By Shruti Menon Seeboo
The Hilton Mauritius Resort served as more than just a scenic venue on the 11th and 12th of February 2026; it acted as a crucible for the future of African institutional capital. Amidst the high-level dialogues of the PIAfrica conference, Thato Norman, the Chief Executive Officer of the Debswana Pension Fund (DPF), offered a masterclass in pragmatic yet visionary fund management. Representing one of Botswana’s most significant institutional investors, Norman is steering the fund through a complex global landscape while maintaining a steadfast commitment to the growth of his home nation’s non-mining economy. His approach is defined by a rigorous focus on “intelligent diversification” and a belief that African capital must lead the way in developing African markets. This philosophy is particularly pertinent as Botswana seeks to transition its economic base, moving away from a historical reliance on diamonds toward a more resilient, multi-faceted financial ecosystem.
One of the most pressing questions facing resource-dependent economies like Botswana is how to cultivate a vibrant, diversified private sector through the strategic deployment of retirement savings. For the DPF, this journey begins with a carefully phased approach to private markets, acknowledging that different stages of business growth require different risk appetites. When discussing the fund’s allocation to venture capital and early-stage innovation, Norman is refreshingly candid about the need for institutional maturity and the hierarchy of investment risk. “I think we’re a small fund in the greater scheme of things. We’re looking at power equity as the first step towards venture capital. Venture capital is more risky than power equity, so we’re building capacity on power equity in the country,” he explains. This is not a lack of ambition, but rather a strategic commitment to building a solid foundation before moving into more volatile territories.
The DPF has a long-standing track record in this space, having invested in mezzanine and private equity structures for over a decade, which provides them with a seasoned perspective on how capital matures in a frontier market. “We’ve been investing in a power equity fund, a mezzanine fund, since 2011. I think as our capital markets develop, as our asset demands will increase, we will increasingly look at these other asset classes,” Norman notes. He highlights a structural challenge unique to the continent: the rarity of “unicorns”—startups valued at over $1 billion—compared to the more established venture ecosystems like the US. “The biggest challenge with venture funds in Botswana or in our Darfur continent is that we don’t get as many unicorns, let’s say, in the US. So, with it being riskier on risk lands, you want to have a strategy where you do returns far, far away the losses that you have with the other investments. But I think it’s an asset class we will consider in the future, but right now we’re trying to develop power equity within the Botswana context. For the conference here now, it will unpack the related finance parts.”
This measured approach extends to the realm of sustainable infrastructure, where the DPF balances the desire for impact with the reality of its total assets under management. Norman acknowledges that while the DPF is a significant player in Botswana, the sheer scale of regional projects requires a collaborative mindset and a reliance on syndicated financing. “I think we’ve done that through our investments in power equity. I think infrastructure for us is an important note. But we also acknowledge that you’re quite small. I mean, if you’re building a road from Botswana to South Africa, you’ll need billions,” he says. The solution, in his view, lies in strategic participation and the use of global frameworks to bolster local capacity. “We’ve been in conversations and discussions for railroads, and we’re saying we just probably need to participate, but we need to participate within reason. We’ve engaged with local and regional funds on opportunities, facilities, and co-investments.” By aligning with global titans, the DPF can effectively manage the massive capital outlays required for such works: “The nice thing about Blackstone Finance is if you participate as syndicates for the World Bank, for the IMF, for Blackstones, it just makes it easier for capacity.”
Navigating private markets requires more than just capital; it requires “market intelligence”—a theme Norman returned to several times during the Mauritius summit as he discussed the complexities of real assets. He believes that local expertise is the only true way to mitigate the risks of physical investments in foreign jurisdictions. “A Mauritian will best understand properties in Mauritius. So property investments, infrastructure investments, you need some market intelligence. And then you need also support. You need legislative certainty,” he argues. In the world of 30-year infrastructure cycles, where economic and political winds can shift significantly, the “buy-in by regulators” is the bedrock of any successful investment strategy. On this front, Norman is proud of his home jurisdiction’s reputation for stability. “One thing that’s quite reassuring is if you look at Botswana, you have two things. You have rule of law and you have infrastructure support. And this is what investors want. And even in Mauritius, I’ve seen the same. And my argument is the more we invest in infrastructure, the more infrastructure opportunities will arise. So infrastructure buys more infrastructure.”
