Engagement with companies and voting at shareholder meetings are both powerful tools that we have considered to be an essential part of our active management offering since the very beginning of our responsible investing journey. We were one of the first South African asset managers to make public its proxy voting decisions. Click here to view our historic proxy voting records.

CLICK HERE to view our historic proxy voting records.

We have been early supporters of initiatives guiding responsible investing, including:

  • Signatory to the United Nations supported Principles for Responsible Investment (PRI) since 2008
  • Supporter of the Code for Responsible Investing in South Africa (CRISA)
  • Signatory to the Climate Change 100+
  • Members of Carbon Disclosure project

Our investment processes deliberately include ESG considerations which are continually refined, updated and enhanced by the investment teams.

Our Public Markets team have an explicit ESG pillar and minimum ESG deliverables as part of their equity research process and portfolio construction. Similarly, the Private Markets team have an ESG management system which details how they incorporate ESG issues into the investment decision-making process with a view to mitigating overall portfolio risk, promoting sustainability, and generating positive impact. The system also spells out our ESG requirements of investee companies.

At Mergence, we believe in the power of People, Planet and Prosperity, acknowledging that making profits can only be justified if people and the planet are respected and preserved in the process. Our ethos of creating sustainable shared value is at the heart of our business. Making a positive impact on society, embracing diversity and inclusion, nurturing relationships, and encouraging an entrepreneurial spirit underpin our commitment to being a responsible employer.

As evaluated by an independent agency we currently hold a Level 1 BBBEE rating.

We offer a range of local and offshore investment strategies that meet the needs of retirement funds and individuals in Southern and Sub-Saharan Africa. We are dedicated to managing and growing our clients’ investments in a socially sustainable manner. Our clients are mainly institutional investors with a growing offering of retail investors.

ExploreDateFund Fact SheetTransactional Form
ALSI FundFebruary 2026
Capped ALSI FundFebruary 2026
Equity Prime Fund (Unit Trust)December 2025
Global Quant Equity FundFebruary 2026
ExploreDateFund Fact SheetTransactional Form
CPI + 4% Prime Fund (Unit Trust)December 2025
Domestic Balanced FundFebruary 2026
Global Balanced FundFebruary 2026
ExploreDateFund Fact SheetTransactional Form
Infra & Dev | Bond CompositeFebruary 2026
Money Market FundFebruary 2026
Money Market Prime Fund (Unit Trust)December 2025
ExploreDateFund Fact SheetTransactional Form
Infra & Dev | Bond CompositeFebruary 2026

Mergence was a pioneer in impact and infrastructure investing, with a rich history showcasing the advantages of uncorrelated alternative investments. We strongly advocate for the potential of these investments to deliver consistent long-term returns while making a positive social impact. Our diverse portfolio encompasses a wide range of debt and equity asset classes carefully chosen from sectors that global and national organisations have identified as high-priority areas.

ExploreDateFund Fact Sheet
Infra & Dev | Bond CompositeFebruary 2026
Infra & Dev | Debt FundFebruary 2026
Infra & Dev | Equity FundsFebruary 2026
ExploreDateFund Fact Sheet
Renewable Energy Debt FundFebruary 2026
ExploreDateFund Fact Sheet
ExploreDateFund Fact Sheet
Infra & Dev | Bond CompositeFebruary 2026

Infra & Dev | Bond Composite

Objective

This Fund aims to invest in a diversified combination of infrastructure risk-adjusted returns, whilst supporting the development of both social and economic infrastructure services. The Fund forms part of the Mergence suite of impact funds. The Fund strives to generate attractive risk-adjusted returns over that of the FTSE/JSE All Bond Index (ALBI).

Fund Managers:

Mohamed Ismail
Head: Fixed Income
Fazila Manjoo
Head: Multi-asset and Global Equity
Mosa Molebatsi
Head: Private Debt
Fund Factsheet

Infra & Dev | Debt Fund

Objective

The Mergence Infrastructure & Development | Debt Fund has a long-term performance target of inflation +4% per annum over the medium to long term by investing in opportunities that create both a positive and measurable social, developmental, and/or environmental impact.

