Wind turbines at sunrise over farmland
Alternative Prosperity

Long-term capital.
Lasting prosperity.

An investment company backing businesses that help societies and the environment prosper.

2009
Established
R774m
ESG capital advised, administered or managed in FY2025 (≈US$47m)
~R1.5bn
ESG-linked funds established or administered to date (≈US$90m)
Level 3
B-BBEE contributor · 57.52% black-owned
About

A trusted intermediary for capital with purpose

Our vision is to see societies and the environment prosper. We give effect to it by investing in impactful businesses and allocating capital to impactful initiatives.

Founded in 2009 and headquartered in Somerset West, the group invests primarily in South Africa, with activity across Southern Africa. Our shareholders include African Rainbow Capital, Buma Consulting and the Alternative Prosperity Foundation.

Integrity
Ownership
Pioneering
People-centred
Engaged
Dependable
Mountain landscape, Western Cape
Majority shareholder

Alternative Prosperity Investors

Founders and management, Buma Consulting and Infinitude Investments.

Shareholder since 2016

African Rainbow Capital

Leading African investor providing scale, networks and investment discipline.

Broad-based shareholder

Alternative Prosperity Foundation

Holds 4% for the benefit of black youth and retirement fund members.

Investment thesis

How we create value

We invest in profitable, well-led businesses in the green and social economy, and grow their value through our platforms, our client base and disciplined ownership.

01

Post-profit businesses

Established companies with revenue, earnings and a track record. Tickets of R2.5m to R40m (≈US$150k to US$2.4m).

02

Green and social economy

Sectors with structural demand beyond regulation: energy, water and climate; skills, SMME growth and financial inclusion; and the platforms that enable them.

03

Strong management

Impact- and return-driven, values-based leadership that runs the business independently under board-level oversight.

04

Value we add

Access to markets through our platforms and more than 250 corporate clients, shared finance and administration, impact measurement, governance and capital.

Track record
5x
Realised on the Valeo Capital exit, FY2026
4 yrs
Consecutive dividends to shareholders
~16%
Revenue CAGR FY2022–FY2025; ~15% over nine years
100%
Capital preserved on R68.9m (≈US$4.2m) of interest-free ESD loans facilitated
10
Businesses built or acquired since 2015; one realised
>R2bn
≈US$120m of funds and vehicles administered or advised on to date
Group revenue, R million (excl. revenue from non-controlling interests)

Audited, IFRS for SMEs, FY2015–FY2025. *FY2026: consolidated management accounts for the year to 30 September 2026, unaudited. FY2026 revenue R68.5m ≈ US$4.2m. Profitable in every year; dividends declared FY2022–FY2025.

Our Approach

OriginateNetwork of 250+ corporate clients, advisory work and sector mapping
SelectPost-profit, strong management, Investment Committee approval
GrowMarket access, shared services, M&E, governance, capital
ReturnCash yield and dividends; selective exits at fair value
Investment approach

We invest to hold

We build and sustain a portfolio of complementary businesses that deliver financial returns alongside measurable social and environmental impact.

01

Buy and hold

Ownership is retained unless a sale is strategically necessary.

02

Active stewardship

Board-level governance and capital discipline; management runs the business.

03

Portfolio synergy

Businesses chosen to strengthen the group ecosystem and each other.

04

Regional reach

Preference for businesses able to grow beyond South Africa.

Where we invest

Three focus areas. One ecosystem.

We invest in the social economy and the green economy, and in the platforms that enable impactful businesses to scale.

Water droplet
Social economy

Inclusive growth & skills development

SDG 4 · 5 · 8

Youth employability, SMME growth, diversity and inclusion, and workplace readiness.

  • SMME development, finance and business support
  • Workplace skills development
  • Primary and secondary education
  • Research, advisory and M&E
Social economy

Financial inclusion & active ownership

SDG 1 · 5 · 10 · 17

Access to savings, empowerment transactions and shared value through ownership.

  • Financial literacy and access to finance
  • Retirement-fund and trustee education
  • Ownership and empowerment structures
Green economy

Environmental & climate impact

SDG 7 · 12 · 13

Reducing emissions, improving energy resilience and supporting adaptation to climate change.

  • Energy and decarbonisation
  • Water and waste
  • Environmental implementation, testing and monitoring
  • Climate adaptation
  • Green research, advisory and enablement
Enablement

Cross-sector platforms

Scaling impact

Businesses that help impactful enterprises reach capital, markets and efficiency.

