IC Members

Investment Committee Member - David Brown

David is the former Chief Executive Officer of Mercantile Bank Holdings Limited, a previously JSE-listed, mid-market bank. Its holding company is Caixa Geral de Depositos S.A. (CGD), one of Portugal's largest financial institutions. Prior to joining Mercantile, David established and ran a commercial bank in Botswana (Stanbic Bank Botswana Ltd on behalf of the Standard Bank Group) and subsequently was appointed as Managing Director of Stanbic Bank Zambia Ltd before returning to South Africa where, inter alia, he ran Standard Bank’s, Stannic asset finance business before being appointed as Managing Director of Standard Bank's business banking division which at the time was the largest provider of corporate banking services to mid-size companies in South Africa. It was at this time (2002-2003) that Luc got to know David.

Investment Committee Member - Wade de Jager

Wade runs an independent PE business associated with Rand Merchant Bank. Previously, he held the position of Director and Head of Standard Bank's Private Equity division. Wade was responsible for determining investment strategy for the bank's private equity initiatives and for implementing this strategy through their team of professional private equity investment professionals.

Wade is a Chartered Accountant by training. He specialized in forensic and investigative accounting. Luc worked for a time for Wade (2005) whilst both Luc and Wade were employed at Standard Bank.

Investment Committee Member - Arthur Arnold

Arthur has more than 40 year's experience in Commercial, Investment and Development Banking. He started his career in 1968 at ABN AMRO and over the 24 year period he held several senior management positions in Africa, Iran, Italy, France, the United Kingdom and the United States. In 1992 Arthur joined the Rabobank Group where he progressed from Director of Financial Markets to Chairman of the Management Board of Rabobank International, and Director of Strategic Alliances and Communications. In 2000, Arthur was appointed President and CEO of the World Council of Credit Unions, Inc. (WOCCU), working out of Washington/Madison, in the U.S. In early 2005, Arthur was subsequently appointed as Chief Executive Officer of FMO. Arthur retired from the FMO at the end of 2008.

Arthur serves as an Independent, Non-executive Director on several Boards, Investment Committees and Advisory Boards, among which are The Currency Exchange N.V. (Chairman), ORABANK Group in West Africa (Member of the Board, Chairman Ethics and Good Governance Committee), Goodwell Microfinance Development Management II (Chairman), Coronation Capital Ltd (Member Investment Committee), FISEA, managed by Proparco (Member of the Board), XSML (member of the Advisory Board) and Vantage Capital (Member of the Investment Committee Pan African Sub Fund). Arthur studied at Erasmus University, INSEAD and at the Harvard Business School.

Chief Risk Advisor - Daisy Naidoo

Daisy serves as the chief risk advisor to Vantage Mezzanine. She attends all Fund III investment committee meetings.

She served her articles from 1994 to 1996 at Ernst and Young. She left them in September 1997 to join South African Breweries as a financial planner. In May 1999, she joined Deloitte as a corporate tax consultant and consulted mostly to financial service corporates. She left Deloitte in April 2001 as an assistant tax manager to join Gensec Bank (now Sanlam Capital Markets) as a dealmaker, where she worked for more than 9 years leaving at the end of May 2010, where her most recent role was that of Head: Debt Structuring Unit for 2 years. During this time she concluded numerous funding deals. In March 2009 to May 2010, she was appointed to the sub credit committee of the Sanlam Investment Cluster which considered investment into credit/fixed income assets (the Sanlam Group has in excess of R120bn in fixed income assets). She also represented Sanlam as its nominee on the audit and credit committee of Fintech, was a director of Safair Lease Finance (an aviation company with assets in excess of R4b ($400m), a joint venture with Imperial Holdings), was Sanlam’s shareholder representative on the board of Life Healthcare and represented Sanlam as its advisory board member on the Vantage Mezzanine Fund 1, as well as other director roles in funding vehicles. In 2007 was seconded to Citi London for three months as part of the ABSIP/Eskom programme to enhance financial skills in South Africa.

Currently, she is involved in the following:

  • Providing risk advisory services to Vantage, serves as a credit committee member for a Vantage GreenX;
  • Serves as an independent Non Executive Director of various public/regulated and JSE listed companies (as well as serving on audit, risk, compliance, governance, remuneration and social and ethics committees of these organisations);
  • Serves as an independent Trustee of a medical aid scheme (where she serves on audit, risk, investment, product and non health committee)
  • Appointed to the Tax Court as an accountant member; and
  • Facilitator for board evaluations done by the IoDSA

Daisy is a Chartered Accountant and holds a Masters of Accounting degree (specialisation in Taxation) all from the University of Natal Durban. She completed the Sanlam Management Development Program with the University of Stellenbosch. She is a member of SAICA and the IoDSA. 



Colin Rezek
Colin is an executive chairman of Vantage and a founder of the business. He was previously the managing partner. He has day-to-day responsibilities for the origination and assessment of mezzanine fund... Read more
Luc Albinski
Luc is the co-founder and co-managing partner of Vantage’s mezzanine funds as well as being one of the two executive members of the mezzanine funds’ investment committees. He has played a ... Read more
Warren van der Merwe
Warren is the co-managing partner of Vantage’s mezzanine funds. He was previously the chief operating officer of the group as well as of Vantage Mezzanine. Warren joined Vantage as its chie... Read more
Alastair Campbell
Alastair is a director of Vantage GreenX and a member of the Fund’s Investment Committee. His primary responsibility is the assessment, structuring, execution and post-transaction monitoring of ... Read more
Siyanda Khumalo
Siya first joined Vantage in February 2011 as a financial controller assisting the then chief financial officer, Warren van der Merwe, with the overall finance function. He spent three years on this r... Read more

Latest News

Vantage exits Thebe Timrite

Johannesburg, South Africa – Vantage Capital, Africa’s largest mezzanine debt fund manager, announced today that it has fully exited its investment in Thebe Timrite (“Timrite”), a leading black-controlled supplier of mining support products and services in South Africa.  

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Petro Ivoire: 1st LMBO in the WAEMU region

Abidjan, Côte d’Ivoire – Vantage Capital provides a €19 million mezzanine facility to Pétro Ivoire in the first-ever leveraged management buyout in Francophone West Africa.

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Pétro Ivoire: 1er LMBO dans la région UEMOA

Abidjan, Côte d’Ivoire  – Vantage Capital accorde un financement mezzanine de 19 millions d’euros à Pétro Ivoire dans le cadre du tout premier rachat d’entreprise par son management par effet de levier jamais encore réalisé en Afrique de l’Ouest francophone.

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Vantage-backed companies win prestigious awards

Johannesburg, South Africa – Vumatel and Tsebo, two companies funded by Vantage Capital, were recognised as the best medium-size and large-size private equity-backed South African growth champions respectively, at the inaugural South African Private Equity and Venture Capital Association (SAVCA) 2018 Industry Awards held at Montecasino on Thursday night.

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