The Genesis and Growth of Altvest Capital: A Foundational Perspective from the CEO
In March 2021, amidst the evolving economic landscape of South Africa and significant global challenges, Altvest Capital was born. The World economy was still bedridden having dealt with Covid and many other challenges. South Africa, endured the aftermath of Covid almost in complete darkness as a result of failures at Eskom and the resultant loadshedding.
I knew from the outset that our journey would be anything but conventional. Having spent years navigating the corridors of investment banking and private equity, I had witnessed firsthand how traditional avenues of wealth creation were often safeguarded within an insular sphere, detached from the reach of everyday people. This realization sparked a vision—one that would redefine how South Africans engaged with and accessed investment opportunities. It was not merely a business; it was a movement, a clarion call for democratization that became the very essence of Altvest.
Foundational Strategies and Early Development
The birth of Altvest was not just an entrepreneurial pursuit; it was a deeply personal mission. We set out not to replicate existing structures but to challenge them—to question why financial access had to be so rigidly controlled and why alternative investments remained an enigma to the wider public. An initial capital injection of R50 million was a vital catalyst, igniting the development of a framework designed to bridge the gap between sophisticated, institutional-grade investments and the ambitions of ordinary investors. This blueprint wasn’t a quick sketch; it was the product of exhaustive research, sleepless nights, and a relentless commitment to inclusion.
Our first landmark move came with the acquisition of A-Trade Brokerage in July 2021. This pivotal acquisition not only fortified our operational capabilities but also laid the groundwork for our media strategy. The move positioned us as an investment facilitator capable of managing fractional ownership of unlisted assets, bringing unprecedented transparency to the private equity market.
It was then understood why some of my founding partners were media owners and personalities with strong views and opinions, with large followings and even larger voices.
Partners included, Koshiek Karan, who has a monstrous personal following and his Banker X team; Alec Hogg and his Biznews Platform, Rob Hersov. The rose amongst the thorns was Bronwyn Nielsen and her Nielsen Network.
Together, through a coordinated series of podcasts, interviews articles and frequent post across social media platforms, we quickly became a recognised contender for the investors limited wallet. We spoke to our audience, loud and clear and quickly amassed a strong media presence, with exposure well beyond what similar entities enjoyed. We were punching above our weight as far as interest and exposure are concerned. We became though leaders in this space.
With exposure and the spotlight came the inevitable scrutiny and unavoidable toxicity of social media. While we believed our approach to be bold and pioneering. What we didn’t realise is that many people found our approach overly aggressive and abrasive. Our approach culminated in a few unfortunate interactions which had the potential to result in litigation. The threat of litigation jolted me and the Board.
We had to pause and reflect. We had unintentionally though perhaps predictably, developed an unsavoury reputation amongst a few very influential institutional players.
We decided to apologise, to pivot and to restructure ourselves so that we were well placed to win the confidence of the market at large and not just the retail investors we were trying to help.
This required a revised Board and we welcomed Stafford Masie as our Chair, Khaya Sithole as the Chair of our Audit Committee and GG Alcock as an independent non-executive. Koshiek, who had Chaired the company since our CTSE listing decided to step down from the Board and operations to pursue other goals and to allow us the space for the re-organisation.
We also redefined our approach to marketing and the way we would engage with our eco-system.
We were almost immediately awarded by the market. Shortly after our restructure, and the new approach being implemented, we started building strategic partnerships with key industry role players and started receiving capital allocations from institutional investors.
A Paradigm of Democratized Investment
“We built Altvest to dismantle barriers, making investing a personal and accessible endeavour for all,” became more than a slogan; it was a manifesto.
Altvest’s strategic vision was not a reaction to market trends but an anticipatory strike against the status quo. The democratization of investment was rooted in my experiences within closed financial networks, where lucrative opportunities were shared only among the well-connected. The essence of Altvest was to disrupt this exclusivity. We built a platform that dared to bring boardroom discussions into the public sphere, empowering individuals to own a part of the future.
The approach was as methodical as it was bold. We leveraged cutting-edge technology to ensure robust oversight and accessibility, but we knew that technology alone wasn’t enough—it had to be combined with an understanding of the human aspect of investment. This is where Tatum’s insight into behavioral finance and bias management became invaluable, providing the softer, yet crucial, edge that resonated with a new class of investors.
A Year of Transformation
The milestones came quickly, each one a testament to our unyielding resolve. May 2022 marked a significant leap forward as we listed on the Cape Town Stock Exchange (CTSE). This wasn’t just a business move; it was the opening of a gateway. The listing enabled secondary trading of specialized investment vehicles and signaled that alternative investment assets were no longer confined to private dealings. This democratization was a nod to every aspiring investor who had been overlooked and to every small business owner who had once felt invisible.
