Team

Liesbet Peeters is a founding partner at D. Capital. She advises foundations, development institutions, and private investors on impact investments in emerging markets. Liesbet has extensive experience in analysis and due diligence of impact investments and direct SME investments and has been involved in multiple direct SME and microfinance investments in Latin America and Africa. In addition, she has led fund valuation and term sheet negotiations on numerous private equity and venture finance transactions in both emerging markets and Western Europe.

Prior to joining Dalberg, Liesbet founded an investment advisory firm, Lapiluz Advisory Services, based in Belgium and London. She was previously the CFO/Investor Relations Manager with Capricorn Venture Partners in Belgium focused on European technology investments, an Investment Officer with the Grassroots Business Fund at the International Finance Corporation (IFC), and an Associate with Greenpark Capital, a London-based fund-of-funds. Her prior experience also includes positions with SG Cowen Securities in London, EASDAQ (EU technology stock market), and Incofin CVSO, a leading microfinance fund manager.

Liesbet has an MBA from MIT and a Master's degree in Commercial Engineering from Katholieke Universiteit Leuven, Belgium. She speaks English, French, and Dutch and is conversant in Spanish.

Lily Han is an Associate at D. Capital. She focuses on advising D. Capital's impact investing clients, fund-of-funds advisory, debt fund structuring, and direct investment due diligence and analysis. Lily works with a number of UK and European family offices on their impact investment portfolios. She also assists with due diligence of emerging markets fund managers, analyzing their track records and investment strategies.

Prior to joining D. Capital, Lily worked at the US Department of the Treasury as a Financial Analyst on the Chief Investment Officer's team in the Office of Financial Stability (TARP). There, she helped design the structure and terms of the Community Development Capital Initiative to provide debt capital to community banks in low-income and underserved communities. Previously, Lily worked as an Associate for Lehman Brothers/Barclays Capital focusing on asset management, and she was part of a business development group at Lehman focused on advising the firm's priority clients on their emerging market entry strategies.

Lily holds a Master's degree in International Relations from the Johns Hopkins School of Advanced International Studies (SAIS) and graduated summa cum laude from Yale University with her Bachelor's degree. She is a Chartered Financial Analyst and a member of the Chartered Financial Analyst Society of Washington, DC.

Barbara Kong is an Associate at D. Capital. Her work focuses on advising D. Capital's impact investing clients and performing direct investment due diligence and analysis. Barbara has worked on agribusiness transactions, where she conducted market assessments, assessed the financial needs of the company, and developed recommendations for investment.

Prior to joining D. Capital, Barbara worked as a management consultant at A.T. Kearney in Paris where she performed due diligence analyses for private sector clients in the fields of energy utility, retail, and boat manufacturing. Barbara also worked one year as a project analyst for Veolia Water in Beijing.

Barbara holds an MBA from MIT and a Master's degree in Engineering from Ecole Nationale des Ponts et Chaussées, France.

Bigué Sagna is a Principal at D. Capital Partners. Prior to joining Dalberg, Bigué worked for four years at Banque Régionale de Marchés (BRM), a regional West African investment bank based in Dakar, Senegal. At BRM, Bigué was responsible for the Structured Finance Department's portfolio of existing and new client relationships. In that role, she provided strategic debt facilities to corporate clients, including preparing structured credit applications for the credit committee, negotiating and leading term sheet discussions with clients for their structured/trade transactions, and advising institutional clients with excess liquidity. Prior to BRM, Bigué worked for two years as an Investment Analyst at Nova Capital Management, a specialist acquirer of corporate and private equity portfolios based in London. She was also a Senior Analyst for three years at Pyramid Research, a leading growth strategy firm in the Communications, Media and technology space. Bigué has also worked at Black Pearl Finance (ex-BMCE Capital), the International Finance Corporation (IFC), and Ecobank Transnational Incorporated (ETI). Bigué received her Masters of Science in Finance and Management from Cranfield University School of Management (UK) and her Bachelor of Arts (BA) in Economics from Brandeis University. A native French speaker, she is also fluent in English and proficient in Spanish.

