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 leverages many years’ banking and finance experience as well as their networks to source, negotiate and package debt investments that deliver disproportionate risk-adjusted returns to their investor base. The company manages assets totaling circa R2.5 billion. The Chrysalis Private Credit Fund celebrated its 18-year track record in August 2026, making it the oldest mid-sized private credit fund in South Africa – its annualised return over 18 years was 11.37%, an average of 6.42% above CPI, also comfortably outperforming both the ALBI and the All Share Total Return Index.

THE TEAM

Carl Combrinck has 25 years’ experience in banking and finance, particularly corporate structured and 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. Carl also has a Commerce Honours in financial management.

Nick Goldblatt CA (SA) has over 20 years of experience in both the real estate and financial services sectors. He gained valuable experience working for a national property developer in the early stage of his career. Before joining Chrysalis he worked as an investment banker at Investec where he gained significant experience in structured property finance working with some of the biggest real estate businesses in the country. In addition Nick has valuable experience structuring corporate debt in the private credit space.

Niyaz Moola CA (SA) is an ex-banker who spent 10 years at RMB Corporate where he headed up Trade & Working Capital, and before that 9 years at OMSFIN where he headed up Corporate lending.

Siegfried Uken has 23 years’ banking experience and previously held the position of National Head of FNB’s Commercial property finance.

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