  • Asset management and administration
  • Access to markets
  • Donor and blended-finance programme management
  • Business support, technology and AI
SMMEs at the centre

Small business is where jobs are created

South Africa’s National Development Plan expects 90% of new jobs to come from small, medium and micro enterprises, yet the SMME finance gap is estimated at R350 billion (≈US$21bn). We back the fund managers, enterprise and supplier development platforms and accelerators that combine capital, market access and business support, and that measure survival, revenue growth and jobs.

R75.9m
≈US$4.6m enterprise and supplier development capital facilitated to black-owned SMMEs in FY2025
R74.1m
≈US$4.5m skills-development investments facilitated through accredited providers in FY2025
149
Corporate clients channelling ESD, skills and SED spend through SolveSA
R187.6m
≈US$11.4m facilitated by SolveSA across ESD, skills and socio-economic development in FY2025
Investment criteria

What we look for

Growth businesses in Southern Africa with a business case beyond regulation, typically with tickets of R2.5 million to R40 million (≈US$150,000 to US$2.4 million).

  • Commercial returns above our hurdle rate
  • Demonstrable job creation
  • Positive societal or environmental impact through the product or service
  • Impact- and return-driven, values-based leadership
  • Track record, and trusted by clients and stakeholders
  • Integrating AI while remaining human-centred
Portfolio

Complementary businesses, one ecosystem

Each business is led by its own management team and strengthened by group governance and collaboration.

Diversifi

100%
Social economy · Research, advisory & M&E

B-BBEE and employment equity advisory, ownership solutions, and people and culture practice.

Listed and public-sector clientsSubsidiary

Six Capitals

100%
Green economy · Research, advisory & enablement

Sustainability strategy and reporting, climate advisory and financial education programmes.

Established 2017Subsidiary

DNA Economics

Minority
Social economy · Research, advisory & M&E

Trade, industrial and public economics, regulation, M&E and climate finance across Southern Africa.

Invested 2017Associate

SolveSA

100%
Enablement · Access to markets for SMMEs

Channels corporate enterprise and supplier development, skills and SED spend to SMMEs and programmes; 149 clients and R187.6m facilitated in FY2025.

Established 2020Subsidiary

Qube BEE Solutions

100%
Enablement · Business development & technology

Software platforms for B-BBEE scorecard and employment equity compliance.

Acquired in full 2025Subsidiary

Admin4Impact

100%
Enablement · Business support & administration

Accounting and administration for purpose-driven businesses and portfolio companies.

Shared-service platformSubsidiary

VanPoint

50% JV
Green economy · Energy & decarbonisation

Develops, owns and operates solar installations for commercial clients.

Distributed energyJoint venture

Endemic Vision

50% JV
Green economy · Research, advisory & enablement

Provide environmental solutions and biodiversity management support as well as specialist training and consulting. Specialising in arid land areas and mining in South Africa.

Invested 2026Joint venture

AP Properties

100%
Green economy · Property & renewable energy

Owns the group’s Paardevlei premises, with 173 kWp solar and 160 kWh battery storage.

Somerset WestSubsidiary

Valeo Capital

Realised
Social economy · Ownership transactions

Valuations, capital raising, M&A and B-BBEE ownership transactions. Minority stake held 2021–2026.

Exited FY2026Realised
Impact partners

Non-profit partners

Alternative Prosperity FoundationBlack leadership development; 4% shareholder in Alternative Prosperity.
Atleha-eduFinancial literacy and trustee education.
EduSaverEducation savings for higher education, with Stellenbosch University.
Process and governance

Disciplined, governed, long-term

Valuations emphasise sustainable yield and capital preservation rather than exit value.

  1. 01

    Origination

    Sourced through our network, client work and sector mapping.

  2. 02

    Valuation

    DCF-led with conservative assumptions, tested against multiples.

  3. 03

    Due diligence

    Commercial, financial, legal, tax, operational, management and ESG.

  4. 04

    Approval

    Executive Committee, Investment Committee and, where required, the Board.

  5. 05

    Ownership

    Integration plan, board representation and annual strategic review.

Board

Strategy and oversight

Supported by Investment, Remuneration and Risk Committees, each chaired by a non-executive director.

Investment Committee

Independent evaluation

Reviews every investment and monitors post-investment performance.

Assurance

Audited annually

Financial statements prepared under IFRS for SMEs and independently audited.

