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aih capital(Pty) ltd

"uplift and impact women through our investment choices."

AIH Capital is the fund manager of AIH Fund I, a generalist private equity fund focused on the mid market. The majority shareholder of AIH Capital is AWCA Investment Holdings, a 100% black woman owned company with over 50 black women shareholders who are mainly CAs. AIH Fund I makes equity-related investments in companies that are primarily mid-sized and privately held. Portfolio companies are in various industries, exhibit quality operations and strong management, with attractive growth and return prospects. We drive women empowerment through our investments.

AIH Capital will be a key catalyst for increasing the participation of women in the economy. This will be achieved through leveraging their competitive advantage of a unique combination of demonstrated strength and depth and breadth of skills in investments, governance and financial management. The Fund Principals also boast broad networks, collaboration, value chain optimisation and inclusivity to pursue and make Investments in various sectors.

 The remaining shares in AIH Capital are currently held by the Fund Principals. Through AIH, AIH Capital will provide an opportunity for professional women, who are mainly Chartered Accountants across all levels (entry-level to experienced) to indirectly invest in an alternative investment vehicle which will grant them exposure to private assets that they could not otherwise access.”

aih capital

Board of Directors

Ms. Sindisiwe Mabaso- Koyana
CA(SA)
(Managing Partner)

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Ms. Jesmane Boggenpoel
CA(SA),

(Chief Investment Officer)

Sean

Mr. Sean Dougherty
CA(SA)

(Non- Executive)

aih capital

Key Sectors

Financial Services

The Financial Services industry is a key driver for financial inclusion. Investing in this sector and fin-tech in particular ensures access to finance of black people as well as women. Even at a shareholding and management level, this industry has remained male dominated and our investing will ensure its transformation.

Industrial (In energy transforming companies)

Our country's economic growth is dependent on industries where we manufacture and beneficiate including healthcare. This contributes to job creation. Whilst digitisation and technology is an enabler, the South African economy remains dependent on the utilization of large labour forces. We have seen large amounts of women at lower levels and our investments insure we see participation of women as shareholders and managers.

Technology/ Digitization

The advancement of technologies such as machine learning, artificial intelligence, and advanced robotics will have a far-reaching impact on South Africa’s workplaces. Although digitization will be disruptive, it has the potential to raise productivity and operational efficiency in businesses across sectors, to deliver better outcomes for both customers and citizens

Food & Agriculture

There is a big shortfall between the amount of food we produce today and the amount needed to feed everyone by 2050. There will be nearly 10 billion people on Earth by 2050—about 3 billion more mouths to feed than there were in 2019’s population of 7.7billion. Women have always been a contibuter to the rural and township economies as labour force investing in agriculture ensures ownership and leadership.

aih capital

Investment Committee

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Ms. Sindisiwe Mabaso- Koyana CA(SA)

(Executive)

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Ms. Jesmane Boggenpoel CA(SA)


(Executive)
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Mr Peter Armitage CA(SA)


(Chairperson of IC)
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Mr Sean Dougherty
CFA


(Non-Executive)

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Ms. Alupheli Sithebe
CA(SA)

(Non-Executive)

aih capital

The team

Sindi

Ms. Sindisiwe Mabaso- Koyana
CA(SA)

Managing Partner

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Ms. Jesmane Boggenpoel
CA(SA),
MPA Harvard

Chief Investment Officer

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Ms. Omphile Ntsoane
CA(SA)


Investment Associate

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Ms. Kholo Makgoka
CA(SA)


Operations & Compliance Officer

Awards and recognitions

Media

Black, Female-Owned Fund Manager Closes Maiden Fund at R554 Million

AIH Capital, founded with a clear purpose to uplift and impact women through strategic investment choices, is pleased to announce the successful closure of its maiden fund, AIH Fund 1, at an impressive R554 million on 30 November 2024. This marks the end of a 3 year period of extensive fundraising roadshows. The funds have been raised from various institutional investors who are...

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Leadership Transition at Futuregrowth

Our partner, Futuregrowth Asset Management is pleased to announce the appointment of Vuyolwethu Nogantshi as the incoming Chief Executive Officer of Futuregrowth, effective July 2025. Vuyolwethu brings a wealth of experience in South Africa’s financial services sector and will collaborate closely with current CEO Shaun Harris, who will transition into the role of Chief Investment Officer in October 2025.

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AIH Capital’s AIH Fund 1 acquires 49% equity interest in HDC

AIH Fund I, under the management of private equity fund manager AIH Capital, has closed a second deal with High Duty Castings (HDC), resulting in the fund now owning 49% of the manufacturing company...

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SAVCA Women Empowerment Mentoring and Incubation Fund manager Programme

AIH Capital is proud to have been chosen to participate in the Women Empowerment mentoring and incubation fund manager programme for 2021.

Environmental, Social and (corporate) governance (ESG) Policy

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Sindi Dlamini CA (SA)

Sindi Mabaso-Koyana

is an esteemed South African business leader, chartered accountant, and advocate for women’s leadership in finance and governance.

