The Altvest Credit Opportunities Fund (ACOF), a specialist SME-focused private credit fund managed by Altvest Capital, today announced its audited financial results for the year ended 28 February 2025, marking a breakthrough year in its mission to democratise access to capital and drive inclusive economic growth across South Africa.
In just over a year since commencing full-scale operations, ACOF has disbursed over R240 million in funding across 30 SMEs, directly supporting 884 jobs and creating 471 new jobs, while maintaining a low arrears ratio of less than 1%. The fund has seen a surge in demand from entrepreneurs and investors alike, underscoring the urgent need for alternative credit providers tailored to the South African growth economy.
“ACOF is no longer a concept – it’s a capital deployment engine. Our results prove that responsible, impact-focused lending can be both financially viable and transformational,”
– said Warren Wheatley, CEO of Altvest Capital.
Key financial highlights for the year include:
- R35.7 million in interest revenue
- Net asset value per share increased to R3.03 (from R2.31 in 2024)
- A healthy liquidity position with R79.7 million in current assets
Significant capital raise momentum, including a R75 million loan from SEFDA and mandates from four South African retirement funds.
ACOF also continued to expand its impact footprint:
- 34% of funding allocated to women-owned businesses
- Loans issued across all 9 provinces
- Industry reach includes agriculture, hospitality, logistics, and renewable energy
Our borrowers aren’t just recipients of capital. They are builders of the real economy—entrepreneurs turning adversity into opportunity. ACOF gives them the tools to thrive,
-added Akshay Karan, CIO of ACOF.
Looking ahead, ACOF is targeting a loan book of R800 million by February 2026, supported by an active pipeline of over R684 million in potential deals. The fund will continue to prioritise underserved geographies, Youth and woman owned businesses, and blended finance innovation, while actively engaging institutional investors and DFIs for scalable co-funding.
Chairperson Norma Sephuma reflected on the year:
Every SME we support is a vote of confidence in South Africa’s future. ACOF is catalysing hope, opportunity, and progress in the spaces traditional finance has left behind.
View ACOF’s audited annual financial statements
