Co-CEOs of Dutch family fund DOB Equity, Saskia Van Der Mast and Hayo Afman, have stepped down, marking a transition in the leadership of one of East Africa’s largest private equity funds. Van Der Mast led the fund for 19 years, while Afman served for 9 years.
Taking over the reins of the firm’s day-to-day operations is Coen Boevé, the fund’s chief finance officer, as DOB Equity initiates the search for successors to Van Der Mast and Afman.
“In their tenure, Saskia and Hayo played pivotal roles in propelling the growth and achievements of DOB Equity, while also shaping the landscape of impact investment in East Africa,” the fund announced on Monday.
During their leadership, the family-owned fund significantly expanded its Kenyan portfolio through investments in local startups and the acquisition of mid-sized agribusinesses, retailers, energy firms, and educational institutions.
Notable investments under their guidance include Twiga Foods, M-Kopa, and the low-cost private school Bridge International Academies. Additionally, the fund has supported Kenya-based health tech company Ilara Health, which recently secured $4.2 million in a funding round led by DOB Equity, and tilapia producer Victory Farms, which raised $35 million last year.
“They have steered the portfolio’s growth from its inaugural investment in 2007 to over 30 impactful companies to date, earning numerous accolades, including the recognition as the best Impact Investment Firm by the East Africa Venture Capital and Private Equity Association,” DOB Equity remarked.
In recent times, the firm has been actively involved in high-profile fundraising efforts for mid-sized firms and local startups, particularly as a funding winter grips the ecosystems due to the mass exits of other investors seeking greater returns on investments in more developed economies.
