Fulu Makwetla

Managing Director

Fulu Makwetla

Fulu is a Founding Partner and Managing Director of Third Way Investment Partners; she is also a non-executive director of All Weather Capital. She was previously the Investment Manager of the Government Employees Pension Fund (GEPF) – the largest pension fund in Africa, with assets in excess of R1.6 trillion, representing the retirement interest of 1.2 million members and over 360 000 pensioners. During her tenure at the GEPF, she served on the Investment Committee of the Pan African Infrastructure Development Fund and represented the GEPF on several advisory boards of Private Equity Funds.

Prior to joining GEPF, Fulu was an Executive and Senior Consultant at RisCura, consulting to Pension Funds, Insurance Companies and Medical schemes in Southern Africa. She was an employer elected trustee of the RisCura Provident Fund. She also worked for RMB Asset Management and has over 15 years of industry experience.

She currently serves as a director on the board of the Southern African Venture Capital and Private Equity Association (SAVCA), an industry body that advocates for private equity and venture capital asset classes in Southern Africa. 

Fulu holds a Bachelor of Commerce in Econometrics and a Bachelor of Commerce (Hons) in Economics from the University of Pretoria, South Africa.


  • Completed a number of World Bank programs – private equity and multi-management
  • Responsible for the relationship between World Bank and GEPF
  • A strong implementer – Developmental Investment Strategy and Master Custodian at the GEPF
  • EXCO member and Senior consultant with a combined book of R2tr with a focus on blue chip clients such as Discovery, Standard Bank, Mutual & Federal, Altron, and Eqstra
  • Employer elected trustee of RisCura Provident Fund (2008-2013)
  • Skilled in setting Investment strategies and Manager selection
  • Member of the Pan African Infrastructure Development Fund Investment Committee, 2013 – 2015
  • A renowned speaker at many industry conferences & appeared on several media platforms including 702, CNBC Africa and Summit TV