A central tenet of Norman’s leadership is the conviction that African institutional money must be the primary driver of the continent’s growth, serving as a signal to the rest of the world. He addresses the irony of seeking Western capital when local capital remains hesitant to commit to its own neighborhood. “How do you convince an investor in the US or in Europe to invest in Africa when African money doesn’t invest in Africa itself? So investments have a bias. If you’re a Mauritian, you first invest in Mauritius before you go offshore. And this is what exactly we’ve done,” he asserts. This philosophy is rooted in what he calls the “capital market cycle doctrine,” where capital naturally follows productive returns rather than just speculative interest.
For the DPF, the commitment to the continent is already a tangible reality, reflected in nearly a decade of frontier market participation. “I’m very proud of the fact that we’ve been in Africa, frontier markets, Africa including South Africa, for the past eight years or so. It’s a great initiative because we need to put our money here,” Norman says. He acknowledges that while global markets may sometimes offer higher immediate returns than frontier markets, there is a broader duty at play that transcends simple spreadsheets. “Investments are not purely, purely, purely, purely economic. So you can say, well, global markets have returned much, much more than frontier markets. But the idea is, you know, Western money has to support Western investments. African money should also support African investments. So that we bring in more investors and we get those double-digit higher returns that we can get.”
When it comes to governance and the integration of Environmental, Social, and Governance (ESG) standards, the DPF aligns itself with the highest global benchmarks to ensure long-term fiduciary security. This is achieved through a meticulous selection of partners who mirror these values. “We partnered with world-class institutions. So we partnered with managers who didn’t comply to global standards. And most of our asset managers are WSALs. Yes, in Botswana, in the U.S., in Europe, and in South Africa. I mean, these are jurisdictions which really adopt best practise methods,” Norman explains.
The fund’s ESG reporting is not a passive exercise but an active dialogue that influences how capital is managed. Norman places a particularly high premium on the “G”—Governance—as the catalyst for all other impacts, especially in an African context where institutional strength is paramount. “We also have ESG consideration. So in our reports back to our managers, we want them to also report on ESG considerations. That really, really helps. And for us, the E environment is very important. The social aspects, S, are extremely important. And for Africa, for us, the G eliminates everything. Because if governance is right, your social impact, your environmental impact will also be impacted.”
Reflecting on the panel sessions at PIAfrica, Norman distilled his takeaway into two words that represent his broader investment mantra: “intelligently diversified.” In an era of profound global uncertainty and geopolitical shifts, he believes funds must possess the agility to deploy capital dynamically across the “Africa world.” He is also eager for the conversation to shift from theory to tangible proof of deployment. “We’ve been saying, let’s invest in Africa. I think this has been going on for 20, 30 years. I think the moment is now. I hope they’re going to engage next year. The takeaway won’t be, oh, well, we need to deploy more capital here. We should actually be saying, we have actually deployed X amount in Africa. That’s my key takeaway.”
The conference was also marked by a keynote address from Minister Avinash Ramtohul, whose message of inclusivity and the power of human capital resonated deeply with Norman’s own worldview. “What resonated with me to the minister’s speech was when he said diversity unites. You know, in this world where we look at national interests more than global interests, we shouldn’t be fearful of immigration and, you know, a one global south or global economy,” he reflects. Norman sees a direct link between cultural openness and economic success, pointing to the historical precedents of the world’s major economies. “I like the fact that he said, you know, immigrants build companies or countries. You look at the U.S. built by immigrants. You look at the U.K. built by immigrants. You look at India built by immigrants. So we also need to be very open to outside cultures. I really, really love the fact that he acknowledged that for you to do well, you need the diversity, you need the community diversity, and you need the cultural culture. I really like that.”
Under Thato Norman’s guidance, the Debswana Pension Fund is navigating its role as a sophisticated global investor with its roots firmly planted in Botswana and Africa. By focusing on governance as the “G” that eliminates risks, capacity building in private markets, and the power of collaborative infrastructure, Norman is ensuring that the fund does not just provide for its members’ retirements, but actively contributes to the economic architecture of a more resilient and self-sufficient Africa. As the conference in Mauritius concluded, it was clear that for Norman, the “African moment” is no longer a future prospect—it is a current mandate.
