CHRYSALIS CAPITAL

Chrysalis Capital was established in July 2008 as a niche investment house that operates in the unlisted credit market. Its value proposition is that it offers institutional fixed income investors an alternative source of yield which is not correlated to listed credit, yet positively correlated to inflation and interest rates. The Chrysalis team uses many years’ banking and finance experience to source, negotiate and package debt investments that deliver disproportionate risk-adjusted returns to their investor base. The inefficiencies of South Africa’s banking system have been exacerbated by Basel III, thus the opportunity set for investors in private-sector credit is significant. The company manages assets totalling circa R2.1 billion. The Chrysalis Credit Arbitrage Fund celebrated its 17-year track record in August 2025 – its annualised return over 17 years was 11.40%, an average of 6.41% above CPI, comfortably outperforming both the ALBI and the All Share Total Return Index.

THE TEAM

Carl Combrinck has 25 years’ experience in banking and finance, of which eight years were spent at BoE Private Clients in various roles from dealmaker in the structured finance team to head of Leveraged Finance. He has in-depth knowledge and experience of banking credit policies and, as a qualified attorney with experience in commercial and insolvency law, has an intricate understanding of the legal risks inherent in investing in private-sector
credit.

Nick Goldblatt left Investec Bank’s Structured Property Finance team, to join Chrysalis Capital in 2021. At the bank he looked after a team of six who managed a property finance book of R8bn. His experience includes structuring senior debt, mezzanine debt, or equity for developments and acquisitions in all sectors including residential, industrial, retail and commercial property. Earlier in his career, he completed his accounting articles at Deloitte & Touche in Johannesburg, whereafter he worked in accounting roles in New York and London.

Trish Swanepoel has more than 25 years’ experience in the banking and finance sector, and held positions at Mercantle Professional Banking, Investec Private Bank’s International team and BoE Private Clients’ Leveraged team prior to joining Chrysalis Capital in 2008.

Melanie Arendse is a senior fund administrator with 16 years’ experience in the industry.

Khula Naku left the Trust for Urban Housing Finance after 11 years to join Chrysalis as a Senior Internal consultant, assisting with dealmaking and deal implementation.