THE NIF TEAM
– Investing for social impact in Africa. The team is deeply rooted both in the Nordic and East African investment and entrepreneurship ecosystems as well as global impact investment and impact-linked finance networks.
Diverse and complementary backgrounds
We are a women-led fund manager with a core team of five professionals, five nationalities, 80% women, and our team comprises experience from the financial sector, NGOs, development institutions, public and private sectors as well as across the Nordics and East Africa.
Global reach and local anchorage
The team is deeply rooted both in the Nordic and East African investment and entrepreneurship ecosystems as well as global impact investment and impact-linked finance networks.
Transaction, business development, and strategic experience
Together the team represents +80 years of transaction, business development, and strategy consulting experience in emerging markets.
Lisbeth Stausholm Zacho
Managing Partner – Copenhagen
Lisbeth is the founder of Nordic Impact Funds and is working tirelessly towards mobilizing capital for the development agenda. She spans very broadly in her skill set. She has a strong understanding of the macroeconomic environment, solid financial skills and expertise in international development.
She is a former central banker, an IMF economist and a World Bank consultant and was a Deputy CEO of a leading international NGO, SOS Children’s Villages, and developed ground-breaking innovative finance solutions for Red Cross.
She holds an MSc in Economics from the University of Copenhagen and an MBA from Henley Business School, UK.
Olivia Byanyima
Regional Director – Kampala
Olivia has a deep passion for cultivating businesses from their earliest stages. Before joining NIF, Olivia garnered experience as an investment banker, entrepreneur, and consultant.
Beyond her professional pursuits, she finds joy in the realms of musical arts and design (a secret creative at heart).
Olivia brings her wealth of experience to NIF, contributing to portfolio management and advisory roles.
We are leveraging her extensive background in finance and entrepreneurship to bolster the global presence and local impact of NIF. Her expertise in supporting high-growth entrepreneurs will further fortify our investments and collaboration with portfolio companies.
Olivia is on the IC of UNCDFs investment fund and has done transaction advisory for World Bank and Manufacturing Africa (with McKinsey and BDO).
Anne Katrine
Buch Vedstesen
Investment Director – Copenhagen
AK is passionate about mobilizing more capital and resources to impact enterprises that generate tangible and meaningful outcomes for the low-income population in Africa.
Before joining NIF, AK was based in Nairobi where she headed iGravity’s impact management team and learned a great deal about measuring and managing impact in a credible, efficient, and action-oriented way. Building on this experience, her work at NIF revolves around impact strategy, value creation, and investment management.
Outside work, you’ll find AK walking her dog, swimming in the ocean, hiking mountains, learning about regenerative agriculture, and looking for any excuse to visit her former home in Nairobi.
Her passion and expertise making impact a natural consideration in any investment decision continues to strengthen our impact and investments in East Africa.
Micheline Ntiru
Senior Advisor – Nairobi
Micheline has over 23 years of professional experience in development finance, impact and venture capital investment, business advisory and private sector development in Africa, Asia, Asia Pacific, the Caribbean, Europe, Latin America and the United States.
She is currently Managing Director at Convergence Africa and was formerly manager at IFC, Business Advisor at Stanford Seed and Manager at Nokia.
She is also a member of the Investment Committee for Kenya Climate Ventures (KCV) as well as a non-executive director of the boards of a gender lens fund ATG Samata and I&M Bank Uganda.
Micheline holds an MBA from the University of Cambridge, UK.
Henrik Kähler
Member of the IC – Copenhagen
Impact investor and board member helping startups solve global challenges in Africa.
Henrik has joined our fund and board and brings in valuable experience as board member, founder and investor in several start-ups focused on solving challenges in Africa.
Duncan Onyango
Member of the Advisory Board – Nairobi
Duncan has been engaged in more than 40 impact investment deals in East Africa, including 12 exits with an average USD IRR of 17%. He is currently the CEO of Trade Catalyst Africa. Former director of Acumen, East Africa, started SUED (Sustainable Urban Economic Development) funded by the British Government, and has invested on behalf of Pharo Ventures throughout East Africa.
Duncan is also the Chair of KIFFWA (Kenya Innovative Finance Facility for Water) and has held several board positions within the impact investing community. He holds an MSc from Oxford University.
phillipa wamala
Investment manager
Phillipa brings a strong blend of strategic insight and financial acumen to advancing inclusive, gender-equitable, and sustainable growth across Sub-Saharan Africa. She has designed innovative finance facilities, driven gender-lens investing initiatives, and built entrepreneurial programs supporting women-led, climate-focused, and underserved businesses across East, West, and Southern Africa.
With a background in management consulting and development finance, Phillipa has collaborated with leading institutions including the United Nations, the World Bank, and the Bill & Melinda Gates Foundation. As a member of the Association of Chartered Certified Accountants (ACCA), she combines analytical rigor with a deep dedication to impact-driven investing.
At Nordic Impact Funds, Phillipa focuses on sourcing and structuring investments that generate measurable social outcomes and consistent financial returns. Outside of work, she recharges through jogging and exploring new places, pursuits that nurture her curiosity and sense of balance.
Davis luboyera
portfolio manager
Davis is passionate about advancing economic empowerment through entrepreneurship development in emerging markets, with a strong focus on initiatives that drive meaningful impact.
Before joining NIF, Davis worked at Open Capital, where he led strategy and transaction advisory engagements aimed at accelerating business growth and mobilizing capital for impactful enterprises. His experience includes supporting SMEs, corporates, and development partners to scale operations, strengthen investment readiness, and secure financing, through due diligence, deal structuring, and aligning business potential with social outcomes.
At NIF, Davis supports portfolio companies in preparing for growth by strengthening operations, enhancing impact, building long-term value, and improving their investment readiness. He is committed to helping ventures scale sustainably while generating favorable economic and social outcomes.
Outside of work, Davis enjoys traveling, reading non-fiction, running, and deepening his understanding of emerging market economics.
max grünwald
investment analyst
Max joined the Copenhagen office of NIF as an analyst in the investment team, where he works on financial modelling, valuations, due diligence, and everything else that comes his way.
With a background in finance, consulting, and sustainability, his experience spans from working with Nordic corporates on corporate governance over German SMEs in turnaround, as well as co-founding a small sustainable fashion venture. Further, he has served on the supervisory board of a €40m financial services organization.
Max holds a double master’s in applied economics & finance from Copenhagen Business School and International Management from the Stockholm School of Economics (CEMS).