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About Frost Capital

Frost Capital brings together a powerful combination of cross-sector and investment expertise. Our fund managers have managed top performing funds, advised Presidents, won global awards, taught finance and private equity at top universities, run successful companies, and more. This blend of experiences enables us to generate unique insights and deal flow, get involved in the operations of our portfolio companies, and maximize returns for our investors.    

We have managed venture capital, growth equity, and buyout funds, and deploy our knowledge for deal flow analysis, diligence, transaction structuring, operational analysis, value creation, and exit.  We have worked with investors ranging from sovereign funds and institutional investors to family offices and HNW individuals.

Frost Capital is based in Palo Alto, with offices in Washington DC, London, and Kuala Lumpur.


Frost & Sullivan is a 50+ year old global growth strategy and research consulting firm with over a thousand analysts in 45 offices across the world and 10,000+ clients (including 80% of Fortune 1000 companies). Frost & Sullivan has been an industry leader in helping companies identify and take advantage of transformational growth opportunities, and together we apply these decades of experience to help investors find and unlock the value of their assets. Annually, we conduct research on 1M+ companies, whittling them down to the very best investment prospects through multiple rounds of research and due diligence.


David Frigstad, Chairman of Frost & Sullivan

The global economy will be shaped by disruptive innovation, a disintermediation of traditional industry players and a compression of the customer value chain. Never before have we seen so many incumbent players experiencing revenue declines. It is imperative for us to identify growth opportunities that will shape the future. The same applies to the investment space, and we’re excited to partner with Frost Capital and serve as a resource for investors.

Creating long-term value

While we offer investment opportunities through traditional time-limited equity funds, we prioritize permanent capital vehicles (evergreen funds) because we believe these provide the time and space needed to deploy long-term strategies that build better, lasting companies and value. This investment structure empowers portfolio companies to focus on long-term sustainability rather than the unrelenting pressure of fast growth and quick profits, which too often leads to unethical behaviors and bad business decisions. 


In an evergreen fund structure, profits flow back to the fund for additional investments; investors reap regular generous dividends and predictable cashflow; and portfolio companies can focus on building great businesses. 

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Building ecosystems

We believe sustainable value creation depends on supporting entrepreneurship and innovation ecosystems in the countries in which we invest. To that end, we work closely with a global network of incubators, accelerators, mentorship programs, and early stage funds to support high potential startups.

Prioritizing global platforms

Sustainable value creation in an interconnected world requires global reach. This is why we prioritize investing in platforms like fintech, which can provide services to customers across borders.

Our investments typically emphasize advanced technology, although this is not an explicit requirement. All of our portfolio companies, however, must be at least tech enabled, even if they are not technology platforms. We remain convinced that this is essential for competing in global markets.

Meet the team


Co-founder & Managing Director of Elixir Capital and noted expert on emerging markets private equity. Worked with funds, such as Soros Fund Management, Carlyle Group, and New Enterprise Associates. Teaches private equity and Islamic finance at Berkeley and Vanderbilt University.

Abrar Hussain

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Managing Director

Recognized three times as one of the 500 most influential Muslims in the world and as one of the 50 most influential entrepreneurs in the global Islamic economy. Former World Bank and US State Department. Founder of Zabihah, co-founder of Zakatify and Affinis Labs.

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Shahed Amanullah

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Worked with large family offices in the Middle East and currently on the board of the International Institute of Islamic Waqf. Co-founder of JNA Holdings, a Saudi Arabian and UK-based holding company with investments in Financial Services, Banking, and Real Estate. 

Akram Nahhas

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Senior Associate

Vice President, Fellow and Business Unit Head of the Business & Financial Services Group for the Americas region of Frost & Sullivan. Worked in healthcare, energy, ICT, and aerospace from both corporate and client perspectives.

Lori Salazar Strubhart

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Managing Director of Elixir Capital in Kuala Lumpur. Previously served as Senior Vice President of Investments at Malaysian Venture Capital Management Berhad. 20+ years of experience in management, operations, sales, and marketing in the ICT industry.

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Amir Azahar

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