The future of private credit is strategic

November 2025, Private Debt Investor

Expert Commentary

 

The next evolution of private credit is going global, becoming a source
of capital that builds long-term strategic value and resilience in the
real economy, writes SAIL Investments’ Johnny Brom

What do we want private credit to be capable of?

What do investors truly want, or perhaps need, private credit to be capable of in the decades ahead? Ten years ago, private debt was the new diversifier on the block. Today, it is a mainstay of many institutional portfolios, representing a $3 trillion-dollar opportunity, according to a recent report by EY and the Alternative Credit Council. It is a machine that provides leverage to private equity and a home for growing, harder-to-scale niche strategies. 

This has already been a record year for private credit. That level of market confidence sharpens concentration risk within the asset class: sponsor-backed mid-market lending has become an increasingly competitive space. Insurers and pension funds are seeking lower volatility, stronger downside protection and longer duration while increasingly needing to manage physical risks on their balance sheets. 

So the question returns: what do we want private credit to be capable of – a follower of financial engineering, or a partner in strategic value creation.

From direct lending to strategic credit

Direct lending has long been a reliable source of income and diversification for institutional investors, but sponsor-backed mid-market strategies in the US and Europe have become crowded. This has resulted in compressed spreads, weakened covenants and narrower dispersions, all of which run counter to the desires of private credit allocators. 

Private credit’s strength lies in its flexibility, including its ability to go where banks cannot and price risk in an intelligent way. The first generation of credit managers filled a banking gap and the next must fill a strategic one: financing real companies to strengthen the fundamentals that underpin longterm business performance. 

At SAIL, we describe this approach as ‘strategic credit’, and it is a global opportunity largely focused on sponsorless, senior-secured transactions. It is designed not just to lend against assets, but to enable companies to meet the environmental, regulatory, operational and resilience thresholds that now define solvency and long-term value. 

The reason this approach has not been tried at any scale is because private equity sponsors are less active outside the US and parts of Europe. Sponsorless credit is an inherently complex space and global markets are opaque. It demands trusted origination networks, on-the-ground diligence and patience – but that same complexity acts as a valuable moat that protects returns. 

The ‘strategic’ mindset isn’t new. I admire some of the top-tier private market firms structuring partnership capital arrangements with blue-chip companies, like Real Madrid Football Club’s strategic arrangement with Sixth Street. 

SAIL aims to bring that partnership logic to places the market barely touches. Combining that partnership mindset with system-level needs across nature, climate and healthcare verticals means that strategic credit would be a natural fit for institutional portfolios. 

When I founded SAIL in 2017, I was inspired by the merchant bankers of a previous era – the Mellons, Rothschilds and Barings – who sat down with companies to understand their challenges and help shape their future. Our modern take is simple: lasting value is created by companies that manage the environmental and social context around them as proactively as they manage their balance sheets. That requires longer-term capital and the willingness to be more than a lender – a strategic partner. That same principle underpins how we invest today. 

The goal is to deliver real embedded value directly to the borrower. Otherwise, the banks will undercut you, and you’ll end up retreating back into the arms of familial sponsors with a much narrower scope. Strategic credit combines the creativity of capital solutions with the senior secured discipline of direct lending to provide long-term credit that helps corporates grow intelligently. 

That, to me, is the natural evolution of what private credit was designed to do in the first place: fill market gaps and finance what matters. At SAIL, we chose to go where that strategic value is most pronounced – in essential industries that the world needs, that are often overlooked.

What this looks like in practice

Consider Brazil-based company Marfrig Global Foods, which is one of the world’s largest beef processors and McDonald’s primary patty supplier. It sits at the heart of a sector under intense scrutiny. Beef supply chains are a leading driver of deforestation in the Amazon, and from 2026 the EU Deforestation Regulation will require full traceability for all imported commodities. 

