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Thuso Incubation Partners (Proprietary) Limited (“Thuso”) is an independent, majority black-owned asset manager and incubation specialist.

Key individuals of Thuso have demonstrated a track record of incubation and manager selection in South Africa for over 15 years. Our incubation experience and track record covers property, credit, private equity, infrastructure, hedge funds, and listed equity teams and fund managers.

Ke Nako Capital has provided infrastructure and initial resource support to Thuso Incubation Partners. Ke Nako Capital began its fund-of-funds private equity programme in 2007, allied to this, partners have successfully owned and run incubation platforms in South Africa and abroad in 2005.

In 2018 Thuso incubation partners launched Hodisang Fund 1, which is South Africa’s first dedicated Black SA Private Equity Manger Incubation Fund of Funds. We are privileged to have received support from the Motor Industry Retirement Fund as a seed and anchor investor into the fund.

In 2019, Thuso Incubation Partners launched Thuso Private Markets Fund 1. This is a Fund of Fund Initiative that incubates and invests across private equity and real assets (infrastructure, credit, property). We are privileged to have partnered the Eskom Pension Provident Fund as a seed and anchor investor into the fund.

Thuso is a dynamic and innovative incubation specialist and a trusted partner for highly skilled entrepreneurially driven black investment professionals.

we are a proudly south african organisation Who is passionate about making a lasting and holistic impact.


Achieving real returns within the asset liability matching process.

  • Hodisang Fund 1 fund-of-funds investing into private equity funds domiciled in South Africa.
  • Thuso Private Markets Fund 1 fund-of-funds investing into private equity, real assets and credit funds, domiciled in South Africa.
  • Segregated Accounts/Funds these will be fund-of-funds providing institutional investors with the opportunity to strategically allocate between private, real assets and credit according to their desired level of exposure.


Our services go beyond the provision of capital.

  • Creation and development of black private markets investable universe ( “new teams”)
  • Structuring the pathway for the launch of new teams or funds.
  • Providing strategic guidance on building a competitive value proposition
  • Providing top up fund capital to emerging teams
  • Creation of an institutional quality value-added operational platform
  • Co-developing systems for portfolio and risk management
  • Assisting on fund formation and fund raising
  • Unlocking the deal flow from the Thuso network
  • Providing the initial FSP license and individual support

sustainable investing

Sound ESG management practices foster an environment where all stakeholders benefit.

as part of this belief we:

pride ourselves on responsible investing

Pride ourselves on responsible investing, which aims to minimise ESG risks and maximise opportunities at every stage of the investment cycle.

support development initiatives in South africa

Support a number of development initiatives in South Africa. One NPO that we are most passionate about funding is the African Warriors of Light where we are supporting the education and mentoring of promising youth who are living in challenging and hostile environments.

build esg criteria into our due diligence processes

Build ESG criteria into our due diligence processes – so that we only invest with managers and underlying funds that comply with relevant jurisdictional regulatory requirements and demonstrate United Nations-supported Principles for Responsible Investment (UNPRI).

promote best esg management practices

Promote clear and consistent ESG management practices across our portfolio, to create value for our investors and uphold the integrity of the private markets capital we provide.

our process

  • 1

    Identifying incubation prospect

    Leveraging off our network to source newly formed and emerging teams specialising in private markets.

  • 2

    Vetting investment strategy

    A demonstrable track record executing prospective incubatee’s investment strategy.

  • 3

    Delivering the ecosystem to sustain incubated managers

    Planning and provision of value adding operational, fundraising and strategic elements.

  • 4

    Review and Due Diligence Process

    Iterative qualitative and quantitative multi stage process.

  • 5

    Final Recommendations

    Based on steps 1 to 4, approval or decline.

  • 6

    Operational Support

    Implementation of support services programme (new or emerging teams).

  • 7

    Investment Monitoring (Ongoing)

    Continued engagements on portfolio, risk and key operational elements.

