What Grovest does

Grovest, founded in 2014 by Jeff Miller and Malcolm Segal and headquartered in Sandton, Johannesburg, is South Africa's pioneer of Section 12J tax-incentivised venture capital structures and a leading administrator of small-cap alternative investment funds. Following the June 2021 sunset of Section 12J, the group pivoted into Section 12B green energy (Twelve B Green Energy Fund family, including a Shariah-compliant variant), private credit (Boutique Private Credit Fund I, Jibar + 6% target), PE secondaries (MeTTa Secondaries Fund, a South African first launched in 2024), and debt on movable assets (Sunstone Capital Fund II), with assets under administration reported at R3.6 billion (also referenced at R4 billion on the wealth managers page) across 200+ funds.

The company operates an integrated platform combining proprietary fund management, fund administration (Grovest Fund Administrators), corporate finance and structuring (Grovest Corporate Advisory), an FSCA-regulated equity crowdfunding marketplace (GoGetta), and a wealth-manager distribution channel. Revenue mechanics span administration/management fees on the AUA base, performance fees on proprietary vintages with 14-20% net target IRRs, transaction-based corporate finance fees, distribution/intermediary fees on partner-onboarded capital, and crowdfunding platform fees.

Grovest serves South African high-net-worth individuals, family offices, wealth managers and IFAs (via a formal advisor partner programme), institutional investors including pension and provident funds eligible for Regulation 28, and emerging fund managers needing turnkey administration and structuring services. End-investor minimums range from R1,000 on the GoGetta crowdfunding platform to R500,000 for institutional PE secondaries vintages, with Section 12B tax deductions of 125-200% enhancing effective economics. The business is privately held and founder-controlled, with no disclosed parent company, institutional investment, or public listing.

Name

Grovest

Legal name

Grovest

Website

https://grovest.co.za

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Grovest is a South African alternative investment platform that pioneers Section 12B and former Section 12J tax-incentivised funds, administers R3.6 billion across 200+ small-cap funds, and serves HNW individuals, family offices, wealth managers, and emerging fund managers.

Ownership category

akta.pro rank

Product category

Alternative Investment Management

NAICS

Other Investment Pools and Funds (5259), Other Financial Vehicles (52599)

SIC

Investment Advice (6282)

akta.pro primary industry

Secondaries-Focused Fund of Funds (LP / GP-led / Continuation Vehicles) (FSAHAKAH)

akta.pro secondary industries

LP Secondaries — Growth Equity Funds (FSAHALAC), Growth Equity Fund-of-Funds (FSANAGAE)

Keywords

• Alternative investments
• Fund administration
• Private equity funds
• Venture capital
• Corporate advisory

Headquarters

HQ city

Johannesburg

HQ country

South Africa

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Fund Administration Fees: Grovest earns administration fees for managing and servicing alternative investment funds including regulatory compliance, reporting, and investor services. One of the largest administrators of small-cap funds in South Africa.
2. Corporate Finance Advisory: Fees for turnkey corporate finance services including structuring transactions, due diligence, financial modelling, valuations, prospectuses, and capital raising assistance.
3. Investment Management: Target IRR of 14-20% net of fees on select funds. Management and performance fees from proprietary fund products including Twelve B Green Energy Fund and MeTTa Secondaries.
4. Distribution/Intermediary Fees: Transparent intermediary fees on client onboarding paid to wealth manager and advisor partners for distributing Grovest fund products.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

Grovest structures, distributes and administers alternative investment funds (Section 12B solar/green energy, private equity secondaries, private credit, and movable-asset debt) to retail and high-net-worth investors. It complements these proprietary products with a third-party fund administration business (Grovest Fund Administrators) and a corporate finance advisory practice (Grovest Corporate Advisory), plus the FSCA-regulated GoGetta equity crowdfunding platform.

Product overview

Grovest operates as a comprehensive alternative investment ecosystem offering proprietary investment products alongside fund administration and corporate advisory services. The core product portfolio includes: the Twelve B Green Energy Fund family (standard and Shariah-compliant Section 12B solar funds), the MeTTa Secondaries Fund (South Africa's first PE secondaries fund), the Sunstone Capital Fund (debt/ movable assets), and the Boutique Private Credit Fund. Supporting infrastructure includes the GoGetta equity crowdfunding platform, Grovest Fund Administrators (turnkey fund setup and administration), and Grovest Corporate Advisory. The company pioneered Section 12J in 2014 and now manages R3.6 billion in assets under administration across these integrated offerings.

