Our Team


Ali Saigol

Founding Partners

Mr. Ali Saigol is a founding partner at Baltoro Capital, Holds degree from the Babson College, USA and has an experience of over 17 years, Pakistan’s leading private equity firm. Baltoro Capital recently launched the Baltoro Growth Fund, a Pakistan focused private equity fund with US$ 48.5 million of committed capital at first close. Baltoro seeks to capitalize on Pakistan’s burgeoning domestic consumption market and growing competitiveness in product and service export opportunities. Baltoro invests in entrepreneurial opportunities to create economic wellness for all with integrity by aligning the interests of multiple stakeholders, thus creating meaningful relationships that generate commercial value. Prior to Baltoro Capital, Mr. Saigol was a Director of Indus Basin Holdings (IBH), Pakistan’s premier agribusiness investment company. IBH partners and investors included Tim Draper of Draper Fisher Jurvetson, Thyssen family office (ThyssenKrupp) and former UK Foreign Secretary David Miliband. At IBH Mr. Saigol led the strategic planning and was responsible for origination, investment decision making, and operations. Mr. Saigol holds a BSc in Entrepreneurship and Economics from Babson College.


Mahmud Yar Hiraj

Founding Partners

Mr. Mahmud Yar Hiraj has over 19 years of professional experience in private equity, principal investments and investment banking. He is a founding partner and a member of the Investment Committee at Baltoro Capital, a leading private equity firm. Prior to Baltoro, he was the Head of Principal Investments at Bank Alfalah & held leading roles at Dhabi Group with representation on Investment Committees and boards of various portfolio companies. Mr. Mahmud Yar Hiraj has worked at leading global financial institutions and investment banks in US, UK and Canada. He started his career at the investment banking division of Salomon Smith Barney (Citigroup) in New York before moving to London to join Citigroup’s Financial Sponsors Group where his clients included leading global private equity firms. His other experiences include executive positions at J.P. Morgan and Scotia Capital in North America, where he advised various leading Fortune 500 Companies and sponsors on mergers and acquisitions and capital market fundraising and restructuring transactions. Mr. Mahmud Yar Hiraj holds an MBA from Yale University and a BA from McGill University


Imran Zaffar

Founding Partners

Mr. Imran Zaffar has over 20 years of experience in private equity, investment banking, and corporate strategy.He holds degree from the University of London and has an experience of over 20 years. He is a member of the Investment Committee of Baltoro Growth Fund and is responsible for overseeing the performance of the Fund’s portfolio companies. Currently, he is also serving as a director of Institute of Capital Markets. He has served on the boards of several companies in Pakistan. Mr. Zaffar has held executive positions in his career at Bank Alfalah, Dhabi Group, MCB Bank, Elixir Securities, and Dresdner Kleinwort Benson. He has degrees in Economics and Engineering from the University of London.