Kelvin Bowoto
The co-CEOs of the Dutch family fund DOB Equity, Saskia Van Der Mast and Hayo Afman, have stepped down, leaving the leadership of one of East Africa’s major private equity funds vacant. Van Der Mast and Afman were the fund’s managers for 19 and 9 years, respectively.
Coen Boevé, the fund’s chief financial officer, will take over daily operations while DOB Equity searches for replacements for the two.
“During their tenure, Saskia and Hayo have been instrumental in driving the growth and success of DOB Equity and shaping the landscape of impact investment in East Africa,” according to the fund’s announcement on Monday.
Under Saskia and Hayo, the family-owned fund increased its Kenyan portfolio by investing in local startups and acquiring mid-sized agricultural, retail, energy, and education firms.
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It has made investments in Twiga Foods, M-Kopa, and Bridge International Academies, low-cost private schools.
Others include Kenya-based health tech company Ilara Health, which recently received $4.2 million in an investment round headed by DOB Equity, and tilapia manufacturer Victory Farms, which raised $35 million last year.
“They have grown the portfolio from the first investment in 2007 to over 30 impactful companies to date, winning multiple awards, amongst others, for the best impact investment firm by the East Africa Venture Capital and Private Equity Association,” DOB Equity stated in a statement.
As funding winter hit the ecosystems due to huge exits by other investors seeking higher returns on investments in advanced economies, the business has recently featured in several high-profile fundraising events for mid-sized firms and local entrepreneurs.
Techrectory with Agency Report.
