Investing in Progress, Building Lasting Value: Fund manager, with R1.079bn of committed capital, highlights 97.9% deployment of its investable capital, strong investment returns and measurable contributions to economic inclusion, employment and sustainable development.
JOHANNESBURG, South Africa – Maia Capital Partners is demonstrating how strategic investment can drive both financial performance and sustainable economic growth, reporting strong portfolio results and measurable contributions to job creation, financial inclusion and long-term development in South Africa.
At its 2026 Investor Day, held on 23 October at The Venue in Morningside, Johannesburg, the firm highlighted R872.8 million invested across seven transactions through Maia Debt Impact Fund I, delivering investment returns well above its stated target return of CPI + 8%. Building on this performance, Maia Capital outlined its next phase of growth, with Fund II targeting at least R2 billion.
Bringing together investors and industry leaders, the event reinforced Maia Capital’s investment philosophy that competitive financial returns and meaningful social progress are not mutually exclusive. Through its diversified portfolio, the firm continues to demonstrate how private capital can support business expansion, economic participation and sustainable development while creating lasting value for investors and society.
Fund I: Strong Capital Deployment and Investment Performance
The Maia Capital Debt Impact Fund I has deployed 97.9% of its investable capital, following two fundraising closes in December 2021 and June 2024. Total fund commitments reached approximately R1.079 billion since the initial close in December 2021. The fund also highlighted its ability to return capital to investors through strong fund distributions, a key consideration for investors and Limited Partners (LPs), enabling them to recycle capital into new commitments. Total investor distributions reached R213 million (approximately 20% of fund commitments), which included one successful exit from its portfolio companies.
The fund’s portfolio spans six sectors, including digital infrastructure, financial services, mining services, energy, building materials and education. This diversified approach reflects Maia Capital’s focus on commercially viable investments that also address South Africa’s development priorities.
Using mezzanine debt as its primary investment instrument, Maia Capital provides growth and acquisition capital to established businesses, supporting their ability to expand, strengthen operations and contribute to economic activity.
The figures demonstrate the firm’s track record in deploying institutional capital while managing a diversified portfolio across sectors of strategic importance to the South African economy.
Investing in People, Strengthening Communities and Building Lasting Value
Beyond financial performance, Maia Capital’s latest impact results demonstrate the broader economic contribution of its investment portfolio.
According to its second Impact Report, covering March 2025 to February 2026, portfolio companies reported 1,002 employees, including 150 new jobs created during the reporting period. Investment in vocational and technical training increased to R41.41 million, compared with R1.88 million in the previous reporting cycle.
Gender inclusion remains a central consideration across Maia Capital’s investments, with women representing 44% of the portfolio workforce, accounting for 65% of new jobs and participating in 68% of training initiatives.
These outcomes reflect Maia Capital’s commitment to integrating measurable impact into investment decision-making. Its portfolio activities align with the United Nations Sustainable Development Goals (SDGs), including gender equality (SDG 5), decent work and economic growth (SDG 8), industry, innovation and infrastructure (SDG 9), and reduced inequalities (SDG 10).
The firm’s impact framework spans economic transformation, financial inclusion, digital infrastructure, clean energy and social infrastructure, supported by a Theory of Change that evaluates how each investment contributes to addressing social and economic exclusion.
From Financial Inclusion to Economic Participation
Maia Capital’s investment in FinCredit illustrates how private capital can support financial inclusion while addressing household indebtedness. Through R100 million in mezzanine financing, Maia Capital has supported the company’s debt-consolidation and financial-wellness offering.
Since Maia Capital’s investment, FinCredit has made approximately R95 million in credit available, of which R38.3 million has been allocated to women. The company has also reported significant cost savings across its client base, while more than 300 participants have taken part in its financial rehabilitation and wellness programme.
In financial services, Maia Capital’s R75 million investment in Apex Fund Services supported the acquisition of a minority stake by NtisoAkhona, a 100% Black-owned consortium, enabling greater Black ownership participation in a business administering more than R5 trillion in South African assets as at May 2026.
Together, these investments demonstrate how commercially driven capital can strengthen financial inclusion, support economic transformation and create opportunities for greater participation in strategically important sectors.
Fund II: Building on a Foundation of Performance and Purpose
Looking ahead, Maia Capital is targeting at least R2 billion for Fund II, representing approximately 1.85 times the committed capital of its predecessor.
Tshanduko Ramusetheli, Chief Executive of Maia Capital, highlighted growing investor demand for yield and the opportunity for private credit to address financing needs in South Africa’s mid-market economy.
The proposed Fund II will build on the firm’s existing investment approach, targeting returns of CPI plus 8% all-in, supported by strong credit fundamentals, development alignment and sustainable investment principles.
Structured as a closed-end, rand-denominated vehicle with a South African investment mandate, the fund is designed with a 10-year investment period and quarterly distributions from current income. Gender inclusion will remain a cross-cutting consideration across its investments.
With global private credit assets under management estimated at approximately US$1.7 trillion in 2025, according to Preqin figures cited in Maia Capital’s presentation, the asset class has gained increasing significance as an alternative source of financing.
For South Africa, Maia Capital sees the opportunity to channel long-term institutional capital towards productive investment, addressing financing gaps while supporting the growth of businesses and assets that contribute to the country’s development priorities.
Private Capital as a Catalyst for Sustainable Growth
Opening the Investor Day, Executive Chairman Mutle Mogase reflected on the widening gap between economic progress and the lived realities of many South Africans, highlighting the importance of mobilising investment capital to address structural economic and social challenges.
His address reinforced Maia Capital’s founding philosophy that financial performance and social progress need not be mutually exclusive, and that investment decisions should consider both returns to investors and the longer-term conditions in which pension-fund members, pensioners and families live.
The event also featured a panel discussion titled The Case for Private Credit: Unlocking Opportunity Using Private Capital, moderated by Refilwe Moloto, with contributions from Mogase, John Oliphant of ThirdWay and David Shimkins of Nitinol Capital.
The discussion explored private credit’s growing role in meeting funding requirements, particularly where traditional lending channels may not fully address the needs of expanding businesses.
Investing in Progress, Building Lasting Value
As Maia Capital looks towards its next phase of growth, its commitment remains rooted in the belief that investment should create value that extends beyond financial performance.
From supporting business expansion and improving access to financial services to advancing economic participation, gender inclusion and sustainable development, the firm’s investment approach reflects the potential of private capital to contribute to meaningful and lasting progress.
Through its continued focus on commercially viable investments and measurable development outcomes, Maia Capital aims to strengthen its role in connecting investment performance with sustainable growth, creating value for investors while contributing to a more inclusive South African economy.
About Maia Capital Partners
Maia Capital Partners is a South African boutique investment management firm established in 2020. Through commercially driven investments, the firm seeks to deliver competitive financial returns alongside measurable positive social, economic and environmental outcomes. Its investment strategy focuses on mobilising private capital to support viable growth businesses, address development needs and contribute to sustainable economic participation.
Website: www.maiacapital.co.za
* Impact indicators relate to the March 2025–February 2026 reporting cycle, except where separately dated, and reflect reported portfolio or investee outcomes rather than results solely attributable to Maia Capital’s financing.
