Old Mutual Alternative Investments Appoints Gareth McElhone as Partner to Scale Hybrid Capital Strategy

Old Mutual Alternative Investments (OMAI) has appointed Gareth McElhone as Partner in its Hybrid Capital team, a strategic move designed to bolster its private capital capabilities across South Africa and the wider continent. For fintech and investment professionals, this signifies a deepening of institutional expertise in flexible capital solutions within the African mid-market.

What was announced

The appointment of Gareth McElhone brings over twenty years of investment banking and private capital experience to OMAI. As a CA(SA), McElhone joins the firm to focus on the origination, structuring, and execution of Hybrid Capital opportunities. His remit covers South Africa and the rest of Africa, where he will work alongside the broader investment team to identify opportunities where flexible capital can support acquisitions, growth, and long-term value creation.

McElhone transitions to OMAI from Nedbank Corporate and Investment Banking, where he spent nine years, most recently as Head of Alternative Equity. In that capacity, he managed a strategy encompassing mezzanine finance, venture capital, and equity co-investments. His professional background is characterized by a specific focus on collaborating with private equity sponsors, investment holding companies, family offices, and other capital allocators across sub-Saharan Africa.

His technical expertise spans the full investment lifecycle, including the structuring of mezzanine finance, preference shares, and equity co-investments. Before his tenure at Nedbank, McElhone spent seven years at Standard Bank, focusing on structured capital and mezzanine transactions. His international experience includes a period at European Capital in London, where he focused on leveraged buyouts and mezzanine investments in the European mid-market, following early career roles at EY in Cape Town, New York, and London.

"Gareth brings a depth of private capital experience that aligns strongly with how we are building our Hybrid Capital strategy. His ability to originate opportunities, structure flexible capital solutions and navigate complex transactions will add significant strength to the team as we continue to grow our team. We look forward to the perspective and relationships he will bring as we expand the solutions we can offer businesses and our investors,"

said Mujaahid Hassan, Head of Hybrid Capital.

The companies involved

Old Mutual Alternative Investments is a major player in the African investment landscape, managing a diverse portfolio of alternative assets. The firm operates within the broader financial services ecosystem of the continent, providing specialized capital solutions that bridge the gap between traditional debt and pure equity. Its Hybrid Capital team is specifically positioned to address the funding needs of businesses requiring flexible financial instruments to fuel expansion or facilitate ownership transitions.

The talent pool for this appointment reflects the interconnected nature of the South African financial sector. Nedbank Corporate and Investment Banking, where McElhone previously served, is a division of Nedbank Group, one of South Africa's largest banking institutions. Similarly, Standard Bank remains a dominant force in African banking, providing a foundation for many of the region's top investment professionals. European Capital, where McElhone gained international mid-market experience, and EY, the global professional services firm, represent the international standards of transaction advisory and financial services that OMAI is integrating into its African growth strategy.

What FF News has reported before

FF News has previously tracked the expansion of financial services and digital integration across the African continent. We recently reported on how UnionPay and Standard Bank Expand E-Commerce Access Across Nine African Markets, highlighting the growing infrastructure for trade and capital flow in the region. Additionally, the appointment of regional leaders has been a recurring theme, such as when BIAN Appoints Stanbic Bank Uganda CIO Rita Apell Akot as First East African Executive Board Member. These developments underscore a period of intense professionalization and institutional growth within African finance, as firms seek to scale digital and capital stacks simultaneously.

What this means

The move to hire a veteran from Nedbank’s alternative equity desk suggests that the competition for mid-market deal flow in Africa is intensifying. As traditional lending remains constrained or overly rigid for high-growth firms, the "hybrid" space—mezzanine and structured equity—is becoming the primary battleground for alternative managers. This appointment puts pressure on other private credit and equity firms to prove they have the structuring expertise to handle complex, multi-jurisdictional transactions. The industry is clearly shifting toward more bespoke capital solutions, raising the question of whether traditional banks can retain their top talent as alternative investment platforms offer more specialized environments for deal-making. For the African market, this signals a maturing investment ecosystem where sophisticated structuring is no longer the exception, but the requirement for growth.