She is currently the Chairperson of MTN (SA) and the founder of the African Women Chartered Accountants (AWCA) organisation, a groundbreaking initiative that has transformed the landscape of accounting in South Africa and opened doors for generations of Black women professionals.

A respected figure in global finance, Sindi has held numerous leadership roles in both the private and public sectors. Her career spans auditing, financial management, and corporate governance, and she has served on the boards of some of South Africa’s most influential institutions. Her leadership has consistently championed ethical governance, social equity, and the empowerment of women in business.

Through AWCA, Sindi has mentored countless young professionals and created a network that not only supports aspiring accountants but also nurtures future CEOs and business leaders. To ensure the legacy and sustainability of AWCA, and financial inclusion of women into our economy, Sindi has led the formation of AWCA Investment Holdings and recently the private equity arm, AIH Capital where she is currently the Managing Partner. AIH contributes its returns to AWCA.

She has recently been awarded an Honorary Doctorate degree by Middlesex University in the UK and named a Visionary Finance Leader by The South African Institute of Chartered Accountants.

Jesmane Boggenpoel CA(SA)

Jesmane is a co-founder and the Chief Investment officer of AIH Capital with over 17 years of investment and transaction experience and extensive corporate board experience.

Commencing her career at KPMG, Jesmane later joined KPMG’s corporate finance department and subsequently worked for Anglo American’s corporate finance department before joining Braiit Private Equity as a Deal Executive. Jesmane was previously Head of Business Engagement – Africa of the World Economic Forum, based in Switzerland between 2014 to 2016. She is a board member of South African Venture Capital and Private Equity Association.

Jesmane was honoured as a Young Global Leader of the World Economic Forum in 2013.

Peter Armitage CA (SA)

Peter is a CA (SA) and started his career in global financial markets in 1994. He has worked as an analyst, head of research and chief investment officer at a number of SA’s top financial institutions, including Merrill Lynch, Deutsche Bank, Nedbank, and Investec Wealth & Investment. Peter has been rated the top investment analyst in the annual Financial Mail rankings a record 21 times and was also rated as the top analyst in SA by Finance Week in 1999. Peter founded the Anchor Group in January 2012 and has built it into a R110bn global investment management and wealth business serving over 15,000 clients. Anchor’s staff of over 350 manage many big SA pension funds and numerous ultra-high-net-worth families.

Sean Dougherty (CFA)

Sean has over 24 years private equity fund management experience, having sourced, executed, managed and sold investments, including early-stage venture, growth and buyout, and across various sizes, geographies, industries and vintages.

He spent 21 years at Brait, with a majority of that time as an executive. He was hired by Altron Value Capital Partners to co-ordinate the unbundling of Bytes UK across Altron management, the Altron Board of Directors and various Corporate Finance, Legal and Tax advisors working on the project. He currently serves on the Investment committee of Vuna Partners and is a Partner at Network Investment Partners.

Alupheli Sithebe CA (SA)

Alupheli is a seasoned Private Equity investment professional with a demonstrated history of working in the Financial Services industry. She is the Managing Director of Kamva Investments (Pty) Ltd, a 100% women-owned private markets investment holding company.

 She   is an EY trained Chartered Accountant and GIBS MBA graduate with extensive investment experience garnered from senior dealmaking roles held at IDC, Senatla Capital and African     Phoenix Investments Limited. Alupheli has held and continues to hold various non-executive roles both in independent capacity as well as in Private Equity investor capacity.

Precious Sibiya CA (SA) (Non-Executive Director)

Precious Sibiya CA (SA) Precious is an accomplished executive and non-executive director with many years of experience in various leadership roles. She has more than 20 years corporate experience in finance, risk management, financial management, supply chain management and compliance. She is a seasoned professional who has worked in various roles across diverse industry sectors (viz logistics, energy, financial services, insurance, consulting) within private and public sectors. Her roles range from Internal auditor, Risk manager, General Manager Finance to Internal Audit Director.

She has served and continues to serve on various boards and audit committees in the roles of Board member, chairman, deputy chairman and committee member.

Her current boards and committee engagements are Ithala Development Finance Corporation, AIH, Ethekwini Municipality, National Credit Regulator,  Ekurhuleni Municipality, Financial Intelligence Centre and Reef Tankers (Pty) Ltd.

She has previously served on the boards and/or audit committees of Sentech, SkX, Parliament of South Africa, Gauteng Provincial Government, National Gambling Board, AWCA, Union Life, NEHAWU Investment Holdings (NIH), South African Reserve Bank Captive Insurance Company Limited (SARBCIC) , City of Johannesburg, Eskom Finance Company and Eskom subsidiaries in Africa (Umeme Ltd in Uganda, Elgas in Mozambique), amongst others.

Precious is a member of the South African Institute of Chartered Accountants and African Women Chartered Accountants. She completed her articles at Deloitte in Durban where she qualified as a Chartered Accountant. She is also a registered business rescue practitioner.

She is passionate about community development especially programmes involving children and rural women.