Legal Infomation

Your use of the Mergence website and email services, including the receipt via email of fact sheets, periodic reports and/or price and performance information, is subject to your accepting and complying with our terms of use. By using our website or email services, you agree and accept all of our terms of use.

The Financial Advisory and Intermediary Services Act, 2002

Mergence Investment Managers (Pty) Limited (‘Mergence’) is an authorised financial services provider in terms of the Financial Advisory and Intermediary Services Act, 2002 and is a member of the Association for Savings and Investment South Africa (‘ASISA’). Mergence is not authorised to and does not provide financial advice. All information contained on this website should not be construed, or relied upon, as advice. If you require financial and/or investment advice, please engage the services of an independent financial adviser.

Content

The information and content (collectively ‘information’) accessible through this website is provided by Mergence as general information about Mergence and its products and services. Mergence does not guarantee the suitability or potential value of any information or particular investment source. Any information on this website is not intended to provide nor does it constitute financial, tax, legal, investment, or other advice. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. It is recommended that you consult an independent financial adviser regarding your specific situation if you require financial and/or investment advice. Nothing contained in any service provided or any content on this website constitutes a solicitation, recommendation, endorsement or offer by Mergence, including in regard to buying, selling or holding any securities or investments, but shall merely be considered to be an invitation to do business.

Ownership and copyright

This website and its content are owned by Mergence and/or its licensors and are protected by copyright and other intellectual property laws. All rights not expressly granted are reserved. Any unauthorised copying, reproduction, retransmission, distribution, dissemination, sale, publication, broadcast or other circulation, or exploitation of this material will constitute an infringement of such protection. The copyright in all material vesting in Mergence published on this website shall continue to vest in Mergence. Without detracting from the above, Mergence authorises you to view, copy, download, print and distribute the content of this website, provided the content is used only for your information, non-commercial and private purposes. You are expressly prohibited from incorporating any proprietary material of Mergence and/or its licensors taken from this website in any other work, publication or website either of your own or belonging to any third party. The trademarks and logos displayed on this website are registered and/or in the process of being registered. Nothing contained on this website or in the content or information provided should be construed as granting any licence or right to use any of the marks without the prior written permission of the owner and no right, title or interest in any proprietary material contained on this website is granted to you.

Email legal notice

For our email legal notice, click here.

Privacy notice

For details about our privacy notice, click here.

Complaints procedure

For details about our complaints procedure, click here.

Conflict of interest management policy

For details about our conflict of interest management policy, click here.

Important information

The content on this website and the information contained therein is made available to you ‘as is’ and ‘as available’. Mergence has taken and will continue to take care that all information provided on this website is true and correct in so far as this is under Mergence’s control. However, Mergence does not warrant that this website, the content provided or information contained therein will be error-free or will meet any particular criteria of accuracy, completeness or reliability of information, performance or quality and disclaims any liability for, any loss, damage (whether direct or consequential) or expense of any nature whatsoever which may be suffered as a result of or which may be attributable, directly or indirectly, to the use of or reliance upon any information, links or service provided through this website. Although Mergence has taken reasonable measures to ensure the integrity of this website, including the content provided and the information contained therein, there is no warranty of any kind, expressed or implied made by Mergence, regarding the information or aspect of any service provided. Any warranty implied by law is hereby excluded except to the extent that such exclusion would be unlawful.

Mergence reserves the right to suspend, terminate or modify this website, email services or these terms of use at any time without notice. Any changes will be implemented and you can access at Legal Information. If you use this website after the changed terms of use have been posted, you will be deemed to have accepted the changed terms of use.

Promotion of Access to Information Act

The Promotion of Access to Information Act, 2000 (‘PAIA’) gives persons the right to access information that is required to exercise or protect their rights. In terms of PAIA, before access to information requested by persons is granted, certain requirements have to be met. PAIA also requires private bodies such as Mergence to compile a manual, designed to assist persons who want to exercise their right to access information. In general, you can visit our website without having to divulge any personal information about yourself. However, while using this website you may provide information about yourself or it may be collected by Mergence. Access to your personal information held by Mergence may also be requested by you or third parties. PAIA regulates and sets out the procedure for such a request and under what circumstances such access may be refused. The PAIA manual, the prescribed request form and information on applicable fees payable for access to this information, is available below.

 

    • Access to information – Manual

Governing law

The content contained on this website will be interpreted and implemented in accordance with the laws of the Republic of South Africa.

Email Legal Information

Your use of our email services, including the receipt via email of fact sheets, minimum disclosure documents, periodic reports and/or price and performance information, is subject to your acceptance of and compliance with our terms of use. By using our website or email services, you agree and accept all of our terms of use.

The Financial Advisory and Intermediary Services Act, 2002

Mergence Investment Managers ( Pty) Limited (‘Mergence’) is an authorised financial services provider in terms of the Financial Advisory and Intermediary Services Act, 2002 and is a member of the Association for Savings and Investment South Africa (‘ASISA’). Mergence is not authorised to and does not provide financial advice. All information contained in this email communication, including attachments, should not be construed, or relied upon, as advice. If you require financial and/or investment advice, please engage the services of an independent financial adviser.

