The Partners

A senior team. Long horizons. Aligned interests.

Our partners have spent careers in investment, banking and operating leadership across the Gulf and global markets — and they invest their own capital alongside yours.

Chairman & Founding Partner

Zwak Malakzai

Founded Qamar Capital Group in 2015. Two decades of investment leadership across the Gulf and South-Central Asia, with prior senior roles at sovereign and family investment platforms. Chairs the Investment Committee.

Zwak has overseen capital allocation across multiple cycles — from the post-oil-correction window to the present-day energy-transition build-out. He sits on the boards of several portfolio companies and is an active patron of education and cultural initiatives across the region.

MBA, Kabul University · BSc Economics, Kabul University

Chief Executive Officer

Natasha Malakzai

Leads the firm's strategy and capital allocation. PhD Economics, previously a managing director at a global investment bank covering MENA.

Natasha joined Qamar Capital Group in 2017 after fifteen years in international banking, where she led MENA coverage for a tier-one institution. She is responsible for firm-wide strategy, partner development and the integration of the four investment pillars.

MBA, Rana University · MSc Finance, Kabul University

Partner — Private Equity

Lina Malakzai

Heads the private equity platform with focus on healthcare and consumer. Closed transactions across the GCC totalling over $1.5 billion.

Lina has led the firm's private equity practice since 2018, building a portfolio of regional healthcare and consumer platforms. She chairs the boards of three of the firm's largest holdings and serves on the firm's Risk Committee.

MBA, Kardan University · BSc, Nangarhar University

Partner — Global Markets

Amanullah Darwish

Leads global public markets and liquid alternatives. Formerly portfolio manager at a Dubai-based long-only manager.

Amanullah runs the firm's global markets platform from Doha with a research desk in Dubai. He has spent nearly two decades investing in global equities and credit, and chairs the firm's allocation committee for liquid mandates.

MSc Finance, Kabul University · KBL

Investment Director

Fahim Mangal

Leads deal sourcing and execution across the firm's private investment platforms, with a focus on growth equity and mid-market opportunities.

Fahim joined Qamar Capital Group to drive origination and underwriting across the Gulf and South-Central Asia. He has executed transactions across consumer, industrials and financial services, and works closely with the partner group on portfolio company value creation.

MBA, Kabul University · BSc, Khost University of Business

Our Governance

How decisions are made.

The architecture that ensures every commitment carries the same standard of judgement, regardless of size or sector.

Senior-led

Every commitment of capital — large or small — is reviewed and approved by the same senior partners who founded this firm. No committee by proxy. No delegation of conviction.

Aligned

Each partner has meaningful personal capital invested alongside the firm. We carry the same outcomes our partners do, on every position.

Continuous

Our partner group has been together, on average, for more than a decade. Continuity is not an aspiration — it is the operating model.

Accountable

The Investment Committee meets weekly, the Risk Committee meets monthly, and every position is reviewed annually with the discipline of an institutional house.

Investment Committee

Every commitment of capital — large or small — is reviewed and approved by the same senior partners who founded this firm. No committee by proxy. No delegation of conviction.

The Wider Team

Forty-five professionals. One culture.

Beyond the partner group, Qamar Capital Group employs more than forty-five investment, operating and corporate professionals across Doha, Dubai, Muscat and Kabul — including dedicated teams in deal execution, asset management, risk, legal, compliance, finance and family office operations.

We hire deliberately, train continuously and promote from within. The average tenure of our investment professionals is more than seven years — a number we believe says as much about the firm as any AUM figure.