Allocator Media Podcast
Stories and data for Africa-focused multi-strategy investors. Allocator Media Ltd is a media, research, and networking platform focused on African capital markets. It owns the AFRICAN ALLOCATOR and AFRICAN STOCK HUNTER media brands.
Episodes
Powering Africa’s Copper Boom – Mutale Mukuka
Copperbelt Energy Corporation Plc is one of Zambia's most important companies – and a critical part of the infrastructure behind the region’s copper boom. It generates power, owns and operates critical transmission infrastructure, and trades electricity across borders, linking Zambia, the DRC and the wider Southern African power market. Copper mines in both countries are among its key clients.
African Real Assets: What Becomes Investable Over 30 Years? – Mwiya Musokotwane
What becomes investable when your time horizon is 20 or 30 years, rather than two or three? That’s the underlying question in this conversation with Mwiya Musokotwane, co-founder and CEO of Thebe Investment Management. Thebe is a Zambia-based real assets investor and developer with interests spanning real estate, infrastructure, energy, agriculture and forestry. Its projects include Nkwashi, a pri
Frontier Market Investing: Curiosity As An Edge – Ryan Floyd
After studying history at Yale, Ryan Floyd moved to Mumbai to work at Mahindra & Mahindra. His time in India convinced him that he wanted a career allocating capital in developing markets, places that still felt unfamiliar, and even scary, to many American investors. On returning to the US, he joined Auerbach Grayson, training in New York and travelling extensively across Africa and South Asia
Maker, Not Taker: Africa’s AI Opportunity – Sir John Lazar
Sir John Lazar was born in Johannesburg, South Africa. A classic engineer by training and mindset, today he is helping shape how Enza Capital, the venture firm he co-founded, thinks about the next major technological cycle: artificial intelligence. In this episode, Sir John explains why Africa should be a “maker, not just a taker” in AI, and why some of the continent’s biggest constraints could be
eFinance: Building The Next Layer Of Egypt’s Financial System – Ahmed Sobhy
eFinance Investment Group has become part of the financial plumbing of Egypt’s economy. Its systems sit beneath a significant share of the country’s government and financial transactions, supporting the collection and movement of money across tax, customs, subsidies, public payroll and other critical services. But once a company becomes that embedded, where does the next phase of growth come from?
Rethinking Venture Capital In Africa – Laura Davis
Africa’s venture capital ecosystem is still evolving, and Laura Davis, Co-CEO & Managing Partner at Renew Capital, believes solving the continent’s capital distribution challenge will be critical to what comes next. Renew Capital backs technology companies that hold valuable data on SMEs and helps them build lending products or partner with lenders to improve financing access for underserved S
A Fundamental Investor’s Guide To African Frontier Markets – Greg Barker
African frontier public equity markets remain deeply under-researched, but that is precisely where Greg Barker sees opportunity. In this episode, Barker, Co-Founder of Sustainable Capital, explains how his firm uses concentrated portfolios, fundamental analysis and deep on-the-ground research to identify mispriced businesses within this asset class. We also discuss why valuation sits at the h
Investing At The Edge Of Market Formation – Anne-Marie Chidzero
Africa is not short of capital. The harder challenge is building the instruments, structures and markets that can put it to productive use. Anne-Marie Chidzero, Chief Investment Officer at FSD Africa Investments, the investment arm of FSD Africa, explains how her organisation uses risk capital to test new models, unlock local savings and create pathways for private investors to follow. We also dis
Why Great African Companies Still Get Overlooked – Sruti Patel
After 17+ years in frontier market equities, Sruti Patel is pursuing what she calls a “quiet revolution” in African public markets – helping listed companies take greater control of how global investors see them. In this episode, she narrates why strong African businesses remain “interesting but misunderstood,” what investors underestimate about African management teams, and why better storytellin
8 Million Loans And Counting: Inside 4G Capital – Wayne Hennessy-Barrett
After 17 years in the British Army, Wayne Hennessy-Barrett made an unlikely move into African fintech. Today he leads 4G Capital, a fintech lender that provides millions of working capital loans to small businesses across Kenya and Uganda. In this episode, Wayne shares how the army shaped him as an entrepreneur, why 4G is betting on Africa’s smallest businesses, what 8 million loans have taug
African Equities: Priced For Catastrophe? – Finn Walker
At 23, Finn Walker is probably one of the youngest people managing an Africa-focused public equity fund. In this episode, he explains why he believes African equities are “priced for catastrophe” and where the market may be getting it wrong. He discusses Heron’s core investment thesis, finding undervalued businesses with durable advantages, his contrarian exposure to Zimbabwe, and why time on the
Inside Silverbacks Holdings: The COO's Perspective – Nima Yussuf
