AIH Capital

AIH Capital is the fund manager of AIH Fund I  which is a generalist private equity fund. AIH Capital has a Majority of the issues share capital of AIH Capital is held by AWCA Investment Holdings, a 100% black woman owned company. The principal investment objective of AIH Fund I is to make equity-related investments in companies that are primarily mid-sized and privately held. These portfolio companies will be in various sectors, exhibit quality operations and 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 majority of the issued share capital of AIH Capital is held by AIH, a 100% Black woman owned company. 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)

Founder and Principal

Ms. Jesmane Boggenpoel CA(SA) MPA Harvard

Founder and Principal

Mr. Shaun Collyer

Non- Executive

Ms. Alupheli Sithebe CA(SA)

Non- Executive

AIH Capital

Key Sectors

Agriculture and or food security

There is a big shortfall between the amount of food we produce today and the amount needed to feed everyone in 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 7.7 billion. As such the Agriculture and food security space is one of our sectors.


In a Covid19 environment and restricted international transportation, global supply chains are functioning less optimally and driving a need for local supply chains.
o Logistics
o Environment

Business being digitized

The advance of technologies such as machine learning, artificial intelligence, and advanced robotics will have a far-reaching impact on South Africa’s workplaces. Although digitisation 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, and to create millions of high-quality jobs.


This has always been and with the “new normal” will now more than ever be a focus area for the global community. A higher focus on health, hygiene and related protective personal equipment. For example, there is currently a high demand for ventilators in South Africa and more functional ways of maintaining hygiene will be in the spotlight. South Africa will also be looking at PPE that can be manufactured locally to avoid an inability to obtain supply (hygiene incorporates medical or health businesses).

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Sindi Mabaso-Koyana CA (SA) (Chairperson)

Sindi Mabaso-Koyana,

A Chartered Accountant, Sindi is the founder of The African Women Chartered Accountants. She later led the formation of the commercial arm, AWCA Investment Holdings (AIH) which she currently chairs.

She is the Managing Partner of AIH Capital the Private Equity firm of AIH.

AIH has built a portfolio of solid investments which include ReefTankers, Atlas panel Beaters, Hollard, Foskor and recently added Bidvest Protea Coin, Global Credit Agency and Futuregrowth Asset Managers.

She has extensive experience In the Public Sector where she served on a number of Sate Owned Companies as Executive and Non-Executive Director. She was Group CFO of Transnet and Prasa in the first phase of South Africa’s democracy. Her passion for the public sector was seen in her continuous contribution as Non-Executive Director in SOC’s including SANRAL, SAA, Eskom, PIC especially when there was a call by our new President Ramaphosa for professionals to serve in the reforms of the State Owned Entities. Sindi has also serve on listed and international entities where she chairs Audit & Risk Committees, Social & Ethics Committees and Remuneration Committees including MTN Group, Bidvest Group, Sun International Limited and was part of the Governance Reforms of FIFA where she was Deputy Chair and subsequently Chair of their Audit and Compliance Committee. She has had the honour to be the independent Chair of The Sugar Association of South Africa to drive the industry’s turnaround.  She is a Fellow of the Aspen Global Leadership Network, Member of International Women’s Forum , Advisory member to the Antwerp Management school( Belgium) and Innsbruck Management Centre (Austria). Other international business schools where she has delivered lectures include Duke University in North Carolina and Insead in France

She continues to contribute in the public sector by lecturing at the National School of Government.

Sindi is a former YPO member.


Nomavuso Mnxasana - CA (SA) (Non-Executive Director)

Nomavuso is a Chartered Accountant, having obtained her B Compt and Hons from the UNISA. She trained at Deloitte and Touche and after completing her articles she spent one year at Deloitte before joining SizweNtsaluba vsp (former Nkonki SizweNtsaluba). She spent 10 years as Senior Partner and Exco member at SizweNtsaluba VSP. She was specialising in consulting, internal auditing and attest function. She started the Corporate Governance division which housed the internal audit services as she identified this opportunity during the introduction of the Public Finance Management Act (PFMA). She was also involved in staff development and training as a staff partner for five years. Some of her major clients included, Eskom, SAA, MTN and Sentech.

