Dr. Lulu Gwagwa is a shareholder, director and CEO of Lereko. She has a masters degree in Town and Regional Planning from the University of Natal, an MSc from the London School of Economics and Political Science, and a PhD from the University College, London. Lulu is also South Africa's first qualified black female town planner.

Prior to joining Lereko in 2004, Lulu was deputy director general in the Department of Public Works, CEO of the Independent Development Trust, and a consultant on development planning, transformation and institutional capacity building.

In addition to board responsibilities with Lereko and fund portfolio companies, Lulu has served as a non-executive on the boards of the Airports Company of South Africa, FirstRand, the South African Post Office, the Development Bank of Southern Africa, and the Mineworkers Investment Company, and was a finalist in the 2002 Nedbank Businesswoman of the Year awards.