SAIL’s financing of Marfrig was designed to address that reality. The facility required verified deforestation-free sourcing across its entire Amazon and Cerrado supply chains and the integration of all producers via traceable, monitored sourcing systems. These were not gestures to address questions around environmental, social and governance (ESG) but conditions for market access, which were formalised in a Sustainable Value Creation Plan embedded in the loan covenants. This included full monitoring of all direct suppliers, expanding indirect supplier traceability to 100 percent, and implementing a supplier-engagement program covering more than 14,000 farms. Each milestone is verified independently and reported annually by Marfrig. 

The result of these efforts is tangible risk mitigation. Marfrig’s traceable cattle purchases in the Amazon has now reached 100 percent, with no deforestation detected among direct suppliers, and 95 percent traceability in the Cerrado region. By protecting access to the higher-margin EU and UK markets, the covenants enhanced both resilience and downside protection. 

On the other side of the world, Dharma Satya Nusantara Tbk (DSNG), an Indonesian agribusiness producing palm oil and timber, faced a different challenge. Palm oil – the world’s most efficient vegetable oil – underpins half of UK and European supermarket products, but it brings significant environmental and market risks. DSNG’s operations faced both physical risks, such as peat degradation and fires, and market risks, including compliance with No Deforestation, No Peat, No Exploitation regulations required by global buyers. Our credit required DSNG to expand traceability across its 109,000-hectare concession and map suppliers, and to restore over 3,000 hectares of degraded peatland while protecting 10,000 hectares of high-conservation-value forest. 

As a result of our financing, DSNG implemented digital traceability platforms and supplier-compliance systems that now cover 100 percent of its own operations and over 80 percent of third-party suppliers. Independent verification confirmed zero deforestation among monitored suppliers for the second consecutive year. Operationally, yields improved, feedstock quality stabilised and margins strengthened with reduced counterparty risk. 

In both cases, sustainability targets were structurally embedded in the credit, turning transition risk into measurable performance improvement. This resulted in stronger, more resilient companies and the kind of risk-adjusted return profile sought by long-term allocators.

The big opportunity for asset owners

For asset owners, the message is clear: step beyond crowded sponsor-backed markets and private credit’s real differentiation emerges – in essential, global, cash-generative, defensive industries the world will continue to rely upon for decades. 

Take the $13 trillion food and agriculture sector, which represents a vast, real-economy ecosystem of companies that have operated for generations. Banks dominate liquidity, but not strategic credit: they don’t write bespoke term sheets, structure for long-term growth or embed measurable outcomes.

That’s where strategic credit becomes an untapped alpha opportunity – providing senior-secured loans to strong borrowers in globally-relevant industries whose transitions toward sustainability are not moral imperatives but business necessities.

Building resilience in these supply chains – and the natural systems they depend on – is becoming a pre-condition for solvency. 

To put this into context, a 2024 report by the ClimateShot Investor Coalition and the UN’s Food and Agriculture Organization found that global food and agriculture supply chains need approximately $1.1 trillion per year to be on an effective trajectory towards low-emissions and climate-resilient development processes. That addressable market offers extraordinary potential for value creation through strategic credit. 

SAIL has tapped into that market by developing our origination capabilities and a trusted global network to start the right conversations. We then build value by working directly with borrowers on the specific terms that drive their growth. Our front-office sustainability team is embedded within the deal process, working alongside investment professionals to design credit structures where sustainability sits alongside the credit stipulations within the term sheet. 

This integration doesn’t just strengthen fundamentals; it creates measurable upside. Our strategy consistently delivers tangible outperformance on climate and nature metrics because they are the very risks that determine credit quality. If you go to where the risk is highest and work with the best operators – not always the biggest – to embed sustainability in their growth play, the value creation and impact multiples become significant. This is a clear example of how financial performance and natural resilience can reinforce each other when private credit is deployed strategically. 

The future of private credit will be defined by what we ask it to do, and its greatest capabilities lie in its ability to be a strategic partner in building resilience and create long-term value across the real economy.

