// WHO WE ARE
Scroll
The Team
At the heart of the KZN Growth Fund is our brand essence, the sentiment that drives and motivates everything we do and this centers on the concept of financing growth in the province.
Tshidi Ikaneng
Acting Chief Executive Officer
– Affectionately known as Tshidi, Boitumelo is an MBA (2017) graduate from the Wits Business School with a dissertation focused on Information and security. She is currently enrolled with Milpark Education for a bridging course in Certificate of Theory in Accounting (CTA). Tshidi studied a B. Comm Accounting at the University of the Northwest, continued to obtain her MDP at GIBS, and an Executive Leadership Programme with VUT in partnership with the National School of Governance. Her Post Graduate Diploma in Business Management (2026) was from the WBS.
She has worked in the government for over 14 years, starting as a Director in Risk Management in 2008 and has since gained multi-functional business experience within different organisations including consulting, auditing, risk management and Forensic investigations. She has worked as a CRO for the City of Tshwane on a Fixed-term contract. She has set up the Compensation Fund Internal Audit, and GPAA Enterprise Wide Risk Management Function. Before joining KZN Growth Fund she headed Risk and Compliance at the Small Enterprise Funding Agency (SEFA)
A passionate leader, Risk management expert, problem solver and strategist currently appointed as a Chief Risk Officer of the KZN Growth Fund. She has been appointed as an Acting Interim Chief Executive Officer of the Agency tasked to ensure a seamless transition from being a Trust to an agency and with the Board of Agency mandate, to ensure the managerial tasks are done and the staff morale upheld.
Xolani Nhlapo
Chief Investment Officer
– Xolani Nhlapo is an experienced investment executive with over 24 years of experience in the financial sector and more than 16 years in executive leadership roles. He brings deep expertise across private equity, asset management, development finance institutions, venture capital, and structured commodity finance.
A CFA charter holder, Xolani holds a Bachelor of Science in Applied Mathematics and Statistics and a Bachelor of Commerce in Accounting. He is also a registered FAIS representative and holds certifications in FAIS RE1 & RE5 and SAFEX Equity and Commodity Derivatives.
In his current role at the KZN Growth Fund Agency, Xolani serves as the Chief Investment Officer, overseeing both debt and equity portfolios. He leads a team of eight investment professionals and serves on the Credit and Investment Committees.
Xolani has held several leadership and board positions, including Managing Director at West Street Capital, Managing Director of Cash Equities at BNP Paribas Cadiz, and directorships at Consilium Capital, KGF Capital (a KZNGFA subsidiary), and Busamed Healthcare. He has also served as a member of the GEPF Advisory Board, providing strategic oversight on unlisted investments.
Xolani is known for his strong track record in deal structuring, due diligence, fi nancial modeling, valuations, and turnaround strategies. His experience spans both the private and public sectors, where he continues to deliver value through innovation, governance, and impact investing.
Sandile Magubane
Acting Chief Risk Officer
-Magubane holds a Bachelor of Commerce in Accounting from the University of KwaZulu-Natal, along with postgraduate qualifications in Accounting Science and Financial Management from the University of South Africa. He is also a Chartered Global Management Accountant (ACMA, CGMA) and a member of the Chartered Institute of Management Accountants (CIMA) and the Institute of Directors (IoD).
Sandile Magubane is the Acting Chief Risk Officer of the KwaZulu-Natal Growth Fund Agency (KZNGFA), bringing with him more than two decades of experience in financial services, investment management, and private equity. A seasoned investment professional with deep expertise in deal origination, transaction structuring, mergers and acquisition, due diligence, risk, governance, and transaction structuring, Magubane plays a critical role in safeguarding the Agency’s investment activities while aligning risk management practices with the organisation’s mandate for inclusive economic growth in KwaZulu-Natal.
Read More
In his current capacity, he oversees the Fund’s credit and risk appraisal processes, ensuring that all transactions undergo rigorous due diligence, risk assessment, and alignment with environmental, social and governance (ESG) frameworks. He leads the development and implementation of risk management strategies, compliance frameworks, and sustainability performance measures, while also serving as a key advisor to both the Management Committee and the Investment Committee of the Agency. His oversight extends across deal structuring, financial modelling, sensitivity analysis, and portfolio risk grading, ensuring that all investment decisions are underpinned by robust risk mitigation and governance practices.
Magubane’s leadership extends beyond risk. Over the course of his career, he has successfully executed and concluded more than 40 transactions, with deal values often averaging above R350 million. His expertise spans mergers and acquisitions, capital raising, valuations, and restructuring strategies, frequently working alongside syndicate investors, development finance institutions, and private equity partners.
Before rejoining the KZNGFA, Magubane founded and led Mag Capital, a boutique advisory firm that delivered specialist services in private equity transactions, M&A, expansion capital, and project finance across Africa. He also held senior roles at the Automotive Industry Transformation Fund (AITF), National Empowerment Fund, Old Mutual Masisizane Fund, Innovent Asset Rentals, and Business Partners Limited, and gained international exposure during a professional secondment with BDO United Kingdom as a Senior Auditor.
