Theana Neveling is the head of hedge fund investments at CAM ManCo (previously H4 Collective Investments) based in Claremont, Cape Town. She has been in the industry for 19 years specialising in financial and operational functions.
Tell us about your academic background, and how your career began.
I am a chartered accountant and began my career with Ernst & Young. In 2007 I joined the Peregrine Group, my first role was with Peregrine Fund Platform. We launched new hedge funds seeded by Peregrine Holdings and offered a “plug-and-play” solution, enabling investment managers to focus on portfolio management while all the operational, accounting, compliance and investor relations functions were performed by us.
It was an exciting period, we were involved in launching numerous new hedge funds and supporting their growth from inception. This experience gave me a strong foundation in the hedge fund industry and exposed me to a broad range of operational, financial, and regulatory aspects of fund management.
I held various roles within the Peregrine Group, including at Peregrine Capital and Peregrine Holdings, before transferring to CAM ManCo (previously H4 Collective Investments), part of the Citadel Group.
When were you introduced to hedge funds?
It was in 2004 while on secondment to Ernst & Young’s US practice. Several of my client engagements were with alternative asset managers. I was fascinated by the sophisticated investment strategies, the entrepreneurial nature of the businesses, and the fast-paced environment. That experience sparked my interest in alternative investments and ultimately, influenced my decision to build my career in the hedge fund industry.
How has the industry evolved during your career?
Having worked through both the pre-regulation and post-regulation eras has given me a unique perspective on how the industry has matured. Regulation reshaped the hedge fund industry, introducing new governance, operational, and compliance requirements while building on the strong foundations of self-regulation and governance that already existed.
One of the most significant changes following the regulatory transition was the increased adoption of daily-dealing retail hedge funds. Initially, qualified investor hedge funds were the preferred structure for most investment managers. However, as financial advisers became increasingly comfortable recommending hedge funds to a broader client base, demand for retail hedge funds grew significantly.
Supporting daily-dealing funds required substantial changes to operating models, systems, and processes across the industry. While the transition was complex, those capabilities are now well established, enabling the industry to operate efficiently while providing investors with greater liquidity.
What challenges have you faced as a woman in the hedge fund sector?
The hedge fund industry has traditionally been a male dominated environment, particularly when I began my career. While there were occasions where I had to work harder to establish my credibility, I have always believed that expertise, professionalism, and consistently delivering high-quality work are the best ways to earn respect.
I have been fortunate to work for leaders who valued competence and integrity above all else, and I have had opportunities to contribute to significant initiatives and take on leadership roles demonstrating that strong performance speaks for itself.
What qualities do you believe are essential for success in the hedge fund industry today?
The hedge fund industry has become increasingly sophisticated and highly regulated. Success requires a deep understanding of the regulatory environment, the broader investment ecosystem, and the needs and motivations of the various stakeholders, including investors, fund managers, regulators, service providers, and boards.
You need to think proactively rather than reactively to anticipate where risks or challenges may arise, identify solutions before problems develop, and continuously adapt to a changing regulatory and business landscape.
Equally important is building strong, trusted relationships. The hedge fund industry is built on collaboration, and success depends on working effectively with a wide range of stake holders while earning their confidence through integrity, reliability, and consistent delivery.
Finally, I believe it is important to have the courage of your convictions. There are times when you need to make difficult decisions or challenge the status quo in the best interests of investors and the business. Having the confidence to do what is right, even when it is not the easiest path, is one of the most valuable qualities a professional in this industry can have.
Have you seen meaningful progress in gender diversity within the industry during your career?
While there are still relatively few female hedge fund managers, there are significantly more women working as analysts, investment specialists, and in other investment focused roles than there were 15 or 20 years ago. That is very encouraging because it is creating a stronger pipeline of talented women who will be well positioned to move into portfolio management and leadership roles in the future.
Meaningful change does not happen overnight. It requires organisations to invest in developing talent, creating opportunities, and fostering inclusive cultures where people are judged on their abilities and potential. I am optimistic that, as this pipeline continues to strengthen, we will see greater gen der diversity at the most senior levels of the industry. Greater diversity provides different perspectives, better decision-making, and stronger outcomes for the industry.
What advice would you give to young women considering a career in the industry?
Start your career in an environment where you are far from the smartest person in the room. Absorb everything you can, and learn from successes and mistakes. Those experiences will provide a strong foundation and help you make better decisions as your career progresses.
Never be afraid or embarrassed to ask questions. Curiosity is one of the most valuable qualities you can have, and asking questions is how you develop a deeper understanding and continue to grow.
Be prepared to work hard and invest continuously in building your knowledge. The hedge fund industry evolves rapidly, and lifelong learning is essential to remain relevant and add value.
Finally, invest in relationships. Technical expertise is important, but trust, collaboration, and strong professional relation ships are what enable you to succeed over the long term. The relationships you build throughout your career will often be come just as valuable as the technical skills you develop.
What opportunities or trends are you most excited about in markets over the next few years?
I am excited about the continued development of digital assets and, particularly, the tokenisation of real-world assets. I believe tokenisation has the potential to significantly expand the investable universe for hedge funds by making a much broader range of alternative assets accessible to investors.
One of the most compelling opportunities is the tokenisation of large infrastructure projects. By enabling fractional ownership of infrastructure assets on blockchain technology, tokenisation could create liquid secondary markets for assets that have traditionally been illiquid. This has the potential to improve price discovery, transparency, and valuation of private and unlisted assets, while broadening access to investment opportunities.
At the same time, the industry’s success will depend on developing the right infrastructure to support these innovations within a regulated environment. Safe custody of digital assets, robust valuation methodologies, investor protection, operational resilience, and forward-thinking regulatory frame works will all be critical to building confidence and encouraging adoption. What excites me most is the opportunity to bring together innovative fintech solutions with the governance, regulatory principles, and operational discipline that underpin traditional financial markets. I believe the organisations that can successfully combine technological innovation with strong risk management and investor protection will be at the forefront of the next phase of growth in the investment industry.
What do you like about your job?
What I enjoy most is contributing to the continued development and strengthening of the hedge fund ecosystem, supporting an environment that enables the industry to grow.
Working with talented professionals is stimulating and rewarding. I work with an outstanding team at CAM ManCo, where everyone is committed to excellence and continuous improvement. We are supported by remarkable trustees and highly skilled service providers, with whom we have built strong and enduring partnerships.
Add to this the fascinating backdrop of the financial markets and the opportunity to solve complex challenges, and it makes for a truly fulfilling career.
What professional achievement are you most proud of?
The professional achievement I am most proud of is establishing the hedge fund division of CAM ManCo and helping to lead the industry’s transition from an unregulated to a regulated environment. The migration of unregulated hedge fund partnerships to regulated collective investment hedge funds was both technically challenging and strategically complex, it required extensive collaboration with legal advisors and industry stakeholders to ensure business continuity and protection of investors.
It involved negotiating new agreements that reflected the changing regulatory landscape, redesigning operational processes and systems to meet new requirements, and translating complex regulations into practical, workable solutions.
Developing a pragmatic risk management framework that achieved the objectives of the regulations while remaining practical for fund managers and service providers was one of the highlights. It required balancing regulatory intent with commercial realities and working through entirely new challenges as the industry evolved.
We worked closely with hedge fund managers, prime brokers, administrators, trustees, and other industry participants to build a framework that continues to support the industry today. It was an exhilarating, demanding, and immensely fulfilling period, and I am proud to have played a part in building a stronger, more resilient hedge fund industry for the future.
Published by: HedgeNews Africa “Women In Hedge Funds 2026”