Impact

ESG capital mobilised and supported in FY2025

R774m · ≈US$47m
Assets under administration~R433m · US$26m
Assets and projects advised on~R200m · US$12m
Assets owned or managed~R141m · US$8.5m
R74.1m
≈US$4.5m skills-development investments facilitated
R75.9m
≈US$4.6m ESD capital to black-owned SMMEs
R37.5m
≈US$2.3m raised for education and bursaries
6,000+
Financial education beneficiaries

Measured by the group Monitoring & Evaluation function for the year ended 30 September 2025. See the 2025 Annual Report.

Zebra and giraffe at a waterhole
2030 Strategy

Impact at scale

Our Board-approved 2030 Strategy rests on three pillars.

01

Capital raise and invest

Grow the capital base through SPV (I) and SPV (II) and expand the portfolio of quality E, S and G investments.

02

Impact and reach

Be a trusted intermediary across environmental, social and governance themes.

03

Leadership, operations and technology

The people, structures and responsible use of AI to grow beyond 2030.

Investment vehicles

One strategy. Two vehicles.

The group carries out its investment strategy through two linked vehicles. Both follow a single thematic ESG investment strategy, run by the same investment team under the same investment process and mandate.

SPV (I)

Alternative Prosperity SPV (I)
Equity in the group

The group’s own capital, deployed into ESG-aligned private equity investments alongside asset-backed debt for property and infrastructure.

What it is
Equity in Alternative Prosperity, held on the group balance sheet
Exposure
The whole group: investment portfolio, advisory businesses, dividends and property, with asset-backed debt at a 70/30 ratio for property and infrastructure
Instrument
Private equity
SPV (II)

Alternative Prosperity SPV (II)
Impact investment platform

A long-term investment platform for ESG businesses, seeded by the group’s existing holdings.

What it is
A dedicated platform managed by the Alternative Prosperity investment team as an extension of the group mandate, held outside the group balance sheet in dedicated vehicles, partnerships or co-investment structures
Seed portfolio
Diversifi, SolveSA and Qube BEE Solutions, Six Capitals, DNA Economics and Admin4Impact
Instruments
Private equity, private debt and venture capital
Pipeline depth · 30 September 2026

An identified pipeline across three focus areas

Fifty-nine active pipeline companies, with further opportunities screened or in due diligence. Names are discussed with investors on request.

Focus areaSub-sectorsActive pipelineTicket range
Green economyEnergy and decarbonisation; water and waste; environmental implementation, testing and monitoring; climate adaptation; green advisory42R2.5m – R40m
US$150k – 2.4m
Social economySMME development; workplace skills; education; financial literacy and access to finance; research, advisory and M&E9R2.5m – R25m
US$150k – 1.5m
EnablementAsset management and administration; access to markets; donor and blended finance; business development and technology8R2.5m – R25m
US$150k – 1.5m

Would you like to know more? Register for access or get in touch with us. Once your registration is approved, you can sign in and read the Fact Sheet for SPV (I) and SPV (II).

US$ equivalents are approximate, at R16.50 per US$ (October 2026). This website is an information and contact portal.

People

Investment team

The team that originates, evaluates and executes investments and manages the portfolio, supported by the group’s Monitoring & Evaluation function.

Christiaan van der Merwe

Christiaan van der Merwe

Chief Executive Officer
CA(SA), CFA

Co-founder. Leads group strategy and investments. Former auditor and valuation specialist at PwC and founding director of ABVA. Has guided transactions exceeding R4 billion (≈US$240m) since 2009.

Rudolph Fourie

Rudolph Fourie

Director: ESG & Business Development
CA(SA), MDevF (cum laude)

Co-founder of Six Capitals. Over 15 years in managerial finance, transformation strategy and development funds. Has lectured in Development Finance and Social Enterprise at Stellenbosch Business School.

Joa Swart

Joa Swart

Investment Analyst
CA(SA), BAcc; CFA candidate

Completed articles at Ernst & Young in Cape Town and joined the group as Group Accountant in 2024. Focuses on identifying and evaluating new investments and improving the operational performance of portfolio companies.

Melanie Smith

Melanie Smith

Head of Monitoring & Evaluation
MPhil Sustainable Development

Over 10 years in ESG and M&E. Former Practice Head of ESG Advisory at Six Capitals; leads impact measurement and reporting across the group. Certified stakeholder engagement and sustainability assurance practitioner.

Governance

Investment Committee

Established by the Board to provide independent oversight, evaluation and recommendation on every investment decision. Chaired by an independent member; anchor investors in SPV (II) will join the Committee.