Fund Managers:

Chito Siame
Head: Private Equity
Mosa Molebatsi
Head: Private Debt
Fund Factsheet

Infra & Dev | Equity Funds

Objective

The objective of these Funds is to support economic growth and infrastructure development while yielding sound returns to investors. The Funds invest in unlisted equity and quasi-equity, such as mezzanine debt, infrastructure and developmental assets. The Mergence Infrastructure & Development | Equity Fund II is structured as a close-ended en commandite partnership and is open for investment.

Fund Managers:

Chito Siame
Head: Private Equity
Mosa Molebatsi
Head: Private Debt
Fund Factsheet

Renewable Energy Debt Fund

Objective

The objective of this Fund is to provide commercially viable investments into the renewable energy sector enabling investors to achieve targeted investment returns together with social and environmental impact. Through both these Funds, we are invested in 13 renewable energy projects within Southern Africa, across both wind and solar. Fund II is open for investment.

Fund Managers:

Chito Siame
Head: Private Equity
Mosa Molebatsi
Head: Private Debt
Fund Factsheet
No data was found

Infra & Dev | Bond Composite

Objective

This Fund aims to invest in a diversified combination of infrastructure risk-adjusted returns, whilst supporting the development of both social and economic infrastructure services. The Fund forms part of the Mergence suite of impact funds. The Fund strives to generate attractive risk-adjusted returns over that of the FTSE/JSE All Bond Index (ALBI).

Fund Managers:

Mohamed Ismail
Head: Fixed Income
Fazila Manjoo
Head: Multi-asset and Global Equity
Mosa Molebatsi
Head: Private Debt
Fund Factsheet

Our specialist equity mandates aim to provide investors with capital growth over the long term. The key objective of these mandates is to consistently achieve returns that are in excess of the respective benchmarks over any rolling three-year period, without exposing the client to excessive risk. We embrace a style-agnostic approach and have a strong bias towards quality at a reasonable price.

ALSI Fund

Objective

The objective of these mandates is to achieve returns that are in excess of the FTSE/JSE All Share Index (ALSI) over any three-year rolling period without exposing the Fund to excessive risk. These core mandates target maximum active returns relative to tracking error volatility.

Fund Managers:

Peter Takaendesa
Chief Investment Officer & Head: Equities
Radebe Sipamla
Co-Portfolio Manager
Fund Factsheet

Capped ALSI Fund

Objective

The objective of these mandates is to achieve returns that are in excess of the FTSE/JSE Capped All Share Index (Capped ALSI) over any three-year rolling period without exposing the Fund to excessive risk. These core mandates target maximum active returns relative to tracking error volatility.

Fund Managers:

Peter Takaendesa
Chief Investment Officer & Head: Equities
Neo Mokhesi
Portfolio Manager
Fund Factsheet

Equity Prime Fund (Unit Trust)

Objective

The Mergence Equity Prime Fund is a collective investment scheme fund that aims to provide investors with capital growth over the long term by achieving returns that are in excess of the FTSE/JSE Capped Shareholder Weighted Index (Capped SWIX), without exposing the Fund to excessive risk.

Fund Managers:

Peter Takaendesa
Chief Investment Officer & Head: Equities
Fund Factsheet
Transactional Form

Global Quant Equity Fund

Objective

The Mergence Global Quant Equity Portfolio is an actively managed equity fund with full exposure to global developed market equities, designed to deliver long-term capital growth. Utilising Mergence’s proprietary global quantitative process, the Fund integrates differentiated factor strategies—Value, Quality and Sentiment—to drive market returns. Managed within a JSE listed Actively Managed Certificate (AMC), this investment vehicle ensures efficient and cost-effective fund management.

Fund Managers:

Fazila Manjoo
Head: Multi-asset and Global Equity
Fund Factsheet

Our range of multi-asset strategies include absolute return and balanced mandates. These products are developed for institutional and retail investors who seek a product which is broadly diversified across asset classes including equities, listed property, conventional bonds, and inflation-linked bonds both domestically and internationally.

CPI + 4% Prime Fund (Unit Trust)

Objective

This collective investment scheme fund is managed with the objective of producing a real return of 4% above inflation per annum over the longer term while preserving capital over rolling 12-month periods. The Fund employs active asset allocation and derivative hedging to manage and reduce downside risk. It is broadly diversified across asset classes including equities, listed property, conventional bonds and inflation-linked bonds, both domestically and internationally.