What does the Chief Operating Officer inside a private investment firm actually do? In this episode, Nima Yussuf, COO at Silverbacks Holdings, a Mauritius-based pan-African investment firm backing growth-stage companies, explains. She goes further and shares why the operational function sits at the intersection of strategy and execution. She also delves into a variety of themes, for example: some
A Value Investor's Guide To African Stocks – Brad Virbitsky
Why would a global value investor allocate almost half of its EM portfolio to African public equities? In this episode, Brad Virbitsky, Co-Portfolio Manager of the Emerging Markets Fund at US-based Equinox Partners, explains why Africa wasn't a top-down allocation decision but the natural outcome of a disciplined value investing process. He shares how Equinox identifies dominant businesses trading
Private Equity Thinking In Egypt's Public Markets – Yasser El Halaby
Why would a private equity investor pay 9-10x EBITDA for an unlisted business when a comparable listed company trades on 5-6x EBITDA? In this episode, Yasser El Halaby, CEO at Cairo-based Compass Capital, explains why his firm sees the market's mispricing of risk as one of Egypt's biggest investment opportunities. Rather than trading stocks, Compass invests in public companies with a private equit
The Case For Special Situations Investing On The JSE – Richard Cheesman
Prior to founding Urquhart Partners, Richard Cheesman built a reputation anonymously, running one of South Africa's largest corporate finance Twitter accounts. This was 2017, around the time of the Steinhoff scandal. That online work, and Richard's deeply analytical mindset, so impressed the founder of one of the country's largest hedge funds that he offered Richard a job. In 2019, Richard jo
Why Africa Must Fund Its Own Energy Future – Dr Herta von Stiegel
How do you go from tourist to investor? In this episode of the podcast, Dr. Herta von Stiegel shares how trips to Africa as a holidaymaker soon turned into philanthropy, and then into a mission to join others in developing and financing the continent's energy future. She talks about how smart capital allocation can support long-term energy security, the vital role that domestic African pensio
Frontier Africa: Deep Value At The Bottom Of The Capital Cycle – Johan de Bruijn
The best investment opportunities often emerge after everyone else has left. (Yes, you read that right). In this episode, Johan de Bruijn, Co-Founder and Portfolio Manager at 337 Frontier Capital, breaks down the capital cycle driving today's opportunity within Frontier Africa public equities. He explains why today's opportunity reminds him of the early 2000s, how he uncovers overlooked businesses
Sango Capital And The Power Of Resilience – Richard Okello
Sango Capital was created to be a bridge between global capital and African opportunity. In this episode, Co-Founder and Managing Partner Richard Okello (formerly of Bridgewater Associates and Makena Capital Management) talks about the journey since 2011. He explains his philosophy and approach to capital allocation, why he thinks sustainable impact comes only from commercially viable businesses,
Within Crises, There Are Opportunities – Abir Leheta
How do you grow a logistics business when disruption becomes the norm? In this episode, Abir Leheta, Co-CEO of Egytrans NOSCO, a listed Egyptian transport and logistics group, discusses navigating crises, the strategic logic behind the 2025 NOSCO acquisition (one of the first non-cash share swap deals on the EGX), and more. Enjoy! African Stock Hunter is an Allocator Media Ltd company.Learn more a
Wealth Creation, One Cow At A Time – Kagiso Tloubatla
For generations, Africans measured wealth in cattle long before modern finance arrived. Could fractional ownership of this familiar, everyday asset be the bridge between traditional wealth and modern investing? Since 2017, this has been the core idea driving SV Capital, a Johannesburg-based alternative real assets manager. In this episode, Co-Founder & COO Kagiso Tloubatla explains w
Spotting Frauds, Fads, And Broken Balance Sheets – Andre Steyn
Andre Steyn, CEO and CIO of Steyn Capital Management, explains how forensic accounting and investor psychology create opportunities on both the long and short side. From spotting frauds, fads, and broken balance sheets to finding dominant businesses trading at attractive valuations, Andre shares the lessons behind his quality-value approach, and why African equities may be one of the most overlook
Emerging Fund Managers Are Not Allowed To Fail – Nyeji Mhango
Nyeji Mhango is the Founding Partner and CEO of wCap, a Zambia-based investment firm providing private credit to high-growth, women-led businesses in underserved Southern African markets. In this episode, she walks through wCap's evolution from venture capital to private credit, why the SME financing gap in Africa demands bespoke lending solutions over one-size-fits-all products, and what emerging
Why Liberty Kenya Is Choosing Margin Over Market Share – Kieran Godden
Kieran Godden trained as an actuary. He moved from South Africa to Kenya over four years ago where today, he leads Liberty Kenya Holdings Plc. The firm is a full-spectrum insurer listed on the Nairobi Securities Exchange and part of the Standard Bank Group. In this conversation, why digitalisation is core to its strategy, Kenya's highly competitive insurance industry, the value of return on equity
African Capital Investing In Africa Sends A Powerful Signal – Dr Slim Feriani
Dr Slim Feriani is a Founding Partner and CEO at Alternative Path Partners, a new Africa-focused multi-asset investment firm. Over the years, he has held roles in academia, government and asset management. He most recently served as CEO of Djibouti's sovereign wealth fund. In this conversation, Dr Feriani explains APP's investment thesis, why Africa demands a multi-asset approach, and why “capital
