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Johannesburg-based investment manager Sango Capital announced that it has hired two people for its investment team: Darryn Schovell joins as Principal and Rainer Steinhagen joins as Vice President.
Schovell comes from Ethos Private Equity, where he led private equity and private credit investments across East and Southern Africa.
He also held board seats at companies in healthcare, consumer, industrial and business services. Before that, he spent six years in leveraged and principal finance at Nedbank CIB. He is a CFA charterholder.
Steinhagen joins from DEG, where he was responsible for private equity investments in Southern Africa. His work covered fund commitments and direct co-investments, from origination through portfolio management to exit.
He also represented DEG on several Limited Partner Advisory Committees and chaired several. He began his career in leveraged finance and distressed debt at Nedbank CIB.
Founded in 2011 by Richard Okello and Charles Mwebeiha, Sango Capital invests for global investors such as sovereign wealth funds, pension funds, and family offices. It focuses on mid-market opportunities in fast-growing African countries with strong investment climates.
Sango makes various types of investments, including in funds and directly in businesses, often in partnership with others.
They have two main strategies:
- Sango Private Equity Funds: These hybrid funds combine different investment types and focus on four areas: emerging consumers, food value chains, energy and power, and infrastructure services.
- Sango Strategic Equity Vehicle (SSEV): This evergreen fund invests in larger mid-market businesses and aims for long-term growth, particularly from rising consumer spending in Africa.
In July 2026, Sango was appointed manager of about $460 million in committed capital across three African fund portfolios. A group of institutional limited partners started the management change.
The funds hold interests from several vintage years, in financial services, consumer and FMCG, healthcare, infrastructure, energy, agribusiness, mining and industrial materials, and technology.
They cover more than 20 African markets. Sango will handle portfolio management and value creation in line with each fund’s mandate.
In May 2026, Sango closed a secondary transaction, buying more than $120 million in net asset value (NAV) across four African funds. The seller was an institutional investor rebalancing its global portfolio.
Sango funded its deal using its own money and gained additional investment from commercial investors, including those making their first investments in Africa.
It supported 30 investments across four funds in sectors such as financial services, consumer goods, infrastructure, and light manufacturing, and operates in more than 14 African countries. Sango also completed a multi-fund continuation vehicle for its first fund, Sango Capital Partners, earlier in 2026.