Fund Managers:

Mohamed Ismail
Head: Fixed Income
Fazila Manjoo
Head: Multi-asset and Global Equity
Fund Factsheet
Transactional Form

Domestic Balanced Fund

Objective

This Regulation 28-compliant mandate aims to generate stable long-term returns through exposure to a broadly diversified set of asset classes including domestic equities, listed property, conventional bonds and inflation-linked bonds. It is managed with the objective of producing a real return in excess of 5% per annum above inflation. Derivatives may be used for the purposes of hedging or return enhancement.

Fund Managers:

Mohamed Ismail
Head: Fixed Income
Fazila Manjoo
Head: Multi-asset and Global Equity
Fund Factsheet

Global Balanced Fund

Objective

This Regulation 28-compliant mandate aims to generate stable long-term returns through exposure to a broadly diversified set of asset classes including equities, listed property, conventional bonds, and inflation-linked bonds, both domestically and internationally. It is managed with the objective of producing a real return in excess of 5% per annum above inflation. Derivatives may be used for the purposes of hedging or return enhancement. The inclusion of international assets broadens diversification and should enhance risk adjusted returns.

Fund Managers:

Mohamed Ismail
Head: Fixed Income
Fazila Manjoo
Head: Multi-asset and Global Equity
Fund Factsheet
Mergence provides access to a specialist range of traditional fixed-income solutions that are backed by a robust investment process. Our products are designed to deliver a high level of interest income with a low probability of capital loss, dynamic returns tailor-made to any risk preference, and diversification when it matters most.

Infra & Dev | Bond Composite

Objective

This Fund aims to invest in a diversified combination of infrastructure risk-adjusted returns, whilst supporting the development of both social and economic infrastructure services. The Fund forms part of the Mergence suite of impact funds. The Fund strives to generate attractive risk-adjusted returns over that of the FTSE/JSE All Bond Index (ALBI).

Fund Managers:

Mohamed Ismail
Head: Fixed Income
Fazila Manjoo
Head: Multi-asset and Global Equity
Mosa Molebatsi
Head: Private Debt
Fund Factsheet

Money Market Fund

Objective

This portfolio aim to consistently outperform the benchmark over a 12-month rolling period while providing liquidity at a low level of risk. This well-diversified portfolio implement a range of South African money market instruments.

Fund Managers:

Mohamed Ismail
Head: Fixed Income
Fund Factsheet

Money Market Prime Fund (Unit Trust)

Objective

This portfolio aim to consistently outperform the benchmark over a 12-month rolling period while providing liquidity at a low level of risk. This well-diversified portfolio implement a range of South African money market instruments.

Fund Managers:

Mohamed Ismail
Head: Fixed Income
Fund Factsheet
Transactional Form
Mergence provides access to a specialist range of hybrid fixed-income solutions that are backed by a robust investment process. Our products are designed to deliver a high level of interest income with a low probability of capital loss, dynamic returns tailor-made to any risk preference, and diversification when it matters most.

Infra & Dev | Bond Composite

Objective

This Fund aims to invest in a diversified combination of infrastructure risk-adjusted returns, whilst supporting the development of both social and economic infrastructure services. The Fund forms part of the Mergence suite of impact funds. The Fund strives to generate attractive risk-adjusted returns over that of the FTSE/JSE All Bond Index (ALBI).

Fund Managers:

Mohamed Ismail
Head: Fixed Income
Fazila Manjoo
Head: Multi-asset and Global Equity
Mosa Molebatsi
Head: Private Debt
Fund Factsheet

Mergence is an independent asset management firm with a strong 18-year track record. We were founded in 2004 and have successfully grown our offering to a diverse product range across both public and private market investments, spanning specialist equity and fixed income, multi-asset, infrastructure, debt and private equity funds.

We are focused on sub-Saharan markets and led by a pragmatic, sustainable, shared value creation mindset. Responsible investing and ESG principles are part of our ethos and embedded across our investment processes.

Mergence is majority black-owned and managed and embraces the multi-cultural and multi-racial diversity of Southern Africa. We employ 58 people across our operations in Cape Town, Johannesburg, Windhoek, and Maseru.

At Mergence we value our people. Our culture is characterised by a collective focus on excellence and development, keeping our staff motivated and committed to growing with Mergence and growing our clients’ savings.

Our senior investment team have worked together for nearly a decade. With over 300 years of combined experience our entire team, including analysts and fund managers, have distinct specialisation in both Public and Private Markets. We leverage data and key elements from each area to widen our perspective and innovate to obtain outperformance.