Confidentiality warning

The contents of this email and any accompanying documents are confidential and may be subject to legal privilege and client confidentiality. Any use of these, in whatever form, by anyone other than the addressee is strictly prohibited. If you are not the intended recipient of this email or facsimile, kindly notify the sender by return email, fax or phone call and please delete it from your system and/or device. You may not copy this email or disclose its contents to any other person, without Mergence’s express written consent.

Ownership and copyright

The contents of this email and any accompanying documents relating to Mergence and its subsidiaries and associated companies are owned by Mergence and are protected by copyright and other intellectual property laws. All rights not expressly granted are reserved. Any unauthorised copying, reproduction, retransmission, distribution, dissemination, sale, publication, broadcast or other circulation, or exploitation of this material will constitute an infringement of such protection. Without detracting from the above, Mergence hereby authorises you to view, download, print and distribute the content of this email and any accompanying documents, provided the content is used only for your information, non-commercial and private purposes.

The copyright in all material vesting in Mergence provided through email services shall continue to vest in Mergence. You are expressly prohibited from incorporating any proprietary material of Mergence and/or its licensors taken from this email in any other work, publication, email or website either of your own or belonging to any third party. The trademarks, logos and service marks (‘marks’) displayed in this email or accompanying documents are registered and/or in the process of being registered. Nothing contained in this email should be construed as granting any licence or right to use any of the marks without the prior written permission of the owner and no right, title or interest in any proprietary material contained in this email is granted to you.

Electronic communications

By communicating with Mergence through electronic means, you consent to receiving communications electronically and agree that all agreements, notices, disclosures and all other communications transmitted by electronic means satisfy any legal requirement, including but not limited to the requirement that such communication should be in writing. Unless otherwise agreed, an email is only considered to be received by Mergence once Mergence has confirmed receipt; and an email is only considered to be sent by Mergence once reflected as ‘sent’ on the Mergence email server.

Important information

Mergence has taken and will continue to take care that all information provided in this email is true and correct, in so far as this is under Mergence’s control. However, Mergence does not warrant that this email, the content provided or information contained therein will be error-free or will meet any particular criteria of accuracy, completeness or reliability of information, performance or quality and disclaims any liability for, any loss, damage (whether direct or consequential) or expense of any nature whatsoever which may be suffered as a result of or which may be attributable, directly or indirectly, to the use of or reliance upon any information, links or service provided through this email. Furthermore Mergence shall not be liable if any variation is made to any document or correspondence emailed unless the variation has been approved by the sender. Mergence cannot and will not be held liable for any harm or loss resulting from viruses in this email or accompanying documents, including data corruption resulting therefrom. Mergence disclaims liability or legal responsibility for the non-delivery or incorrect delivery for whatever reason of the contents of this email, its effect on electronic devices or its transmission in an unencrypted medium.

Although Mergence has taken reasonable measures to ensure the integrity of this email, including the content provided and the information included, there is no warranty of any kind, expressed or implied made by Mergence, regarding the information or any aspect of any service provided. Any warranty implied by law is hereby excluded except to the extent that such exclusion would be unlawful.

Mergence reserves the right to suspend, terminate or modify the email services or these terms of use at any time without notice. Any changes will appear in this document, which you can access at any time. If you use the email services after the changed terms of use have been posted, the changed terms of use will be considered as accepted by you.

Personal use by employees

Mergence is not able to distinguish between business and personal emails. Users who make use of Mergence’s email system do so at their own risk and accept responsibility for any actions or consequences that arise from such personal use. Any views or opinions expressed in such emails are those of the individual sender and do not necessarily create obligations on or represent any commitment or view by, or opinion of Mergence. If you are unsure of the content or information contained in an email, it is advised that you seek written confirmation from Mergence before relying on the content and/or information. If an email contains offensive, derogatory or defamatory statements or materials, it means the email has been sent outside the sender’s scope of employment with Mergence and therefore only the sender can be held liable in his/her personal capacity.

Interception and monitoring

Users who make use of Mergence’s email system do so at their own risk and accept responsibility for any actions and consequences that arise from such use. In general terms, Mergence does not engage in blanket monitoring of communications. Mergence does however reserve the right at any time and without notice to intercept and monitor communications and stored files sent or received over or stored on Mergence’s information and communications systems, provided that such monitoring and interception is: performed by an Mergence representative properly authorised by Mergence; and for a lawful purpose.

Offer

Nothing contained in this email constitutes a solicitation, recommendation, endorsement or offer by Mergence, including in regard to buying, selling or holding any securities or investments, but shall merely be considered as an invitation to do business.

Governing law

This email and any accompanying documents will be interpreted and implemented according to the laws of the Republic of South Africa.

Company details

Registered name:
Mergence Investment Managers Proprietary Limited
(Registration no: 2004/021426/07)

Address:
2nd Floor, Block B, Cape Town Cruise Terminal
Duncan Road, V&A Waterfront
Cape Town, 8001

Directors:
Executive Directors: FR de Beer, SM Dolamo
Non-Executive Directors: MI Magerman, SD Makhubela, TD Mahloele, VL Matshekga
Independent Non-Executive Directors: NW Fofang, MR Mouyeme

Company secretary:
Tikvah Secretarial Services Proprietary Limited

For further information please contact the Chief Financial Officer at john@mergence.co.za

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

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