Gerrit Duminy

Gerrit Duminy

Chairperson, Investment Committee
Deals Executive, African Rainbow Capital

Supports deal origination, evaluation and closing, and investment and portfolio valuations at African Rainbow Capital. Completed articles at PwC and spent three years in the PwC Deals team in financial analysis, modelling, data analytics and valuation.

Elias Masilela

Elias Masilela

Non-executive Director
MSc Economics

Founder of Buma Consulting, Executive Chairman of DNA Economics and strategic investor in Alternative Prosperity since 2016. Former CEO of the Public Investment Corporation, former Director of the South African Reserve Bank and the Government Employees Pension Fund, and former Commissioner on the National Planning Commission.

Christiaan van der Merwe

Christiaan van der Merwe

Chief Executive Officer
CA(SA), CFA

Co-founder. Leads group strategy and investments. Former auditor and valuation specialist at PwC and founding director of ABVA. Has guided transactions exceeding R4 billion (≈US$240m) since 2009.

Chris van Wyk

Chris van Wyk

Director: Impact Solutions & Distribution
BComm LLB, LLM (cum laude)

Attorney with over 25 years in commercial law and transformation. Co-author of two B-BBEE publications and primary drafter of several sector codes. Founded AQRate Verification Services and Qube B Solutions.

Rudolph Fourie

Rudolph Fourie

Director: ESG & Business Development
CA(SA), MDevF (cum laude)

Co-founder of Six Capitals. Over 15 years in managerial finance, transformation strategy and development funds. Has lectured in Development Finance and Social Enterprise at Stellenbosch Business School.

Leadership

Board of Directors

A board combining institutional investment, transformation, ESG, legal and finance experience, with independent non-executive oversight.

Trevor Chandler

Trevor Chandler

Chairman
BCompt (Hons)

Over 30 years in assurance, finance, risk management and governance. Former Senior Policy Advisor to ASISA; chaired the Financial Sector Transformation Council Technical Committee and co-negotiated two iterations of the Financial Sector Code.

Elias Masilela

Elias Masilela

Non-executive Director
MSc Economics

Founder of Buma Consulting, Executive Chairman of DNA Economics and strategic investor in Alternative Prosperity since 2016. Former CEO of the Public Investment Corporation, former Director of the South African Reserve Bank and the Government Employees Pension Fund, and former Commissioner on the National Planning Commission.

Wanjiru Kirima

Wanjiru Kirima

Non-executive Director
BEcon

Independent trustee, ESG specialist and impact investor, with experience as a principal officer and African pension fund specialist.

Christiaan van der Merwe

Christiaan van der Merwe

Chief Executive Officer
CA(SA), CFA

Co-founder. Leads group strategy and investments. Former auditor and valuation specialist at PwC and founding director of ABVA. Has guided transactions exceeding R4 billion (≈US$240m) since 2009.

Dawie Malan

Dawie Malan

Finance Director
ACMA, CGMA

Over 18 years in financial and business management. Responsible for group finance, ownership analysis and the roll-out of the group’s solar and infrastructure assets.

Chris van Wyk

Chris van Wyk

Director: Impact Solutions & Distribution
BComm LLB, LLM (cum laude)

Attorney with over 25 years in commercial law and transformation. Co-author of two B-BBEE publications and primary drafter of several sector codes. Founded AQRate Verification Services and Qube B Solutions.

Erosha Govender

Erosha Govender

Director; CEO, Diversifi & Six Capitals
B.Eng, PDBM, SMDP

Transformation and DE&I specialist with over 15 years’ experience across mining, manufacturing and consulting. Formerly Transformation Manager, BHP Billiton Manganese.

Rudolph Fourie

Rudolph Fourie

Director: ESG & Business Development
CA(SA), MDevF (cum laude)

Co-founder of Six Capitals. Over 15 years in managerial finance, transformation strategy and development funds. Has lectured in Development Finance and Social Enterprise at Stellenbosch Business School.

Contact

Get in touch

Business owners

Seeking a long-term shareholder with governance, networks and capital.

Capital partners

Who would like to know more about our strategy and vehicles.

Advisers

With opportunities that match our sectors and criteria.

Email

invest@apros.co.za

Telephone

+27 (0)21 851 0091

Head office

Unit 12, Paardevlei Specialist Medical Centre
Paardevlei, Somerset West, 7130
South Africa

Also in

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