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Investment Committee member

Graham Thomas

Graham has over 25 years of investment banking and private equity experience and currently runs Stage Capital, a private equity firm specialising in secondary direct transactions.
He is an independent member of Apis’ Investment Committee, where he adds his extensive private equity experience, including in developing markets and Africa in particular.

Graham lives in London with his wife and two children. They travel regularly to Zimbabwe and South Africa to spend time with grandparents, aunts, uncles, cousins and old friends.


Cape Town, South Africa

Areas of expertise

Private Equity, Developing Markets, Consumer and Financial Services

Currently located

London, UK


English, Afrikaans

Prior Experience

Linkedin profile


Boards & memberships

Stage Capital Management Limited

Managing Partner & CEO

Menhaden Capital Management LLP


RIT Capital Partners

Chairman of Executive Committee

Standard Bank Group

Head of Principle Investments

Areas of focus at Apis

Independent Investment Committee member

What is your favourite city in the world and why?

Cape Town. I was born there and lived there until I was 24. My parents and sisters and their families live there still, as well as my oldest friends, so it has a real place in my heart. On top of that, it is one of the most beautiful cities in the world – sea, beaches, mountains, rivers, amazing walks, world class food and wine. And great opportunities to play and watch sport –sitting at Newlands cricket ground with a cold beer, watching a test match in the shadow of Table Mountain is tough to beat.

What are your favourite hobbies?

Time limits all the things I would like to do, but if I had to keep only one hobby it would be fly fishing. I’ve been lucky enough to fish all over the world, and standing in a stream casting a small fly for a wild trout is extremely good for the soul.

What is so important about Financial Services in Growth Markets?

I think the big investment opportunity in Growth Markets is consumer related – and in many ways Financial Services are the ultimate consumer good. The ability to store value and have liquidity when required is essential to basic economic activity, and what every consumer needs. The "reverse innovation" concept is key here – in the same way that mobile telephony leap frogged legacy and often absent fixed line technologies, I believe Financial Services in Growth Markets are creating a whole new paradigm.

What do you like the most about Apis?

An energetic and driven team, intellectually curious and with a real sense of mission.


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