  • 8

    Fundraising Support

    Assist in production of investor materials and access to Thuso investor network.

OUR team

Olwethu Cata Chief Executive Officer

Olwethu is an experienced portfolio manager within the SA Multi-Management industry. He has been a key member of the Thuso/Ke Nako portfolio management team for a number of years.

Masters in Economics SU

Masters in Finance (Investment Management) UCT

Bcom (Hons) SU

Bcom (UCT)

Carlo Dickson Chief Investment Officer

Carlo has 15 years’ experience within the incubation/direct investments and multi-manger industry covering traditional and alternative investments asset classes.

Including having founded Thuso, Carlo is also a founder of a number of Private Markets incubation initiatives within the global asset management industry. He is a passionate builder of businesses.

Bcompt Hons UNISA



Sesethu Simelela Portfolio Manager

Sesethu has a strong foundation within the South African fund-of-funds industry having been part of the Ke Nako Capital portfolio management team for a number of years.

Masters in Financial Management Candidate UCT

Bachelor of Business Science UCT

Michelle BholoshaInvestment Analyst

Michelle has a deep knowledge and track record within the development of fund administration and reporting systems.

PG Dip. FINANCE finance and investments

Bachelor of Commerce UWC

Justin James Head of Investment Risk

Justin has extensive global experience in the development of risk management systems and provision of counter party risk consulting services to the asset management industry. He also has 10 years’ experience within portfolio management of traditional and alternative investment asset classes.


BCOM Accounting

Mmitji Letsoalo Portfolio Risk Professional

Mmitji has a strong grounding in the development, implementation and maintenance of asset management risk systems.

Bachelor of Commerce HONS UWC

Bachelor of Commerce UWC

Ryan WiborgFinancial Director

Ryan is an expert within the provision of financial, audit and operational support to asset management businesses. He is also a specialist in BBBEE and financial sector charter regulations.

BCompt, Professional Accountant SA

Lindiwe MngeniRisk & Compliance Team Member

Lindiwe supports the risk and compliance functions within the broader team.

Diploma in Data Capturing

Office Administration

Garth Solomon Investment Committee Member

Garth is joint CEO of Evolve Capital and prior he was head of Old Mutual Private Equity where this team invested in 23 transactions and exited 15, including landmark PE deals such as PEP and Life Healthcare. Garth currently chairs the investment committee of Life Healthcare, an Alsi 40 listed company and has been a member of this board for over 9 years. He has also served on the boards and committees of Metro Cash & Carry, Air Liquid, Tourvest and Libstar. Prior to joining OMPE Garth was a founder member of African Harvest, a listed financial services company, and a member of their private equity and corporate finance teams.

BCompt Hons


Rahab Matebane Investment Committee Member

Rahab is an experienced businesswoman and entrepreneur, with extensive exposure to the financial services industry having served on boards and or sub-committees of asset managers as well as investment and corporate banking institutions in South Africa. She has served as a director on the Sesfikile Capital board for the past 6 years.

CEO Mapitsi Holdings

Duncan McRobert Investment Committee Member

Duncan spent three year working in the financial services sector in London after completing his articles in South Africa. On his return he has worked at Coronation, Standard Bank and Cadiz. He has also served as an executive director and chairman on various business in South Africa.


Bcom Honours UNISA

Bcom UCT

Michael Kirsten Investment Committee Member

Member of the investment committee, he has extensive experience in portfolio management, trading and formulation of investment strategy.

Previously he was Head of Private Clients at Investec responsible for specialised domestic and international mandates.

Master of Arts Oxford University

Bachelor of Business Science UCT

Fabian Whate Investment Committee Member

Fabian is Head of direct investments at a Pan-African Private Equity Fund Manager. His previous work experience includes investment banking at JPMorgan and UBS and management consulting at McKinsey and Company. Fabian has an MBA (Cum Laude) from London Business School and a Bachelor of Business Science degree from UCT.

MBA London Business School

Bachelor of Business Science UCT