Johnny Brom, Chief Investment Officer and founder of SAIL investments

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Javier Pinzon

Javier Pinzón joined the Sail Origination network as a consultant for the Andean Region. He is also the founder of the sustainable investment boutique Connecting for Impact B.V., dedicated to supporting Latin American companies in accessing international capital and scaling their commercial strategies. With over 15 years of international experience in commercial diplomacy, business development, and investor relations, Javier has held senior roles promoting foreign direct investment across Europe. He was responsible for designing and executing ProColombia’s FDI strategy in Germany, Switzerland, and Scandinavia, and led Colombia’s commercial office in the Netherlands.

He holds a Master’s degree in Economics from the Universities of Heidelberg and Bonn, Germany, as well as a Master’s degree in Development Economics from Universidad Carlos III de Madrid and Lund University, Sweden.

For over 25 years, Javier has been committed to inspiring international investors about the potential of Latin America. He is a great connector, and his new project focuses on developing initiatives linking the Colombian Amazon and the Champagne region in France. He loves cooking and is a great fan of Swabian cuisine.

Antonin Biaba

Antonin is an Associate Director at SAIL Investments, where he leads origination activities across Sub-Saharan Africa. He brings over 7 years of experience in investment advisory and corporate strategy across Central and West Africa, as well as China. Prior to joining SAIL, Antonin spent nearly 5 years at CrossBoundary Advisory, based in the DR Congo. During this time, he led and supported transactions across agribusiness, energy, and financial services; advised on capital mobilized for agricultural value chains; and worked closely with governments and sovereign wealth fund counterparts across Africa to design turnaround strategies and strengthen business-enabling environments. Earlier in his career, Antonin worked at SUEZ International on waste infrastructure development strategies across Africa and Asia, and at ISIS Development on renewable energy market entry strategies in Africa.

He holds a Master’s in Management from emlyon Business School and a Master’s in Markets Law and Regulation from Paris Dauphine University.

In his spare time, Antonin enjoys traveling, discovering new cuisines, and spending time with his loved ones, alongside his interest in contemporary political and cultural history.

Tanvi Patil

Tanvi has recently joined SAIL in Business Process Management, Operations. She brings over five years of experience in digital transformation, data strategy, and business process management across the financial services, automobile, and technology sectors. Before joining SAIL, Tanvi worked at APG Asset Management and Microsoft, where she contributed to data strategy visioning, various transformation and change initiatives, and partnered with clients across industries to deliver technology-enabled business outcomes. She holds a bachelor’s degree in Production Engineering from the College of Engineering Pune, India, and a master’s degree in Management of Technology from Delft University of Technology, The Netherlands.

Outside of work, she enjoys bachata, writing, and exploring new cuisines and places.

Pedro Gonfrier

Pedro Gonfrier joined SAIL’s Origination Network as a Consultant in Latin America. He also leads or participates in projects across Latin America and other countries within AFRY’s coverage.

With over 25 years of international experience in the Energy and Bioindustry sectors, Pedro has held senior roles including BDM, CFO, and CEO. He has led business development, operations, M&A, and financing efforts in Europe, the U.S., Brazil, and across Latin America. He holds a degree in Economics and a postgraduate specialization in Economic and Social Project Evaluation from Universidad de los Andes in Bogotá, a Master’s in International Business Management from Universidad Carlos III in Madrid, and additional executive education in Corporate Finance and M&A and Renewable Energy Project Taxation and Financing from institutions in Spain.

Pedro is an active advisor and board member—and a passionate advocate for sustainable investment in emerging markets.

Elena Faloutsou

Elena Faloutsou is a Senior Associate in the Operations team at SAIL Investments, responsible for managing the organisation’s legal, regulatory, compliance, and corporate governance matters.

She brings over 12 years of legal expertise as an investment funds & financial services lawyer, with experience acquired in Luxembourg, the City of London and the Netherlands. Elena previously practised as an attorney-at-law in the investment management practices of prominent international law firms (Skadden; Dechert; Loyens & Loeff) and built a substantial fund formation, regulatory and LP advisory practice with a particular focus on private funds. She is qualified to practise in Greece (Athens Bar Association) and England & Wales, and has previously been registered with the Luxembourg and Netherlands Bars as an EU lawyer. Elena holds a Master’s Degree in Corporate Law from the University of Cambridge, an LL.M. in European Law from the College of Europe and a Bachelor of Laws from the National and Kapodistrian University of Athens.