Nomavuso was the head of the Imperial Group Internal Audit division and responsible for risk management in the Group. She successfully implemented risk management in the group both locally and internationally. As a result, she obtained a good understanding of the various industries within which the Imperial Group operates. Having recognised the shortage of black qualified Chartered Accountants in South Africa she introduced Training Outside Public Practice (TOPP) within the Imperial Group. Her current directorships include Nedbank, JSE, ArcelorMittal, and IDC. She has previously served on the boards of Landbank, Wiphold, Imperial Bank and Optimum Coal.

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.

Melanie Elephant is employed as a Manager within the Diversified Lending and Leverage team of Standard Bank’s Investment Banking division. Her role includes the origination and execution of term lending transactions for corporates listed on the Johannesburg Stock Exchange. She has gained extensive experience in Black Economic Empowerment (BEE) both in her capacity as Operations Director at PKF BEE Solutions and Regional Executive at Empowerdex. Prior to joining Empowerdex, Melanie managed an audit practice as a sole practitioner, servicing both private and public companies. Melanie qualified as a Chartered Accountant in 2004 after completing her training contract with Deloitte & Touché in Johannesburg in 2003. In October 2007, Melanie joined the Board of African Women Chartered Accountants (AWCA). Her role in the Professional Development portfolio included the facilitating of Qualifying Examination preparatory workshops for members and hosting of the annual AWCA Career conference which showcases employment opportunities for members. She has also been responsible for fostering and maintaining key stakeholder relationships as part of the Strategic Alliances portfolio and spearheads the AWCA weCAre CSI project which aims to help disadvantaged individuals by providing them with monthly food parcels. In 2011, Melanie assumed the role of Deputy President, a position she held until her resignation from the Board of AWCA in 2015.

Busi Silwanyana (Non-Executive Director)

Busi Silwanyana  has an interest in corporate governance having held various executive positions in corporate, being a member of compliance committees and held positions in governance committees as an independent member. She looks to Share expertise, skills and experience with the organizations’ board members and executive team by contributing to strategy formation and direction of the company leveraging what I have achieved throughout my career in providing strategic financial expertise while driving business growth and profitability improvements for multimillion-dollar, global organizations.

The Value Add as a board member is as a commercially focused finance executive who  contributes towards the setting and implementation of strategy. She plays as oversight of risk management, policy formulation and implementation in my banking experience I collaborated with risk governance division in identifying key business risk, outline acceptable risk levels and development risk management policy as member in both credit risk and operational risk management committees. She Leverages strong business acumen with experience working with large scale businesses in effort to structure complex, high-value transactions across various geographies and Possess strong financial aptitude critical to the evaluate financial statements and concluding on the performance of the company.

Busi currently has board positions in Stefanutti stocks limited, YeboYethu investment (RF) Limited, Finbond mutual Bank and AVI Limited all at Independent non- executive director.

Olivia Serithi (Non- Executive Director)

Olivia Serithi CA(SA)

Olivia is an experienced Finance Executive with expertise in the following core areas:

  • Financial Reporting & Accounting;
  • Taxation;
  • Forecasting & Budgeting;
  • Investor Relations; and
  • Corporate Finance. She is a member of the South African Institute of Chartered Accountants and an MBA Graduate from the Gordon Institute of Business Science

She leads with passion and have an interest in people development and organisational development and transformation. I believe that my analytical mindset, positive and solutionist thinking and approach, good communication skills and compassion for people enable me to be impactful to the teams that she lead and to her colleagues, which is underpinned by my solid values. Furthermore. She is a believer in lifelong learning and continuous self improvement.

Olivia is Board of Director of Allergan Pharmaceuticals (Pty) Ltd

 was previously Non-executive Board of Director of African Women Chartered Accountants Investment Holdings (“AIH”) and has since came back in February of 2023. She was a Non-executive Board of Director of Atos South Africa, Member by invitation to the following sub committees of the Discovery Limited Board:

– Audit & Risk Committee – November 2008 to 2014

– Actuarial Committee – November 2008 to 2014

– Capital, Currency and Investment Committee – November 2008 to 2014

Ms. Alupheli Sithebe CA(SA)

(Non- Executive)