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Enko Capital
Alain and Cyrille Nkontchou run $1.6 billion through Enko Capital, an Africa-focused manager blending a public-markets debt hedge fund with private equity.
Enko Capital
Founded in 2008 by brothers Alain and Cyrille Nkontchou, Enko Capital emerged from deep institutional trading and investment-banking roots. Alain previously ran global macro trading desks at Credit Suisse and JP Morgan, while Cyrille built LiquidAfrica after heading Sub-Saharan research at Merrill Lynch. The firm manages dedicated Africa debt and equity strategies, deploying capital from four offices that span the UK, Southern Africa, and Francophone West Africa. Enko runs three distinct strategies. The Africa Public Debt strategy is an absolute-return hedge fund trading sovereign and corporate debt, local and hard currency, across 21 African countries ex-South Africa. On the private side, a pre-IPO equity fund takes minority stakes in mid-market growth companies with holding periods of four to five years, while a newer private debt strategy was added later. The firm cites no portfolio-company names publicly, but its structure lets it move from liquid macro positions to direct company investments using the same on-the-ground network — a model that few Africa-focused managers replicate. Team size is not disclosed, but the partnership bench is deep. Beyond the Nkontchou brothers, senior figures include Abdoulaye Karamoko on the public-debt desk, Sidoine Viagbo and Saad Sheikh co-heading private debt, and Alix Pinel and Eric Soubeiga leading private equity. Regulatory footprint mirrors the four-office geography: FCA in London, FSCA in South Africa, CREPMF in Côte d'Ivoire, and FSC in Mauritius. In March 2026, Enko won two Eurohedge Awards for its Africa debt strategy. Enko is not a single-family office, yet the sibling-led partnership creates a governance cadence distinct from institutional fund platforms. The Nkontchous sit atop both the public-markets and private-investing engines, with risk, compliance, and sustainability functions reporting across them. That tight span of control — combined with regulatory licenses in four jurisdictions — gives the firm a structural ability to hold positions through political and currency cycles that force generic emerging-market vehicles to exit.
General information
Firm type
Generalist
Year founded
2008
AUM
$1.6 billion (per firm website, 2026)
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
1 Knightsbridge Green London SW1X 7QA United Kingdom
Additional offices
Johannesburg, South Africa · Abidjan, Côte d'Ivoire · Port Louis, Mauritius
Principals
Alain Nkontchou
Co-founder and Managing Partner
Cyrille Nkontchou
Co-founder and Managing Partner
Sector focus
Frequently asked questions
How is Enko Capital's investment decision-making split between the public and private strategies?
Alain Nkontchou serves as CIO of the Africa Public Debt strategy and advises the private equity team on macro issues, while Cyrille Nkontchou leads origination, fundraising, and portfolio management for private equity. The private debt strategy is co-headed by Sidoine Viagbo and Saad Sheikh, and the private equity team is led by partners Eric Soubeiga and Alix Pinel. This separates day-to-day portfolio decisions while keeping macro views shared across the firm.
What is Enko Capital's geographic footprint, and why does it matter?
Enko operates from London, Johannesburg, Abidjan, and Port Louis — a footprint that spans UK regulation, Southern African sourcing, Francophone West African origination, and Mauritius-domiciled fund management. The Abidjan office, regulated by CREPMF, gives Enko direct access to the WAEMU zone, a region many London-only Africa funds cannot penetrate effectively.
Does Enko Capital run a single-family office or a pure asset manager structure?
Enko is a partnership-run asset manager, not a single-family office. The Nkontchou brothers co-founded the firm and serve as managing partners, but the vehicle manages third-party capital across regulated funds in the UK, South Africa, Côte d'Ivoire, and Mauritius.
How does Enko's private equity strategy differ from the public debt hedge fund?
The private equity arm takes minority stakes in mid-market African growth companies, targeting pre-IPO opportunities with holding periods of four to five years. The public debt strategy runs an absolute-return book of sovereign and corporate debt, trading local and hard-currency instruments across 21 African countries ex-South Africa. A third strategy, private debt, sits between them, offering structured credit exposure.
What is Enko's known posture on co-investments alongside external GPs?
Enko does not disclose a formal co-investment program. Its private equity strategy focuses on direct minority stakes, while the public debt book trades listed and OTC instruments. The firm has not publicly indicated a fund-of-funds or GP-commitment allocation.
Who regulates Enko Capital's various entities?
Enko Capital Management LLP is regulated by the FCA in the UK. Enko Capital Investments (PTY) Ltd is regulated by the FSCA in South Africa. Enko Capital West Africa is regulated by CREPMF in Côte d'Ivoire, and Enko Fund Management Limited is regulated by the FSC in Mauritius.
Does Enko Capital maintain any philanthropic or impact structures?
Enko has a sustainability policy and employs a Chief Sustainability Officer, Rachel Cochran, who leads ESG and impact initiatives, particularly for the private debt strategy. The firm does not operate a separate philanthropic foundation, but it positions its private equity strategy as ESG-focused.
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