In order to serve our clients and investors to the best of our ability, we rely on strategic partners to strengthen our networks and knowledge of complex markets. 

Derrick Roper

Derrick Roper co-founded Novare, an independent investment advisory business in South Africa, in October 2000. From 2000 until 2006 Derrick fulfilled the role of CEO of Novare Investments, an independent, multi-asset, multi-manager providing investment solutions for both institutional and retail clients. During this period he launched one of the first and most successful funds of hedge funds in South Africa. Under Derrick’s leadership, the Novare signature fund of hedge funds, the Mayibentsha Opportunities Fund, was awarded the prestigious HFMWeek Top Fund of Funds emerging markets in 2009 in New York. The Fund has subsequently been awarded additional accolades.

Derrick is a qualified actuary, having graduated from the University of Stellenbosch in South Africa, and he is a Fellow of the Institute of Actuaries in England. Before joining Novare he worked for a number of large financial services companies in South Africa, including Sanlam and Gensec Asset Management. He spent some time in the United Kingdom as well, where he gained experience in investment product development for the pension fund market.

In 2006 the management of Novare took a strategic decision to expand beyond the borders of South Africa. During this period, Novare Equity Partners was established under the leadership of Derrick. As private equity fund managers, they focus on investment opportunities in sub-Saharan Africa, excluding South Africa, with specific focus on the property market.

As CEO of Novare Equity Partners, Derrick’s areas of particular expertise include asset-liability matching, strategic asset allocation, as well as alternative investments and private equity in Southern and sub-Saharan Africa. He manages a team of highly skilled professionals with on the ground experience and perspective in key African markets.  The team have successfully partnered with some of the biggest names in the retail space such as Shoprite, which is anchor tenant on most of their mall developments. The first investment was successfully made in December 2011 in Abuja’s first modern mall, the Grand Towers Abuja Mall in Nigeria.

Africa Asset Management magazine has listed Derrick in its rankings for the Top 50 most influential, innovative, and powerful figures in the African asset management industry for 2013. He has 21 years’ experience in the industry, which has gained him an extensive network and invaluable insight and experience into investing on the African continent. He is a regular commentator on fund industry topics in financial media and has addressed numerous conferences across the globe.  Derrick is also an executive director on several boards.

brian herlihy

The Founder and CEO of Black Rhino Group, which develops large-scale African infrastructure projects, Brian Herlihy has over 15 years of infrastructure development experience.  Over the course of his career, he has built valuable relationships across the African continent in sectors including telecom infrastructure, chemical processing, and energy infrastructure.

Mr. Herlihy has been involved in over $7 billion of project finance related deals in Africa. In 2007, he founded SEACOM, Ltd. (, a $600 million submarine fiber optic network that was the first cable to connect East and South Africa to Europe and Asia. Prior to that, Mr. Herlihy was lead developer on a $5 billion alumina refinery in Guinea (

Mr. Herlihy received his MSc from London School of Economics and his BA from Boston College.

pa macoumba njie

Mr. Pa Macoumba M. Njie is the Managing Director of Trust Bank Ltd., the largest bank in The Gambia.  Mr. Njie began his career with the erstwhile Gambia Commercial and Development Bank (GCDB) in the 1970s.  In 1992, GCDB was restructured and sold to Meridien BIAO Bank, where Mr. Njie worked his way up from Operations Manager to Executive Director.  In 1997, he was instrumental in transitioning Meridien Gambia Ltd. into Trust Bank Ltd. following the collapse of the Meridien BIAO Group.  He took on the challenge of building the Trust Bank brand and has become widely recognized for his role in spearheading Trust Bank Ltd. into its leadership position in the Gambian banking industry.

Mr. Njie has served as a member of the Board of Meridien Bank Sierra Leone as well as of the Gambia Chamber of Commerce & Industry, and he is currently the Chairman of the Board of Home Finance Company (The Gambia) Ltd.  He also currently serves as the Chairman of the Gambia Bankers’ Association and is a Director on the Board of International Bank (Liberia) Limited. 

Mr. Njie received the Gambia Chamber of Commerce & Industry Banker of the Year award in 2001.  In 2006, he was appointed to the National Order of the Republic of The Gambia (RGM) by His Excellency The President of the Republic of The Gambia, Yahya Jammeh.  In 2012, Mr. Njie was amongst seven nominees for the African Banker of the Year award, and in 2013, he was awarded an Honorary PhD in Banking and Financial Management by the Irish University Business School.

Mr. Njie holds a B.A. in Business Administration from Howard University in Washington, DC and an M.A. in Business Economics from Essex University in the United Kingdom.  Mr. Njie also has rich and diverse training in a variety of banking and related courses across the world.

stephen murray

Stephen is an experienced finance professional bringing over 20 years of experience as a banker, investor, manager and operator in the United States and Emerging & Frontier Markets, including over a decade of overseeing investments, financial management and the execution of strategic plans for portfolio companies in Sub-Saharan Africa. He is currently the Head of Africa at Aldwych Capital. 

Stephen joined Pan African Capital Group, LLC (PACG) in February 2007. Stephen helped to manage the group’s investment portfolio, with particular emphasis on investments in the financial services sectors of West Africa, and provided advisory and investment banking services to PACG’s diverse portfolio of clients. From 2000 to 2002, he worked for Modern Africa Fund Managers, LLC identifying and evaluating investment opportunities in sub-Saharan Africa. Immediately prior to joining PACG, Stephen worked for The Federal Reserve Bank of New York in the Emerging Markets and International Affairs group. Stephen worked on the Asia Desk at the Federal Reserve Bank of New York, and was responsible for assessing economic, financial, and political developments affecting global capital markets and financial institutions. Stephen authored a number of analytical briefings for Senior Federal Reserve officials including the implications of rising household credit in Emerging Markets, the development of Islamic banking and Shari’ah-compliant financial products, and the implications of foreign exchange reserve accumulation and diversification on the U.S. economy and global financial markets. Stephen started his professional career as a Credit Analyst at Summit Bank (New Jersey) and a Senior Associate at Credit Lyonnais (New York). He graduated with honors from Villanova University with a degree in International Business and received his MBA from Georgetown University’s McDonough School of Business in 2002. Stephen is a British national and has traveled extensively through Africa, Asia, Europe, and Latin America.