Sholto Dolamo

Managing Director

BSc (Chemistry)

BTech (Ceramic Science) 

MSc (Engineering)

MBA (Administration)

Sholto joined Mergence in July 2022. He has more than 20 years’ experience in financial services, with a focus on strategic leadership, product innovation and research across public and private markets. He has held various senior roles at the Public Investment Corporation, including Acting Chief Investment Officer. Prior to entering financial services, Sholto pursued a specialised career in resources and precious metals.

Sipho Makhubela

Non-Executive Chairman

CA(SA)

MBA

Advanced Management Programme (Harvard)

Sipho Makhubela is the CEO of Harith General Partners, a leading pan-African infrastructure investment firm, and serves as Non-Executive Chairperson of Mergence Investment Managers. He is a seasoned investment executive with over 30 years of experience in financial services and infrastructure, and has led transformative investments across Africa in energy, ICT, transport and asset management. A Chartered Accountant (SA) with an MBA and an Advanced Management Programme (Harvard), Sipho previously held roles at Investec, Coronation Capital and African Merchant Bank before joining Harith in 2007. He serves on multiple boards and is recognised for his strategic vision, capital mobilisation expertise and commitment to inclusive development.

Masimo Magerman

Non-Executive Director

Bachelor of Management Science (Finance)

MBA (Finance)

Masimo co-founded Mergence Africa Holdings in 2004 with the vision to create a world-class diversified group. With over R40 billion in assets under management, the group spans asset management, derivatives trading, property and industrial holdings. The primary subsidiary is Mergence Investment Managers, with a dual capability across Public and Private investment markets. Masimo is an entrepreneur by nature and believes fervently in “creating shared value”.

Lizeka Matshekga

Non-Executive Director

BCom Hons (Finance)
MCom (Development Finance)
Global Executive Development Programme (GIBS)

Lizeka Matshekga is currently the MD: Strategic Partnerships at Harith General Partners, a leading Pan-African infrastructure investment holding company renowned for financing and developing transformative infrastructure projects across digital infrastructure, energy, and transport sectors throughout the African continent. She joined Harith in 2020 having formerly been the Divisional Executive at the Industrial Development (IDC). She has over 30 years’ diverse financial services industry experience of which 14 years spent in the development finance environment. Her experience covers asset management, treasury, private equity, investment banking and development finance at executive leadership level. She is a seasoned board member in several South African and Multinational companies including Mergence Investment Managers.

Maserame Mouyeme

Independent Non-executive Director

BSc

MBA

Maserame Mouyeme is a seasoned African business leader and Independent Non-Executive Director with over three decades of experience across FMCG, financial services, advertising, enterprise development, sustainability and governance. She spent 19 years at The Coca-Cola Company in senior pan-African leadership roles, including as Franchise Director, and later served as Group Marketing, Public Affairs and Sustainability Director at Old Mutual across 13 Sub-Saharan African markets. Her board experience spans private sector, public interest and non-profit organisations, with board committee experience across audit, risk, ethics, sustainability and social impact oversight. She brings strong commercial judgement, stakeholder leadership and a commitment to responsible business, transformation and inclusive growth.

Nyonga Fofang

Independent Non-Executive Director

BA (Political Science)

Executive MBA

Nyonga Fofang, Independent Non-Executive Director at Mergence, has 25+ years of capital markets experience, specialising in private equity, M&A, leveraged finance, and general management. He co-founded and leads Bambili Group Investment (Pty) Ltd, a pan-African investment holding company. Nyonga also serves as a director at SourceTrace LLC in Boston. He began as a closed-end fund Equity Analyst at PaineWebber Inc. and holds degrees from Harvard University and UC Louvain.

Fabian de Beer

Chief Risk Officer

BCom (Accounting & Economics)

H.Dip.Ed

Fabian joined Mergence in 2006. He has over 39 years’ experience in financial services and markets, specialising in ALM, investment and macro strategy. Fabian’s primary focus is on investment risk, compliance, and regulatory matters across investments in public and private markets. He serves as Investment Committee chairperson (Private Markets) and is on the Mergence Group Board as well as the in-country Boards where Mergence operates. He has held senior and executive management positions at a major SA bank and one of the largest retirement funds, as well as serving as a director on the SA board of a leading PE entity with his focus on hedge funds.