Umganu
In that same month, our investment in Umganu Lodge drew attention—not just for its returns but for the way it resonated with the public. The investment brought together 264 stakeholders who collectively raised over R8 million. It also highlighted out ethos. A luxury villa, on the banks of the Sabie River, positioned in the exclusive gated estate, Elephant Point, was now co-owned by 264 ordinary South Africans, along with world renowned cricketer and former England Captain, Kevin Pietersen.
Bambanani
Shortly thereafter, we met Cary Cohen, the extraordinary entrepreneur who founded the Bambanani Family Group. Caryn reached out to me on LinkedIn, following a prompt from her father who had watched our interview on Biznews. Our stories aligned, our ethos were matched and we quickly set about getting the Bambanani Family Group onto the platform. Caryn raised XXX from mostly loyal customers and moms want to co-invest.
As I write this, we are negotiating the acquisition of the next Bambanani restaurant.
ACOF
Next was the Altvest Credit Opportunities Fund. We had dedicated ourselves to being a conduit for SMEs to connect with capital markets in a way that was historically unprecedented. Our investment vehicles were designed to highlight the intrinsic value and potential within these smaller enterprises.
Our strategic insights played a pivotal role in identifying promising SMEs whose growth could be accelerated with targeted Debt funding. Not everybody needs or wants equity partners.
The democratization effort didn’t stop at investors. We sought to recalibrate how SMEs engaged with funding opportunities. The traditional path for these businesses was marred with complexities—high costs, stringent requirements, and a reluctance from traditional financial institutions to see beyond balance sheets and into the potential of visionary entrepreneurs. Altvest’s entry into this sphere was a beacon of hope for SMEs who had long been ignored by conventional funding models.
Our commitment was not just to our investors but to the ecosystem as a whole. We recognized that empowering SMEs meant fueling job creation, spurring innovation, and enhancing economic stability. This ethos was evident when we worked tirelessly to secure investment structures that aligned with SME needs—flexible, growth-oriented, and mindful of the challenges they faced. Altvest emerged as more than just a facilitator; we became advocates for the overlooked, proving that the path to capital markets could be reimagined.
We proudly participated in the inaugural JSE Capital Matching initiative in the Western Cape, an event dedicated to empowering SMEs through vital funding opportunities. This year (2024), we are sending a larger contingent as the program rolls out nationally. This broader reach allows more SMEs across South Africa to gain access to the financial support and resources needed for growth and success. We are honoured to continue our commitment to SME empowerment and economic development.
This was where Akshay, our Chief Investment Officer, made his mark. A strategic visionary, Akshay’s expertise in portfolio management and keen eye for high-value, socially impactful assets elevated our acquisitions. His work extended beyond numbers; it was about aligning Altvest’s investments with the values of our growing investor community and ensuring that every investment carried a story that resonated with shared ideals.
Chrizelle Van Der Colf, our first “formal” employee and a pillar of our team, exemplified dedication and adaptability. From orchestrating operational logistics to ensuring that every facet of the investment process was streamlined, her contribution was as vital as it was steadfast. Together, this team navigated the complexities of the evolving market, creating touchpoints for investors that went beyond mere transactions to foster an emotional and social connection. Chrizelle’s operational oversight was a testament to the meticulous effort required to turn an ambitious vision into a sustainable reality.
A quote from one of our early media releases encapsulated this perfectly: “Every initiative we undertake is a testament to our belief that private equity should transcend boardroom discussions and become a topic at the family dinner table.”
The Path to Listing on the JSE: Triumphs and Trials
Our ambition soon turned to the Johannesburg Stock Exchange (JSE), a path paved with challenges that would test our tenacity. By October 2024, we stood at the threshold, prepared to transition from the CTSE to the JSE—a move that symbolized not only enhanced visibility but the resilience of a company that refused to conform to limiting norms.
The journey was anything but linear. It required exhaustive meetings, rigorous compliance checks, and strategic recalibrations. On October 2, 2024, after securing unanimous shareholder approval for all resolutions, we faced the next gauntlet: garnering support from brokerages. My outreach extended to more than 10 major brokerages, conveying our story with fervor. The reality was sobering; only a handful responded, and just two stepped forward to support us. This stark experience was a microcosm of broader challenges faced by emerging companies—underserved, underestimated, yet unyielding.
The capital markets, particularly in South Africa, have long presented formidable obstacles for small and medium enterprises (SMEs). These businesses often face a landscape dominated by larger, established corporations with extensive networks and resources that secure them prime positions in the eyes of investors and analysts. For SMEs, access to capital becomes an uphill battle fraught with high entry barriers, insufficient support, and a lack of visibility. This was a reality we were determined to change.