Outside of work, Elena enjoys playing classical music and Gershwin songs at the piano, writing short stories, reading American authors who lived in Paris in the 1920s and supporting ADO Den Haag.

Lucy Bowen

Lucy Bowen leads marketing and communications at SAIL Investments as part of the capital raising team. Her work spans investor engagement, market positioning and strategic knowledge partnerships that support SAIL’s mission and growth.

Her global career spans Australia, Asia-Pacific, London and the Netherlands. She brings experience from Bell Pottinger (later Klareco Communications), where she led strategic communications campaigns for financial institutions; from Ninety One, where she worked on investment content, reporting and macro research; and from Anthos Fund & Asset Management, where she led communications across public and private markets, including dedicated impact portfolios. She began her career at Azure Capital, gaining early exposure to private markets and valuation in the commodities sector. Lucy is a strategic communicator who brings intellectual range, creativity and clarity to telling SAIL’s story. She takes an evidence-led approach that cuts through noise and puts purpose at the centre of investor conversations. She’s driven by big ideas, and thrives on meaningful dialogue that connects people to long-term vision and values. She holds a degree in Philosophy and English from the University of Bristol. 

Outside work, she’s passionate about storytelling in all its forms and explores new ideas through travel, nature and wide reading—including a recent trek across Peru’s Inca Trail and the Amazon. Her ever-expanding book collection continues to grow, to her husband’s ongoing frustration.

Veronica Valentini

Veronica Valentini is an Associate Director in the Origination team of Sail Investment, covering Latin America and based in São Paulo. Before joining SAIL, she has worked for 8 years in large financial institutions. Her previous role was as Manager of the Sustainable Innovation team at Santander bank, responsible for originating and structuring financial mechanisms to finance sustainability projects all over Brazil. Veronica was also a relationship manager for large-sized multinational corporations both at Citibank and Deutsche Bank in Brazil. She started her career as a Trainee at Deutsche Bank, having completed the bank’s training course in London.
Veronica has a Bachelor’s in Business Management and also attended Law School graduation, both at Fundação Getúlio Vargas in São Paulo.

In her free time, Veronica enjoys traveling and discovering new locations, while also spending time with her dogs.

Stefan-Maria Heinemann

Stefan-Maria Heinemann is a Strategic Advisor in risk management for SAIL Investments. A risk, ALM, and SAA professional with over 20 years of experience, he has previously worked in the front office of DBV Winterthur (now AXA), at the asset management division of the Hoechst pension fund, for Société Générale investment bank, and as Head of Risk Management/SAA/ESG for Ampega, the asset manager of Germany’s third-largest insurer, Talanx. He also worked as a consultant for Willis Towers Watson. Stefan began his academic career as a researcher in dynamical systems at I.H.E.S./Paris, Indiana University, Göttingen University, and the Technical University of Clausthal. A trained scientist, Stefan holds a diploma, a PhD, and a habilitation in Mathematics (Stochastics).

He also holds performance degrees in piano and organ (church music) from the Jacobs School of Music (Indiana University) and enjoys playing and singing music ranging from early music to Arvo Pärt.

Murilo Parada

Murilo Parada is a strategic board advisor at Sail Investments. He is a senior executive with extensive experience in the agribusiness sector, including over 20 years with Louis Dreyfus Company, and significant international exposure, having lived in the European Union, the USA, and China for three years. Murilo has held several C-level positions in different countries and commodities, always integrating sustainability as a core pillar of company strategies and development. He served for seven years as CEO of Louis Dreyfus Company in Brazil, overseeing 11,000 employees, and two years as CSO (Global Chief Sustainability Officer) for Louis Dreyfus Company, managing 22,000 employees and overseeing over US$ 60 billion in revenue. He was also a board member of ALZ, a major grain trading and logistics company in Brazil with over US$ 1.2 billion in revenue, and a board member of Strada, an agri/fintech startup for logistics solutions, now valued at over US$ 2 billion in revenue.Murilo began his career studying agricultural economics and working on microfinance projects for agriculture. He also developed a web-based venture to trade wheat before joining LDC as a trainee.