Sholto Dolamo

Managing Director

BSc (Chemistry)

BTech (Ceramic Science) 

MSc (Engineering)

MBA (Administration)

Sholto joined Mergence in July 2022. He has more than 20 years’ experience in financial services, with a focus on strategic leadership, product innovation and research across public and private markets. He has held various senior roles at the Public Investment Corporation, including Acting Chief Investment Officer. Prior to entering financial services, Sholto pursued a specialised career in resources and precious metals.

Peter Takaendesa

Chief Investment Officer & Head: Equities

BCom Hons (Economics)

MCom (Economics)

MCom (Finance & Econometrics)

Peter joined Mergence in 2014 as a Senior Equity Analyst specialising in the TMT sector. He was appointed Portfolio Manager in 2016 and became Head of Listed Equities in 2019. During 2025, he assumed the role of Chief Investment Officer, reflecting his strong leadership capability and depth of investment expertise across public markets. Peter has over 19 years of experience in the financial services industry, including roles at several global investment banks. He was named ABSIP Equity Analyst of the Year in 2011 and has previously lectured in economics at university level.

Semoli Mokhanoi

Chief Commercial Officer

BCom (Accounting)

BCom Hons (Financial Planning)

MBA (Strategy)

CFP®

General Tax Professional (GTP-SA)

Semoli joined Mergence in 2017 as Regional Investment Strategist. He was appointed Chief Commercial Officer in early 2025, with responsibility for business development, client servicing and commercial strategy across the Mergence Investment Managers and its subsidiaries. He has extensive experience spanning fund accounting, investment consulting and business development. With a strong network across the Southern African Development Community (SADC), Semoli also serves as a non-executive director on several boards and is a member of the executive committee of Mergence Investment Managers.

Karen Wagner

HR Executive

Diploma (HR Management & Training)

Karen joined Mergence in February 2014 as Office Manager. In December 2017, she was promoted to HR Manager. Karen has 27 years of experience in office management and finance, having worked at several large corporates before joining Mergence. In acknowledgement of the importance of our people, Karen was appointed to the executive committee of Mergence Investment Managers in October 2022.

John Afordofe

Chief Financial Officer

BCom (Accounting)

PGDip (Accounting)

CA(SA)

John joined Mergence in November 2018 as General Manager: Operations and was promoted to Chief Operating Officer in 2019. In September 2021, his role was specialised into Chief Financial Officer, as part of changes to the Mergence executive leadership structure to support the company’s growth. John serves on the executive committee of Mergence Investment Managers.

Peter Takaendesa

Chief Investment Officer & Head: Equities

BCom Hons (Economics)

MCom (Economics)

MCom (Finance & Econometrics)

Peter joined Mergence in 2014 as a Senior Equity Analyst specialising in the TMT sector. He was appointed Portfolio Manager in 2016 and became Head of Listed Equities in 2019. During 2025, he assumed the role of Chief Investment Officer, reflecting his strong leadership capability and depth of investment expertise across public markets. Peter has over 19 years of experience in the financial services industry, including roles at several global investment banks. He was named ABSIP Equity Analyst of the Year in 2011 and has previously lectured in economics at university level.

Neo Mokhesi

Portfolio Manager

BSc Hons (Biochemistry)
MSc (Medicine)
BCom Hons (Financial Analysis & Portfolio Management)
MCom (Development Finance)
MAP

Neo Mokhesi joined Mergence in February 2026 as a Portfolio Manager in the public markets team. She brings over a decade of investment experience across local and global equities, money market and credit. Neo has a strong track record in fundamental research, thematic analysis and portfolio strategy, and has been recognised for her performance across several professional development programmes. She previously served as Assistant Portfolio Manager at Cannon Asset Managers.

Radebe Sipamla

Co-Portfolio Manager

BCom (Economics Science & Business Finance)

Radebe joined Mergence in March 2021 as an Investment Analyst in the public markets equity team, based in Johannesburg. He was promoted to Co‑Portfolio Manager in 2025, reflecting his depth of investment expertise and leadership within the team. Radebe currently covers banks, insurance and other financials and has in‑depth sector knowledge across SADC, most notably in banking, precious metals and telecommunications. In 2017, he was awarded the ABSIP Research Analyst of the Year.