We did not accept being invisible and the media team, led by Tatum went into overdrive…We decided to own the room, to take up space…This is how we did it…
It was during this period that Tatum Wheatley, our Chief Marketing Officer, also my wife and co-founder, emerged as a beacon of ingenuity. With her background in psychology, public speaking, and global recognition as a former Miss South Africa, Tatum brought an unparalleled ability to connect, resonate, and amplify our vision. Her transformative approach galvanized our media outreach, turning it into a narrative of empowerment and accessibility.
Tatum’s strategies fused with the company’s ethos, creating a chorus that reached thousands and positioned Altvest as not just a company but a community. Her campaigns showcased not only her expertise in behavioral finance but her profound understanding of public sentiment, elevating our brand’s resonance in an era hungry for change.
Outdoor Media Campaign
The thrust of the campaign was to become a household name, a recognisable and trusted brand. Altvest Capital partnered with Wideopen Platform running up to our successful listing on the JSE.
Our outdoor campaign has made waves across South Africa. Our vibrant branding was everywhere, thanks to the incredible work from Wideopen Platform. This partnership allowed us to connect more deeply with our audiences and create memorable experiences in the great outdoors
From airports to national roads, visible marketing is uniting and mobilizing the public.
In an effort to build a deeper connection with our community, we launched the AltVest Selfie Competition as part of our nationwide billboard campaign. We encouraged participants to engage with our vibrant brand presence by taking a selfie with our branding in the background for a chance to win shares in AltVest.
These initiatives highlighted the importance of community engagement, allowing people to feel part of something bigger than themselves. By interacting with our campaign, participants not only became part of the AltVest journey but also got the chance to invest directly in their future.
Altvest Social Participation Events Report – JSE Listing Precursor
The recent wave of public events hosted by Altvest coincided perfectly and deliberately with the launch of our outdoor media campaign, building momentum as a precursor to our JSE Listing and IPO announcement. These efforts were designed to engage the public, generate excitement, and introduce potential investors to the opportunities Altvest offers. This strategic alignment not only amplified our message but also paved the way for a successful IPO launch, welcoming thousands of new shareholders into the Altvest community.
Examples of Events
Altvest Capital was proud to sponsor the KBA Warriors Women's Day Basketball Challenge, a charity event dedicated to supporting young women excelling in sports. In alignment with Altvest’s vision and values, the sponsorship highlighted our commitment to empowering tenacious women. We believe that girls who play sports grow into women with resilience, leadership, and entrepreneurial spirit—the very traits Altvest seeks in women-owned businesses to fund. Our support of the Women’s Day Basketball Tournament demonstrated Altvest’s dedication to fostering growth and opportunities for future business leaders.
Tatum Wheatley, Executive Director of Altvest Credit Opportunities Fund, represented Altvest at the 2024 AWIF Summit, hosted by ABSIP Women in Focus. As a panellist, Tatum engaged in critical discussions on Leadership in the Age of ESG: The Role of Governance in Driving Economic Growth. Altvest’s participation reflects our ongoing commitment to empowering communities and supporting initiatives that drive economic transformation and governance excellence across Africa. Altvest remains dedicated to championing platforms that uplift women leaders and shape a sustainable financial ecosystem for future growth
Altvest Capital proudly participated in the Women in Business Conference on August 30th, where Warren Wheatley participated in an insightful panel discussion. Warren emphasized the importance of diversity and inclusion in driving innovation and shared how Altvest Capital actively supports women-led ventures. Our presence at such community-building events enables Altvest to connect with viable businesses and entrepreneurs from diverse backgrounds, offering them access to empowerment capital aimed at building the communities in which they operate.
Altvest Credit Opportunities Fund (ACOF) participated in The Biz Show Africa 2024, held at the Sandton Convention Centre on the 4th and 5th of September. As a proud member of the National Small Business Chamber (NSBC), Altvest showcased its growth and structured funding solutions to support SMEs. The event, hosted by NSBC, provided an excellent platform for Altvest to engage directly with entrepreneurs and small business owners, highlighting its role in sourcing quality businesses for its funding pipeline and fiduciary support. Attendees had the opportunity to explore how Altvest’s tailored financial solutions, including structured working capital, asset-backed financing, and energy and water security funding, could help accelerate their business growth. ACOF's team was available to discuss how Altvest could partner with businesses to achieve their goals, reinforcing the company's commitment to fostering SME growth and development;
In the lead-up to Altvest Capital’s listing on the ALTX Board, we conducted an interview with Warren Wheatley. This milestone marked a proud moment for us, as the listing facilitated greater market visibility and acted as a catalyst for the next phase of Altvest Capital’s growth journey.