Differentiator

Problem solved

Functional benefit

Brands

• GoGetta: Africa's equity-based crowdfunding platform enabling African businesses to raise capital between R1.5 million and R10 million from investors starting at R1,000. Regulated by the Financial Sector Conduct Authority (FSCA).
• Twelve B Green Energy Fund
• MeTTa Secondaries
• Boutique Private Credit
• Sunstone Capital Fund
• Grovest Fund Administrators

Products and services

• Twelve B Green Energy Fund Section 12B private equity fund investing in solar energy assets with a SARS-approved 125% (up to 200%) tax deduction on qualifying investments. Fund IV is open with a R100,000 minimum and 10-year term, targeting a 42% IRR net of fees and taxes.
• MeTTa Secondaries Fund South Africa's first PE secondaries fund enabling investors to acquire diversified PE interests at a discount. Fund II open with R500,000 minimum, 7-year term and a target IRR of 19.98%.
• Boutique Private Credit Fund I Private credit partnership building a high-yield portfolio through senior debt, subordinated debt, and structured financing for businesses across SADC member states. Target yield Jibar +6%, with a 12-month lock-in and 6-month notice for early redemption.
• Sunstone Capital Fund II Debt fund focused on income-generating movable assets such as fleet vehicles, machinery, and equipment. R50,000 minimum, projecting a 14% return over five years with an exit option on three months' notice.
• GoGetta FSCA-regulated equity crowdfunding platform enabling African businesses to raise capital between R1.5 million and R10 million from investors starting at R1,000.
• Grovest Fund Administrators Turnkey fund setup and administration services for fund managers, including legal drafting, accounting and tax administration, investor services, compliance, governance, and company secretarial services.
• Grovest Corporate Advisory Turnkey corporate finance services including due diligence, deal facilitation, financial modelling, valuation services, prospectuses, investment structuring, capital raising, and post-investment management assistance for businesses and fund managers.
• Twelve B Shariah Green Energy Fund Shariah-compliant Section 12B private equity fund providing exposure to the Twelve B solar energy portfolio. Features oversight by an independent Shariah Advisory Board and uses Murabaha, Ijara and Musharaka structures with Takaful insurance.

Quantifiable outcome

• Target IRR of 14-20% net of fees on select funds
• +3 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and secondary.

• GoGettacoreChannel Partner/ Reseller/ Distributor · 15 September 2025GoGetta is an equity-based crowdfunding platform launched in South Africa enabling African businesses to raise capital between R1.5 million and R10 million from investors starting at R1,000. The platform is regulated by FSCA and powered by Grovest with over R3.5 billion in assets under administration. GoGetta has listed three businesses including telecom, macadamia farming, and art ventures.
• Twelve B Fund ManagerscoreStrategic or Co-development PartnerTwelve B Fund Managers operates the Twelve B Green Energy Fund (Section 12B) and Twelve B Shariah Green Energy Fund. Grovest provides fund administration and powers the fund with its alternative investment infrastructure. Fund IV and Shariah Fund are currently open for investment.
• MeTTa CapitalcoreStrategic or Co-development PartnerMeTTa Capital operates South Africa's first PE secondaries fund enabling investors to acquire diversified PE interests at a discount. MeTTA Secondaries Fund II is open for investment with R500,000 minimum.
• Sunstone CapitalsecondaryStrategic or Co-development PartnerSunstone Capital operates the Sunstone Capital Fund II focused on income-generating movable assets such as fleet vehicles, machinery, and equipment. Fund II is open for investment with R50,000 minimum.
• Boutique Alternative ManagerssecondaryStrategic or Co-development PartnerBoutique Alternative Managers operates the Boutique Private Credit Fund inspired by Prof. Adrian Saville's investment philosophy. The fund focuses on debt financing solutions for businesses across SADC member states. Administered by Grovest.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Kalon Venture Partners (formerly Grotech): South African Section 12J venture capital company originally incubated by Grovest in 2014. Operates the same tax-incentivised tech VC model, making it the closest direct peer in Grovest's founding era.
• Edge Growth: Established South African enterprise-development fund manager operating Section 12J VCCs. Directly competes for the same HNW and family-office capital pool targeting tax-incentivised alternative investments.
• Business Partners Limited: South African specialist alternative investor in SMEs, with R2bn+ deployed across multiple sector funds. Competes with Grovest's Fund-of-Funds and bespoke PE structures for the same institutional and HNW allocation.
• Maitland Fund Services: Global fund administration, AIFM and corporate services provider with a strong South African presence. Competes with Grovest Fund Administrators for outsourced fund-administration mandates on alternative-asset funds.
• Thundafund: South African equity-and-reward-based crowdfunding platform. Overlaps directly with Grovest's GoGetta platform for early-stage capital raises and retail investor acquisition.

Broad incumbents

• StepStone Group: Global private-markets manager and one of the largest dedicated PE secondaries platforms. Operates MeTTa's international analogue and may enter Africa, defining the upper-bound competitive set for Grovest's MeTTa Secondaries business.
• Coronation Fund Managers: One of South Africa's largest third-party asset managers with significant alternative-investment capability. Competes with Grovest for institutional and high-net-worth allocations and offers a benchmark for what a scaled local alternatives platform looks like.
• Sanlam Investments: South African financial-services group running diversified alternatives, including private credit, infrastructure and energy funds. Represents a scaled incumbent Grovest competes against for HNW and institutional Rands.
• PSG Asset Management: South African asset manager with an alternative-investments offering across credit, private equity and bespoke structures. A relevant comparison point on local distribution scale and fee economics versus Grovest.

Emerging players

• NewFunds (formerly Mineworkx / 1Life) ecosystem platforms: South African feeder-fund and ETF platform offering structured access to alternative-asset managers. Relevant emerging player because it acts as a competing intermediation layer between boutique alternative managers (such as Grovest's funds) and retail advisors.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/GrovestSA
• LinkedInlinkedin.com/company/grovestsa

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Grovest