Invest Where Others Aren’t Paying Attention – Luni Libes
Luni Libes, CEO at Africa Eats, discusses his company’s Berkshire Hathaway-inspired model, why traditional venture capital often struggles in Africa, and how public markets can unlock scale. He also explores the power of “boring” food and agriculture businesses, founder networks, and the long-term opportunity across Africa’s fast-growing economies. Enjoy! African Stock Hunter is an Allocator Media
The Capital Cycle Approach to Investing, with Django Davidson, Founding Partner, Hosking Partners
Django Davidson is a founding partner at Hosking Partners, a London-based investment manager running a global equity strategy with a capital cycle approach. In this conversation, Django explains what the capital cycle approach to investing actually is, why he's bullish about platinum group metals (PGMs), and what true contrarianism means to him. Enjoy!Learn more about Django Davidson | Hosking Par
Building Nigeria’s Pension Future, with Dave Uduanu, Chief Executive Officer, Access ARM Pensions
Dave Uduanu is CEO of Access ARM Pensions, one of Nigeria’s largest pension fund administrators (PFAs). In this episode, he explains more about Access ARM’s allocation strategy, some notable trends within the Nigerian pensions industry, and why he expects more industry consolidation in the years to come. Enjoy!Learn more about Dave Uduanu | Access ARM PensionsLinkedIn: https://www.linkedin.com/in/
Overlooked and Undervalued, with Steven Quattry, Portfolio Manager Next Gen Emerging Markets, Morgan Stanley Investment Management
Steven Quattry is a Portfolio Manager at Morgan Stanley Investment Management, where he leads the Next Gen Emerging Markets Fund focused on large, fast-growing yet overlooked markets. In this episode, he talks about the fund's top-down macro investment approach, compelling opportunities in countries like Nigeria and Egypt, and why amidst noisy global politics, he's focused on dollar-dominated retu
The $6.8 billion man, with Roland Gräbe, Chief Investment Officer, Old Mutual Multi-Managers
Roland Gräbe is Chief Investment Officer at Old Mutual Multi-Managers, a South African investment firm with $6.8 billion in assets under management. As an asset allocator, Roland oversees OMMM's allocations to various asset managers both locally and internationally. In this episode, he talks how growing up in an academic household shaped his career path, why it's hard to find truly skilled investm
The growth (and challenge) of ETFs in Africa, with Nerina Visser, Director at ETFSA Portfolio Management Company
Nerina Visser is Director at ETFSA Portfolio Management Company, a South African investment firm that specialises in exchange traded products. In this episode, she talks about her unusual journey into the investment industry, how the South African exchange-traded fund (ETF) industry differs from other African markets, and why regulators are key to unlocking growth in the African ETF industry. Enjo
Multi-Asset Investing in Southern Africa, with Mike Adsetts, CIO, Momentum Investments
Mike Adsetts is Chief Investment Officer at Momentum Investments, a South African multi-asset manager. In this episode, he talks about strategic and tactical asset allocation strategies, how liquidity and regulation impact investment decision-making, and why he's still a firm believer in ESG investment principles. Enjoy!Learn more about Mike Adsetts | Momentum InvestmentsLinkedIn: https://www.link
Capital Allocation across African Infrastructure, with Vuyo Ntoi, Co-MD, African Infrastructure Investment Managers (AIIM)
Vuyo Ntoi is Co-Managing Director at African Infrastructure Investment Managers (AIIM), one of the continent’s leading sustainable infrastructure investors. In this episode, he shares how AIIM is allocating its new $954 million pan-African infrastructure investment fund, why local knowledge is key to investment success, and how he navigates short-term market noise vs. long-term strategy and convic
Valuations, Volatility, and Vision: Ayo Salami on African Equity Markets Today
Ayo Salami is Chief Investment Officer at Emerging Markets Investment Management (EMIM), a London-based investment manager. In this conversation, he reflects on his journey from academia to fund management, provides a historical view of the present moment in African listed equity valuations, and explains why domestic African capital sources are key to the next decade of African development.Learn m
Private Credit with Aum Thacker, Investment Professional, TLG Capital
Aum Thacker is an investment professional at TLG Capital, a London-based private credit investment firm focused on African markets. In this conversation with Chipo Muwowo, he discusses why private credit is transformative for African entrepreneurs, how TLG structures deals to reduce risk in Africa's rapidly evolving private credit landscape, and why a Nollywood deal remains his firm favourite. Aum
Frontier Markets Investing, with Thea Jamison, Managing Director, CHANGE Global Investment
In this conversation, Chipo Muwowo speaks with Thea Jamison, Managing Director, CHANGE Global Investment. Thea explains why she likes blue-chip companies “that have multi-bagger upside”, where in Africa her firm is currently invested, and why the gap between perception and reality is Africa’s biggest investment challenge. She also shares one thing she’s optimistic about, and one thing she’s cautio