Salome Maruma

Co-Portfolio Manager

B Com Hons (Financial Management)
CFA® Charterholder

Salome re‑joined Mergence in 2023 as a Senior Investment Analyst, having previously worked at the firm in a trainee capacity. In 2025, she was promoted to Co‑Portfolio Manager, reflecting her growing responsibility in portfolio construction and management. With a focus on the retail and industrial sectors, Salome brings valuable experience from previous roles at local asset managers and a global investment bank over an eight‑year career in the financial services industry.

Malose Mamashela

Investment Analyst

BCom Hons (Financial Analysis & Portfolio Management)

MSc (Chemical Engineering)

Malose joined Mergence in 2022 as an Investment Analyst in the Public Markets team. She covers mining and resources stocks, leveraging her strong technical background in chemical engineering to support fundamental analysis across precious metals, bulk commodities and diversified miners. Malose previously worked as a process engineer at Sasol, the Project Services Group and Chevron, and later as a sell‑side equity research analyst at Primaresearch. She has also lectured at CPUT and provided consultation to fourth‑year design course students at UCT.

Keagan Martin

Investment Analyst & Trader

BCom Hons (Finance/Investments)
BCom (Economics and Finance) 

Keagan joined Mergence in 2021 as a Client Relationship Manager, bringing experience from Prudential Investment Managers. In 2023, he transitioned into the Public Markets investment team as an Investment Analyst & Trader, where he supports portfolio management and trading activities, with a particular focus on small- to mid-cap industrials and food producers.

Lebogang Malatji

Investment Analyst & Trader

BCom (Financial Management)

Lebogang joined Mergence in January 2025 as an Investment Analyst & Trader in the public markets team. He strengthens the team’s equity research coverage and provides dedicated trading support, working closely with the portfolio management and trading function. Prior to joining Mergence, Lebogang was a Junior Equity Analyst & Trader at Harvard House Asset Management, where he covered stocks across the South African and global food and beverage sectors, while also serving as the sole dedicated trader. Earlier in his career, he worked as an educator teaching economics and business studies, building a strong foundation in financial and market concepts.

Mohamed Ismail

Head: Fixed Income

BSc (Actuarial Science & Mathematical Statistics)

BSc Hons (Advanced Mathematics of Finance)

Exec Masters (Finance)

CFA® Charterholder

Financial Risk Manager (FRM)

Mohamed joined Mergence in March 2021 as Head of Fixed Income within the multi-asset class team. He has 17 years of experience. Mohamed is responsible for a stand-alone fixed-income product and integrating a fixed-income investment process into the overall multi-asset strategy He is the primary portfolio manager for the Mergence Composite Bond Fund and lead investment manager for the Money Market and Multi-Asset Income portfolios.

Fazila Manjoo

Head: Multi-asset and Global Equity

BSc (Actuarial Science)

PGDip (Management in Actuarial Science)

Fazila joined Mergence in September 2020 as a Portfolio Manager in the Multi‑Asset team. At the start of 2026, she was appointed Head: Multi‑Asset & Global Equity, reflecting her leadership role across global equity, balanced and absolute return strategies. She has over 21 years of experience in the financial services industry and a strong passion for research, technology and sustainability. At Mergence, Fazila is responsible for the development and implementation of quantitative and systematic investment strategies across multi‑asset portfolios.

Unathi Hewana

Co-Portfolio Manager

BCom Hons (Financial Analysis & Portfolio Management)

BSc Hons (Biotechnology)

Unathi joined the Mergence public markets investment team in July 2020 as an Investment Analyst in the multi‑asset team. Her primary focus is on the top‑down and bottom‑up analysis of the South African property sector and the integration of a property investment process within the overall multi‑asset strategy. She was promoted to Co‑Portfolio Manager in July 2025, reflecting her expanded responsibility in co‑managing multi‑asset portfolios. Unathi has extensive experience in asset management and is currently completing her Master’s degree in Applied Finance at the University of Cape Town.

Thabiso Mgwambane

Investment Analyst

BSc Hons (Physics)

Thabiso joined the Mergence public markets investment team in July 2023 as an Investment Graduate and was offered a permanent position as Investment Analyst in 2025. With a BSc Honours degree in Physics and currently pursuing a master’s degree in Astrophysical Sciences, he brings strong computational, mathematical programming and quantitative analysis skills to the team.