Murilo holds a specialization in corporate governance from Columbia Business School, NY, USA. He has a Master in Business Economics from Fundacao Getulio Vargas, Sao Paulo, Brazil and a major in Agriculture Engineering from University of Sao Paulo, Brazil

He likes running and swimming at the ocean, but only at slow speed and warm waters.

Nancy Surachman

Nancy Surachman forms part of SAIL’s Origination Network as a Consultant in Indonesia. A mergers and acquisitions professional with over 15 years of experience, she previously worked for Asia Pulp and Paper, the world’s leading manufacturer of pulp, paper, and forestry products. She led merger and acquisition projects at APP globally, collaborating with cross-functional teams to execute high-value deals. She began her career as an analyst at Principia, a private equity firm in Indonesia. Nancy holds a Bachelor of Business Administration from the University of Michigan, United States.

Outside of work, she enjoys traveling and is keen on learning new areas of interest, such as food nutrition and programming.

Thomas Thoden van Velzen

Thomas joined the investment team of SAIL as a Director. He has 18 years of experience in investment management, mainly working in credit. He started his career working for APG Asset Management, before he moved to London to work for the credit arm of KKR in global convertible bonds. Prior to SAIL, he worked for PGGM Investments in the Emerging Markets Credit team where he was Lead Portfolio Manager. Thomas has a master’s degree in finance from Maastricht University and is a CFA charter holder.

In his free time, Thomas likes to play padel and hockey and also enjoys to spend time with his family, preferably sailing together.

Libbis Sujessy

Libbis Sujessy joined SAIL’s Origination Network as a Consultant in Indonesia. She is a dynamic mid-level sustainability professional with 7 years of diverse experience spanning waste management, energy, and agriculture sectors. Initially a process engineer, she pivoted to sustainability, driven by passion for environmental stewardship. Her career has led her to explore various facets of sustainability, recently focusing on green financing and entrepreneurship. This multifaceted background provides comprehensive understanding of sustainable practices across industries. Formally trained in chemical engineering and industrial ecology, Libbis brings a unique blend of technical expertise and environmental knowledge to her work. Her analytical skills, honed through engineering, complement her sustainability focus, enabling innovative approaches to complex environmental challenges.

Outside work, she’s an avid reader, aiming to finish at least one book monthly, and is currently exploring new sports-related hobbies.

Rishi Chalwade

Rishi joined the investment team of SAIL as an Analyst, where he supports investment research, portfolio monitoring and transaction execution. He previously worked as a Joint Venture Analyst at Aroundtown, one of Europe’s largest listed real estate companies, where he focused on joint venture and vendor loan management, gaining experience in credit analysis and portfolio monitoring.

Rishi holds a B.Sc. in Mechanical Engineering from Eindhoven University of Technology and a master’s degree in Management of Technology from Delft University of Technology, where he specialised in finance and economics.

Outside of work, Rishi enjoys sports and travelling, and has a keen interest in sustainable technologies and innovation.

Luca Ribichini

Luca Ribichini is a Senior Associate in the Business Development team at SAIL Investments. He brings +10y of experience within Asset Management, Investment Banking, Corporate/Investor Banking, Advisory and Impact Venture Capital. He previously held the position of Head of IR at a European Impact VC fund, focusing on institutional investor relationships and business development. In Private Debt, he served as an Investor Banking Sales Associate, covering various sectors within Senior Secured Loans. He was also selected as one of the 100 U35 Italian innovators by the Financial Times. He started his career in Credit & Counterparty risk and Performance Attribution of a large Asset Manager and then moved to Equity Sales & Trading as Sales Associate for an Investment Bank. Luca holds a M.Sc. in Finance (cum laude) from the Tilburg School of Economics & Management, Netherlands, and a B.Sc. in Economics & Finance from Bocconi University, Italy. 