Altvest proudly participated in the Road Freight SME Summit, showcasing our commitment to empowering businesses within the road freight sector. Our presence aimed to bring innovative funding solutions and investment opportunities tailored to support the growth and success of SMEs in this vital industry. By connecting with stakeholders and entrepreneurs, Altvest is driving change and fostering empowerment across the sector, ensuring that road freight businesses have the resources they need to thrive.
Altvest was fortunate to have hosted an exclusive event in partnership with EasyEquities to mark Altvest’s listing on the JSE and to extend a heartfelt thank you to our new shareholders. With a whopping 2,394 new shareholders participating in our two-week IPO supported exclusively by EasyEquities, we were proud of this incredible growth and enthusiasm from our community. This celebration was not just about the listing but about welcoming our new shareholders to the Altvest family.
In a letter to FNB Investment and Wealth, I captured the sentiment, “Many small enterprises remain invisible to buy-side analysts and institutional investors, perpetuating inequality and limiting capital flow.” Tou our delight, FNB responded and joined EasyEquities in assisting us with our mission.
No other brokers came forward.
Yet, our resolve never wavered. The IPO concluded successfully on October 1, 2024, oversubscribed and raising R18.2 million, bringing 2,036 new investors into the Altvest fold.
Celebrating the Milestone and Market Impact
The day we listed on the JSE’s AltX Board, October 14, 2024, was more than ceremonial; it was a collective exhale and a jubilant roar. The partnership with EasyEquities that had sustained us through this process was celebrated as a triumph not only for Altvest but for every entrepreneur who dared to dream. “This listing is not just Altvest’s victory but a statement to all entrepreneurs that with determination and integrity, even the most challenging paths can lead to success,” I reflected during the event.
Analysts and publications such as Business Day, echoed the significance of the listing, recognizing it as a move that bolstered the liquidity of SMEs and catalyzed market interest in alternative assets. The reverberations were felt far beyond our investor community; they reached the boardrooms of aspiring startups and the homes of first-time investors. The listing signified that change was not only possible but actively happening, and Altvest was at the forefront of that evolution.
Expanding Horizons: The Emergence of Altvest Financial Solutions
A cornerstone of our diversified strategy was the launch of Altvest Financial Solutions (AFS), inaugurated on March 23, 2022. AFS represented a deliberate stride toward holistic financial empowerment. This endeavor was more than just an extension of our service offerings; it was a reaffirmation of our commitment to reshaping the financial landscape for both individual investors and SMEs. AFS emerged as a beacon for those traditionally sidelined by the stringent requirements of conventional financial avenues.
The team behind AFS was a formidable collective of expertise and dedication. Nicholas, with his strategic insight and profound understanding of market dynamics, played an integral role in shaping the vision and strategic direction of AFS. His approach was rooted in fostering a service that could adapt to the evolving needs of our clientele, ensuring that every product not only met industry standards but pushed the boundaries of innovation.
AFS’s core mission revolved around creating financial products that were as diverse as the needs of the people we served. This included launching initiatives that simplified access to tax-efficient savings and retirement annuities. The comprehensive insurance solutions were crafted with the awareness that financial security extended beyond investments—it was about protecting one’s future and legacy. Furthermore, AFS spearheaded initiatives in asset tokenization, marrying traditional investment principles with cutting-edge blockchain technology to provide unmatched transparency and accessibility.
Onwards and Upwards
Our Altvest team recently joined an investor mission to China, hosted by RisCura, exploring one of the world’s most dynamic economies.
We gained fresh insights into emerging opportunities across various sectors, including tech and green energy.
We’re excited to leverage these learnings and explore strategic partnerships that could unlock bigger and better opportunities for South Africa.
Our strategic pursuits reached beyond local shores with the launch of the Altvest Orient Opportunities Fund (AOOF). This initiative was conceived following a pivotal visit to China, where our team—immersed in the dynamic energy of Asian venture markets—identified a wealth of untapped opportunities. The AOOF was designed to break down barriers to global venture capital, offering South African investors unprecedented access to innovative and high-growth Asian markets. This expansion demonstrated not only our global reach but our capacity to navigate complex financial ecosystems, bringing home lessons and models that enriched our local offerings.
The ordinary and preference shares of Altvest Capital Limited, registration number 2021/540736/06, are listed on the JSE AltX Exchange and A2X, respectively. Altvest Credit Opportunities Fund Limited issues debt notes listed on the CTSE and is a registered credit provider with NCR no: NCRCP18241. All advice and intermediary services are rendered by Altvest Wealth (Pty) Ltd, an authorised financial services provider, FSP No. 45810 or Altvest Capital Limited in its capcity as a Juristic representatve of CAEP Asset Managers (Pty) Ltd with FSP number 33933.
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