The move aligns with rising demand for alternative funding solutions in a well-established debt capital markets environment. With the Johannesburg Stock Exchange hosting around 1,600 listed debt instruments and over R1.8tn outstanding, Everest’s initiative positions it to tap into a deep, sophisticated and increasingly dynamic credit ecosystem.
This environment continues to attract investors seeking diversified, fixed or floating, yield streams as volatility in global equity markets and tightening bank credit conditions drive increased demand for structured credit solutions.
South Africa remains Africa’s largest bond market by volume, with total bond market activity estimated at approximately $328bn (over R6 tn equivalent) and thousands of issuances across sovereign, corporate and structured debt instruments.
At the same time, global private credit markets have expanded significantly, with assets under management growing from approximately $158bn in 2010 to nearly $2tn by 2024, reflecting a structural shift toward non-bank lending platforms.
Everest believes South Africa is following this global trend as investors increasingly seek yield solutions and portfolio diversification away from only equity-driven returns.
Everest Wealth Management, investment manager to the programme, currently oversees approximately R3.5bn in assets across private equity, income and outcome-driven portfolios, positioning the group over recent years among emerging players in South Africa’s alternative income investment landscape.
Thys Van Zyl, industry strategist and chief executive officer of Everest Advisory Services and founder of Everest Wealth Management, said the programme reflects a broader evolution in how investors approach risk and portfolio construction.
"Markets globally are shifting towards disciplined income strategies and structured credit investments where capital preservation and yield stability become as important as return generation.
"Investors are increasingly recognising that well-structured outcome portfolios can deliver competitive long-term returns while reducing exposure to daily market volatility."
The Everest DMTN programme represents the firm’s transition from traditional wealth advisory into capital markets participation, enabling the creation of a scalable funding platform to support structured credit opportunities. To this end, Everest has established Everest Credit Partners as a dedicated private credit investment vehicle.
This development follows a sustained period of strategic planning and market engagement, during which Everest evaluated the growing role of private credit within global and domestic alternative investment portfolios.
Jarryd Gillmer, chief executive officer of Everest Wealth Management, said, "We are not building a product, we are building capital infrastructure designed to support responsible credit expansion while targeting diversified yield focused investment opportunities."
The programme will be implemented in coming months through a responsible, phased issuance, aligned with qualifying investment opportunities, investor uptake and broader market conditions.
Gillmer says it is important to note that Everest Credit Partners has been approved as an Applicable Issuer under the CTSE’s YieldLink Multi-Issuer DMTN programme.
“This approval represents a key milestone in Everest’s private credit strategy and enables the issuance of listed debt instruments in accordance with the programme framework.”
This programme operates under a structured governance framework aligned with institutional credit market standards. To this end, Everest is implementing a build-operate-transfer model which combines external expertise with internal development to build a dedicated credit capability covering origination, structuring, portfolio management, and monitoring.
"This shows strategic depth and that the team has also given careful thought to execution which will include among others, investment committee oversight, formal due diligence processes, credit risk analysis, portfolio monitoring structures and performance reporting frameworks,” Gillmer said.
He says Everest believes disciplined governance is critical to investor confidence in private credit markets.
"In credit markets, trust is built through governance and consistency. Long-term investor relationships are earned through disciplined execution rather than aggressive risk taking."
Gillmer says it is important to note that the credit capability will operate independently of the capital-raising activities, ensuring separation between distribution and credit decision making.
Everest notes that structured credit investments form part of a broader investment spectrum alongside listed equities, corporate and government bonds, each with distinct risk characteristics.
Within South Africa’s credit markets these include:
Market data shows government bonds dominate trading activity, averaging approximately R49bn daily trading, compared to roughly R346m daily in corporate credit instruments, reflecting the buy-to-hold nature of income-focused investments. Everest believes this reinforces the role of structured credit as a long-term income asset class rather than a trading instrument.
Everest expects the programme to support financial platforms requiring structured capital to expand responsible lending activities within regulated frameworks.
The firm believes capital markets will play an increasingly important role in supporting these sectors as traditional bank funding becomes more selective.
"The future of credit funding will involve a combination of banking institutions, capital markets and specialised funding platforms," Van Zyl said.
"Everest is positioning itself within this evolution."
Everest views the programme as the foundation of a broader capital markets strategy aimed at expanding and strengthening its role within South Africa’s alternative investment ecosystem.
The group intends to expand its capabilities across:
"Our ambition is to become a recognised participant in South Africa’s private credit landscape through disciplined growth and consistent investor outcomes," Van Zyl said.
Gillmer is confident that Everest has positioned itself strategically for the future and in line with its envisaged growth.
“Private credit is an increasingly important component of alternative portfolios globally and we believe this initiative positions Everest to participate meaningfully in that growth, while continuing to focus on disciplined investment selection and client outcomes.”