Outside office, Luca is a painter and enjoys playing tennis. He is also the Chapter Leader of Bocconi Alumni Amsterdam. 

Tommie Linders

Tommie Linders has recently joined Sail Investments as a Senior Associate Finance and Operations, after being employed at EY in the Strategy and Transactions practice. He has over seven years of experience in Financial Due Diligence, including Financial Statement Analysis, Reporting and Accounting in a transaction driven environment. During this period, Tommie became a financial specialist in an international context, further emphasized by completing the CFA program in 2021. His academic credentials also comprise a Master’s degree in International Business with a specialization in Finance and a Bachelor’s degree in International Business, both from Maastricht University in the Netherlands. 

 

When Tommie is not working, he likes to spend time in his beloved Amsterdam, running through the surrounding countryside, visiting the local restaurants and cheering for its world-famous football club.

Sara Senouci

Sara Senouci, Sustainability Associate at SAIL, boasts a background in financial services and ESG risk assessment. Prior to joining SAIL, she served as a research analyst at Sustainalytics-Morningstar, focusing on companies within the packaged foods, agriculture, and retail apparel sectors. Sara’s academic credentials include an MA in African Studies from Leiden University and a bachelor’s degree in international studies from Al Akhawayn University in Morocco. Additionally, she possesses a certificate in ESG investing from the CFA Institute.

When she is not working, Sara enjoys traveling, literature and good food.

Lucian Peppelenbos

Lucian Peppelenbos is an external and independent member of SAIL’s Investment Committee, bringing in over 25 years of experience as a sustainability professional. He works for Robeco as Climate and Biodiversity Strategist. Robeco is an international asset manager with over EUR 180 billion in assets under management; and Lucian oversees the integration of Climate and Biodiversity in the company’s investment processes. Lucian previously worked as responsible investment specialist at APG Asset Management. Before that he helped to set up IDH Sustainable Trade Initiative, a public-private partnership that co-invests with corporates in sustainable commodity supply chains. He earned a PhD in social-economic sciences at Wageningen University.

In his free time, Lucian loves cooking and spending time in nature.

David Smart

David Smart serves as a Senior Adviser to SAIL and is a member of the SAIL investment Committee. He has 42 years experience as an investor with a particular focus on fixed income and emerging markets. He has however covered a wide array of asset classes including private equity, debt and venture capital
and, in the last 8 years, impact. David spent most of his career at Fiduciary Trust and Franklin Templeton where he enjoyed a 28 year global advisory relationship with the United Nations Pension Fund and worked with many of the top Sovereign Funds and Central Banks. He now has multiple non-executive and advisory roles and chairs the Investment Committee for the Health Foundation endowment fund, having spent 9 years in a similar role for the National Trust, Europe’s largest conservation charity, where he oversaw the introduction of an allocation to an impact portfolio aligned with the Trust’s main environmental objectives. He received an MA in Classics from Cambridge University. 

David greatly enjoys playing the piano, antiquarian books, tennis, cricket and rugby.

Istvan Fritsche

Istvan Fritsche is the Head of Business Development at SAIL Investments. He brings 24 years of expertise in asset management and banking across public and private markets that covered various asset classes. Istvan`s career includes roles at Goldman Sachs, JPMorgan AM, BlueBay AM, ING IM, IKB (AM), and RiverRock ECP. Transitioning from investment banking to the buy-side in 2004, and later to private markets in 2013 where Istvan found his enduring passion. Istvan’s academic background is diverse, with studies in Politics (International Relations), Economics, Philosophy, and Art History at Frankfurt University. Istvan is a CAIA Charterholder.

Outside the office, Istvan leads an active lifestyle as a runner, swimmer, squash and tennis player, and sailor.