Fabian de Beer

Chief Risk Officer

BCom (Accounting & Economics)

H.Dip.Ed

Fabian joined Mergence in 2006. He has over 39 years’ experience in financial services and markets, specialising in ALM, investment and macro strategy. Fabian’s primary focus is on investment risk, compliance, and regulatory matters across investments in public and private markets. He serves as Investment Committee chairperson (Private Markets) and is on the Mergence Group Board as well as the in-country Boards where Mergence operates. He has held senior and executive management positions at a major SA bank and one of the largest retirement funds, as well as serving as a director on the SA board of a leading PE entity with his focus on hedge funds.

Morgan Mlambo

Head: Investment Risk & Analytics

BSc (Mathematics & Statistics)

BSc Hons (Mathematics of Finance)

Financial Risk Manager (FRM)

MBA

Morgan joined Mergence in 2018 and has over 19 years’ experience in the financial services industry. As Head of Investment Risk & Analytics, he has oversight of the generation, monitoring and reporting of investment risk metrics across Mergence portfolios, including performance measurement and market risk analytics. In addition, Morgan oversees the mandate compliance function for public markets portfolios, ensuring adherence to regulatory requirements and client mandates.

Siyanda Mkhize

Investment Risk Analyst

MSc (Computer Science)

Siyanda joined Mergence in October 2025 as an Investment Risk Analyst. Prior to joining Mergence, he worked as a Risk & Performance Analyst at Old Mutual Investment Group and as a Junior Investment Analyst at Excelsia Capital. His experience includes investment risk systems, performance reporting, financial analysis and data integrity management, with strong proficiency in Python, Stata, SQL and Excel.

Chito Siame

Head: Private Equity

BSc Hons

MCom (Financial Management)

ACCA

Chito joined Mergence in 2011 as an Equity Analyst in the Public Markets team, where he focused on the FMCG, hospitality, financial services, and telecommunications sectors. He transitioned to the Private Markets investment team in 2015 and now serves as Head of Private Equity. In this role, he leads the origination and execution of private equity investment opportunities across the SADC region. Chito has spearheaded transactions in sectors such as aquaculture and microfinance and sits on the boards of several investee companies.

Mosa Molebatsi

Head: Private Debt

BCom (Actuarial Science, Quantitative Finance)

BCom Hons (Finance)

MPhil (Development Finance)

CFA® Charterholder

Mosa joined Mergence in 2023 as a Senior Investment Associate in the private markets team and was promoted to Head: Private Debt in 2025. She has extensive experience across private debt and development finance, with particular sector strengths in renewable energy, affordable housing, digital infrastructure and financial inclusion, among others. Prior to joining Mergence, Mosa held investment roles at the International Finance Corporation, Public Investment Corporation and Momentum Metropolitan Holdings. She is also involved in academia, including lecturing and research supervision.

Tshepiso Appie

Investment Associate

BBusSci Hons

Tshepiso is an Investment Associate at Mergence Investment Managers. He joined the Johannesburg team in 2018 after a 3-year tenure in the middle-markets private equity team of a listed, blue-chip asset manager. With a diverse range of expertise, Tshepiso has successfully facilitated deals across multiple sectors at Mergence, including affordable housing, medicinal cannabis, primary healthcare, agri-finance, specialised healthcare, waste management, secondary mining, student accommodation, financial inclusion, and fintech.

Onkgopotse Mapulane

Investment Associate

BAccSci
PGDA
CA(SA)

Onkgopotse joined Mergence Investment Managers in 2026 as an Investment Associate, where he is responsible for structuring and leading the end to end execution of private debt transactions. Prior to joining Mergence, Onkgopotse was an investment associate for a UK impact investment firm within the Southern African team, where he gained experience in executing unlisted debt and equity transactions across the region.

Hileni Nghinaunye

Portfolio Manager

BBusSc

PGDip (Investment & Portfolio Management)

Hileni joined Mergence Unlisted Investment Managers (Namibia) as a Portfolio Manager in 2017. She has 15 years of experience in financial services. At Mergence she has transacted on and overseen infrastructure and impact investments on behalf of Namibia’s largest retirement fund, including three renewable energy projects, and a bulk infrastructure/land servicing project.

