Our Company

Miltenberg Capital was founded in 2019 by Philippe Koch, Geoffroy Dedieu and Gavekal Wealth (former IPRO) as a boutique investment management firm focusing on emerging and frontier markets. Gavekal Wealth is a subsidiary of Gavekal Capital.

We are an owner-operated firm based in Mauritius. Our investment team has a combined 65 years of experience of working and investing in emerging Asia, Africa and Europe.

Miltenberg Capital Ltd is licensed as a CIS Manager by the Financial Services Commission (“FSC”) of Mauritius.

Investment Team

Philippe Koch
Co-Founder & Managing Partner

Philippe has 25 years of experience in the financial services industry and 4 years as an entrepreneur. He spent his career in corporate and investment banking at international banks in Germany and Mauritius before joining IPRO in 2013 where he managed mainly Africa equity and fixed income funds. While at IPRO, Philippe was also the manager of a closed-end investment company listed on the Stock Exchange of Mauritius. He was further involved in an Indian small- and mid-cap equity fund managed together with a reputed international investment manager. In 2019, he set up Miltenberg Capital together with Geoffroy Dedieu and IPRO as an investment boutique dedicated to emerging and frontier markets. Philippe holds a Masters’ Degree in Business Administration from the FOM University of Applied Sciences for Economics and Management in Germany as well as the CFA and the FRM designations.

Geoffroy Dedieu
Co-Founder & Managing Partner

Geoffroy has 30 years of experience as a lawyer, banker, and senior executive of family-controlled businesses operating in emerging and frontier markets. He was based over 15 years in Singapore which allowed him to travel extensively throughout Asia. Geoffroy was the CEO of a UK-based family office for 8 years where he pioneered the adoption of the UN Principles for Responsible Investment. He also was Group Managing Director of a Mauritius-based listed investment company and was the CIO of a North-African family office. Geoffroy holds LLM’s from National University of Singapore and Université Panthéon Assas, an MBA from INSEAD, and is a CFP (France). In 2020 and 2021, Geoffroy completed a Masters’ Degree in International Environmental Law in France.

Dhashween “Dhash” Bhogun
Principal

Dhash has over 10 years of experience in investment research and management, corporate finance and entrepreneurship. He joined IPRO in 2013 as an equity analyst and was later promoted to assistant fund manager of the flagship Africa equity fund. Dhash also worked in corporate finance advisory at one of the Big 4 accounting firms. He was further an investment analyst and later investment manager at a closed-end real estate investment company listed on the LSE. He holds the position of director at his family-owned property development company and is involved in the academic field as a part-time lecturer in finance at the University of Technology (Mauritius) and the Open University (Mauritius). Dhash holds a BSc Investment & Financial Risk Management (First Class) from Cass Business School and an MSc Finance (Merit) from Imperial College Business School after being awarded with the Commonwealth Master’s Scholarship.