Michael Schlup

Michael Schlup is the Chief Sustainability Officer of SAIL Investments, and a member of SAIL’s investment committee. He is a sustainability professional with over 25 years of experience, having previously worked for Barry Callebaut, the world’s leading manufacturer of chocolate and cocoa products including managing the Cocoa Horizons Foundation. As global agribusiness and food company Bunge, he oversaw Africa for their asset management and environmental markets team. He was the founding CEO of the Gold Standard Foundation, an NGO that established quantification and impact maximisation standards. Michael’s career began by advancing sustainable energy financing at the United Nations and working as a management consultant. Michael is a trained scientist and holds a M.Sc. in Geography from the University of Basel, Switzerland, and a M.Sc. in Industrial Environmental Economics from Lund University, Sweden.

A keen sailor and cyclist, Michael balances these exhausting activities by making his own beer, bread, and sausages.

Andrea Salmon

Andrea Salmon is the Business Manager at SAIL Investments. She oversees office management, HR, and projects that draw on over 11 years of operational and administrative experience in small to corporate-sized businesses. Andrea’s career began in Dubai, and she has since gained international experience in Hamburg, Cape Town, and currently in The Hague. She graduated from the University of Stellenbosch, South Africa, with a BA in Social Dynamics and a Postgraduate degree in Marketing.

Outside of work, Andrea enjoys hiking and cycling in the great outdoors, as well as traveling and practicing yoga.

Natalia Pasishnyk

Natalia Pasishnyk is the Sustainability Director at SAIL Investments with 18 years of sustainability experience. She has worked in Brazil as a consultant, supporting major corporations across a wide range of sectors including agriculture, forestry, mining, renewable energy, finance, and governmental bodies build responsible low carbon strategies and supply chains. Her sustainability focus began with climate mitigation projects in the Brazilian Amazon. Natalia, a trained scientist, earned her M.Sc. in Sustainable Forestry from the University of Freiburg, Germany.

Beyond work, Natalia enjoys travelling off-the-beaten-path, discovering cultures through cuisine and customs, and has a keen interest in artificial intelligence.

Brett Mallen

Brett Mallen is the Chief Operating Officer at SAIL Investments and spearheads its financial, legal, and compliance capabilities. With over 20 years in investment management, he notably led as COO, and acting CEO, at Sanlam Africa Investments, focusing on private market funds and board leadership. Previously, he worked in Sanlam’s Private Equity team. Brett is admitted as an attorney in South Africa, holding an LL.M (Cum Laude) from Leiden University and a CFA Charter.

Brett prioritises family and fitness outside of the office. He spends his spare time on active holidays with his wife and two children (skiing being a firm favourite). Brett has recently discovered the 70.3 Ironman events and has competed in one event per year.

Adrian Lain

Adrian Lain is a Senior Sustainability Associate at SAIL Investments specialising in environmental, social, and governance (ESG) and Geographical Information Systems (GIS). He brings with him 11 years of international experience in research, certifications, and geospatial analysis in public and private environments, which builds on his career start as a research technician in the Norwegian Forest and Landscape Institute.

During off-hours, Adrian explores the world through music and aviation.

Vidya Iyer

Vidya Iyer is an Associate Director in the Investment team. She is responsible for investment research and analysis, transaction structuring and execution, leveraging her 11 years of experience in venture capital investments, corporate finance and equities investment valuation. Vidya started her career with Goldman Sachs as an analyst and spent time with J.P.Morgan. She has a Bachelor’s of Commerce from the University of Madras, is a Chartered Accountant from India and holds a M.Sc. in International Finance from the University of Amsterdam.

In her leisure time, Vidya enjoys exploring the Dutch landscape on her bike or in running shoes.

Johnny Brom

Johnny Brom is founder and Chief Investment Officer of SAIL Investments, where he also leads the Investment Committee. Johnny has a diverse background in business development and investment strategy for companies across South Africa, North America, and Europe. He started his career at JP Morgan Securities and held a role at a Cape Town-based boutique asset manager, accumulating over 17 years of investment experience in developed, emerging, and frontier markets. Prior to SAIL, Johnny initiated an innovative financing unit at the Dutch agency, IDH, pioneering early blended finance transactions in global supply chains. Johnny holds a Master’s in Finance from SOAS University of London, a PE specialisation from London Business School, and a Business Science degree from the University of Cape Town.

Johnny is known for his love of whiteboards, and sketching in his journal.