Johannes Niikondo

Senior Associate

BTech (Civil Engineering)

Johannes Niikondo joined Mergence in December 2024 as a Senior Associate and has 13 years of experience in originating and executing debt and equity financing for infrastructure and development investments. Prior to joining Mergence, he supported the growth of the Preferred Investment Property Fund from N$250 million to over N$1 billion as a Development Manager. He also served as a Monitoring and Evaluation Officer at the Namibia Procurement Fund I & II, overseeing the implementation of debt-financed facilities including working capital, asset and operating lease finance, purchase orders and performance guarantees.

Linkeng Debra Letsaba

Trainee Investment Analyst

BCom (Investment Management & Banking)

BCom Hons (Financial Economics & Investment Management)

Linkeng joined Mergence Investment Managers (Lesotho) in 2022 as a Trainee Analyst within the Private Markets team. In 2024, she was promoted to Investment Analyst, reflecting her growing responsibility and contribution to the execution of private market transactions. In her role, Linkeng supports the origination, evaluation and implementation of investment opportunities across the Private Markets platform. She brings strong analytical capability and emerging leadership skills, having previously served as a member of the SRC executive committee during her university studies.

Ntsbeng Chabeli

Property Analyst

BA (Economics)

PGDip (Property Management & Development)

MCom (Finance & Investments)

Ntsebeng joined Mergence Investment Managers (Lesotho) as a Property Analyst in 2022. She has five years of experience, including time spent as a real estate specialist and data analyst. Her responsibilities at Mergence include analysing the economic drivers of the commercial property portfolio and assessing the financial opportunity for existing and potential property investments.

Nandipha Kenqa

Risk Manager

BCom (Financial Accounting)

PGDip (Accounting)

CA(SA)

Nandipha joined Mergence as a Risk Manager in the Private Markets investment team in June 2017. She has six years of experience working as an external and internal investment auditor. Nandipha’s responsibilities at Mergence include ensuring that governance, risk, and control frameworks are effective and that all investment activities, across all markets, sectors, and deals, are in accordance with applicable legislation, regulation, and client mandates.

Fabian de Beer

Chief Risk Officer

BCom (Accounting & Economics)

H.Dip.Ed

Fabian joined Mergence in 2006. He has over 39 years’ experience in financial services and markets, specialising in ALM, investment and macro strategy. Fabian’s primary focus is on investment risk, compliance, and regulatory matters across investments in public and private markets. He serves as Investment Committee chairperson (Private Markets) and is on the Mergence Group Board as well as the in-country Boards where Mergence operates. He has held senior and executive management positions at a major SA bank and one of the largest retirement funds, as well as serving as a director on the SA board of a leading PE entity with his focus on hedge funds.

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Sholto Dolamo

Managing Director
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Sipho Makhubela

Non-Executive Chairman
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Masimo Magerman

Non-Executive Director
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Lizeka Matshekga

Non-Executive Director
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Maserame Mouyeme

Independent Non-executive Director
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Nyonga Fofang

Independent Non-Executive Director
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Fabian de Beer

Chief Risk Officer
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Sholto Dolamo

Managing Director
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Peter Takaendesa

Chief Investment Officer & Head: Equities
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Semoli Mokhanoi

Chief Commercial Officer
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Karen Wagner

HR Executive
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John Afordofe

Chief Financial Officer
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Peter Takaendesa

Chief Investment Officer & Head: Equities
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Neo Mokhesi

Portfolio Manager
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Radebe Sipamla

Co-Portfolio Manager
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Salome Maruma

Co-Portfolio Manager
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Malose Mamashela

Investment Analyst
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Keagan Martin

Investment Analyst & Trader
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Lebogang Malatji

Investment Analyst & Trader
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Mohamed Ismail

Head: Fixed Income
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Fazila Manjoo

Head: Multi-asset and Global Equity
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Unathi Hewana

Co-Portfolio Manager
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Thabiso Mgwambane

Investment Analyst
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Fabian de Beer

Chief Risk Officer
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Morgan Mlambo

Head: Investment Risk & Analytics
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Siyanda Mkhize

Investment Risk Analyst
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Chito Siame

Head: Private Equity
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Mosa Molebatsi

Head: Private Debt
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Tshepiso Appie

Investment Associate
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Onkgopotse Mapulane

Investment Associate
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Hileni Nghinaunye

Portfolio Manager
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Johannes Niikondo

Senior Associate
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Linkeng Debra Letsaba

Trainee Investment Analyst
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Ntsbeng Chabeli

Property Analyst
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Nandipha Kenqa

Risk Manager
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Fabian de Beer

Chief Risk Officer