Key Takeaways
- • Gareth McElhone, a chartered accountant with nine years at Nedbank Corporate and Investment Banking, has joined Old Mutual Alternative Investments as a partner in its Hybrid Capital team, effective August 24, 2026.
- • McElhone previously led Nedbank's alternative equity strategy, overseeing mezzanine finance, venture capital, and equity co-investments with focus on private equity sponsors, family offices, and capital allocators across South Africa and sub-Saharan Africa.
- • His appointment strengthens Old Mutual's hybrid capital capabilities—a private capital strategy combining contractual income and capital protection with equity-like upside potential—positioning the firm to expand origination and structuring of flexible capital solutions.
- • McElhone brings 16+ years of structured capital experience across Standard Bank (7 years in mezzanine and structured transactions), European Capital in London (leveraged buyout and mezzanine mid-market investments), and advisory roles at EY across multiple jurisdictions.
Summary
Old Mutual Alternative Investments has appointed Gareth McElhone as partner within its Hybrid Capital team, according to a Citywire announcement dated August 24, 2026. McElhone joins from Nedbank Corporate and Investment Banking, where he spent nine years in progressive roles, most recently as head of alternative equity. His transition represents a significant hire for Old Mutual's expansion in the hybrid capital space, a growing segment of private capital markets combining features of traditional debt and equity instruments.
In his role at Nedbank, McElhone directed a comprehensive alternative equity strategy encompassing mezzanine finance, venture capital investments, and equity co-investments. His mandate extended across South Africa and sub-Saharan Africa, with particular expertise in structuring transactions for private equity sponsors, investment holding companies, and family offices—a client base central to alternative asset managers' institutional positioning. His experience reflects deep familiarity with the capital structures and deal origination patterns that characterize private markets in emerging African economies.
Prior to Nedbank, McElhone accumulated seven years at Standard Bank focusing on origination, structuring, and execution of structured capital and mezzanine transactions—foundational expertise for hybrid capital deployment. Earlier career experience includes a stint at European Capital in London, where he executed leveraged buyout and mezzanine investments in European mid-market companies, and roles at EY providing transaction advisory and financial services across Cape Town, New York, and London. His chartered accountant qualification (CA(SA)) underscores technical depth in complex deal structuring.
Old Mutual's statement emphasized that McElhone's appointment strengthens the firm's ability to originate hybrid capital opportunities, structure flexible capital solutions for institutional clients, and navigate complex multi-jurisdictional transactions. His background navigating relationships with sophisticated capital allocators—particularly family offices and private equity sponsors operating across sub-Saharan Africa—aligns directly with Old Mutual Alternative Investments' institutional client base and regional investment thesis.
In his role at Nedbank, McElhone directed a comprehensive alternative equity strategy encompassing mezzanine finance, venture capital investments, and equity co-investments. His mandate extended across South Africa and sub-Saharan Africa, with particular expertise in structuring transactions for private equity sponsors, investment holding companies, and family offices—a client base central to alternative asset managers' institutional positioning. His experience reflects deep familiarity with the capital structures and deal origination patterns that characterize private markets in emerging African economies.
Prior to Nedbank, McElhone accumulated seven years at Standard Bank focusing on origination, structuring, and execution of structured capital and mezzanine transactions—foundational expertise for hybrid capital deployment. Earlier career experience includes a stint at European Capital in London, where he executed leveraged buyout and mezzanine investments in European mid-market companies, and roles at EY providing transaction advisory and financial services across Cape Town, New York, and London. His chartered accountant qualification (CA(SA)) underscores technical depth in complex deal structuring.
Old Mutual's statement emphasized that McElhone's appointment strengthens the firm's ability to originate hybrid capital opportunities, structure flexible capital solutions for institutional clients, and navigate complex multi-jurisdictional transactions. His background navigating relationships with sophisticated capital allocators—particularly family offices and private equity sponsors operating across sub-Saharan Africa—aligns directly with Old Mutual Alternative Investments' institutional client base and regional investment thesis.
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