Retief Swart is an investment associate and leads D. Capital's pipeline development efforts. He also advises D. Capital's clients on their Africa-focused investments into private companies, and works predominately in the agriculture, clean energy, and waste management sectors. He recently led D. Capital's work on investing in a biogas electricity plant and alternative animal feed company that uses organic waste to create protein through a process of nutrient recycling.

Prior to joining D. Capital, Retief worked for Dalberg Global Development Advisors in Johannesburg where his work focused on agriculture and access to finance. His work included market penetration strategies for private sector financial institutions, electronics, and agriculture companies, as well as developing strategies to more actively address the financing needs of African entrepreneurs for various Development Finance Institutions.


Retief holds an Honours degree in International Studies, and a Bachelor of Arts in Value and Policy Studies from the University of Stellenbosch. He speaks English and Afrikaans.

Grace Yue Zhou is an Investment Associate at D. Capital, where she conducts investment due diligence, performs financial analysis and structures innovative financing solutions. Grace has worked on M&A valuation and advisory to a mid-cap manufacturer, aquaculture early stage investment evaluation, and rural community health worker compensation financing.

Prior to joining D. Capital, Grace worked at the Investment Management Division of Goldman Sachs in Hong Kong as a financial investment professional. In that capacity she conducted market research across asset classes in various industries, developed customized investment portfolios, and generated and communicated investment ideas with private clients. She was also a founding team member of Goldman Sachs' onshore Private Wealth Management business in Beijing.


Grace holds a MBA from MIT Sloan School of Management, and a Bachelor's degree in finance and economics from Hong Kong University of Science and Technology. Growing up in Beijing, China, Grace speaks fluent Mandarin Chinese and Cantonese. Grace serves as the Director of SEED Lab for Harvard China SEED on Citizenship and Social Innovation, a non-profit program based that organizes annual training camps to selected socially-minded Chinese young leaders and incubates social impact projects.

Ted Macharia is a Financial Analyst in the Nairobi office. He conducts in-depth analysis of potential investment opportunities for D. Capital clients and assists in deal structuring and negotiations.

Prior to joining D. Capital, Ted was an investment analyst at AIB Capital. In his role, he conducted fundamental research on both public and private companies. Ted advised clients on a broad range of investment classes. He conducted fundamental research on the equities market with a focus on the financial services sector, and tailored investment strategies for private wealth clients. He also analyzed macro-economic trends and advised institutional clients and private wealth clients on their bond portfolios. His experience in corporate finance advisory exposed him to deal structuring for private companies, including a real estate company in East Africa. He also was part of an advisory team for a leading electronics distributor in Kenya that was planning to restructure its debt and source growth capital from a new investor. Ted has been a regular commentator for CNBC Africa on East African markets.


Ted holds a Bachelor's degree in actuarial science from the University of Nairobi. He speaks English and Kiswahili.

Tatenda Nyamuda is a Financial Analyst at D. Capital. She has worked with global banks, micro lenders, and insurance companies. Prior to joining Dalberg, Tatenda was a manager in Deloitte & Touche's Financial Institutions Services Team practice. At Deloitte, Tatenda focused on South African tier one banks, providing them with credit risk advisory services, including analysis of advanced credit risk modeling and regulatory reporting as required by the South African Reserve Bank and Basel regulations.

Tatenda is a registered Chartered Accountant with the South African Institute of Chartered Accountants. She holds a Bachelor of Business Science degree with second class honors, with a concentration on Accounting and Finance and a Postgraduate Diploma in Accounting from the University of Cape Town. Tatenda is currently completing the research component of her Master of Commerce degree, with a concentration in Finance, through the University of the Witwatersrand. She is fluent in English with a working knowledge of Afrikaans and Shona.