Emerging Markets Alternative Credit

A different perspective reveals distinctive investment opportunities.

Alternatives platform targeting underserved and uncrowded markets

16 year

Track-record across multiple strategies in alternative credit

>40 people

Investment specialists supporting our private credit strategies

1000+ investments1

Including 100+ infrastructure investments targeting both return and impact

20+ vintages

Private and opportunistic credit funds

>US$15bn2

Capital deployed with returned capital on 11 vintages

c.0.3% losses3

Careful underwriting has driven low annualised loss ratios across USD funds since 2002

All investments carry the risk of capital loss and past performance does not predict future returns.

Source: Ninety One, 30 June 2024 unless otherwise stated
1Individual transactions since 2001.
2Includes open and closed private credit strategies for the period 2001-2023.
3All vintages of South Africa and Africa Credit Opportunities since inception in 2008 and the Emerging Africa and Asia Infrastructure Fund since 2002. Ninety One has managed EAAIF since 2016.

Why Ninety One for Alternative Credit?


A robust philosophy and process for consistent value creation.

Investing in inefficient markets

We focus on uncrowded, inefficient markets and aim to create value via a repeatable, tried-and-tested process.

Focused on senior secured credit

We adopt a through-the-cycle senior private credit approach.

Prioritising capital preservation

We prioritise capital preservation and loss aversion with a bias toward non-cyclical and utility-like businesses and infrastructure projects.

Across diversified portfolios

Our portfolios typically comprise 40+ investments across sectors and geographies.

Targeting attractive risk-adjusted returns

Seeking high cash running yields while minimising the loss ratio by overlaying opportunistic investments.

Alternative credit strategies focused on client solutions
EM & Africa Credit Opportunities Emerging Africa and Asia Infrastructure Emerging Markets Transition Debt
Pioneering EM senior credit strategy A-rated* blended finance debt fund supporting impactful infrastructure development Seeking commercial returns while promoting real-world transition
Focus on SDGs; funding solutions to social and environmental challenges Deep sustainability and impact assessments performed on each project Carbon reduction / avoidance measured to 2030 and tracked annually
7.5-year term Permanent capital vehicle Evergreen
10-year track record 20+ year track record Launched 2024
Over US$1.5 billion in AUM in hard currency strategies
40 - 60 Investments

*A2 rating from Moody's
The value of investments, and any income generated from them, can fall as well as rise.

We are proud to be a first mover in frontier and developing markets. Our ongoing efforts generate pioneering projects in areas that are often overlooked.
Nathaniel Micklem and Martijn Proos, Co-Heads of EM Alternative Credit

Deep, proven leadership underpinned by a highly experienced team

Nathaniel Micklem
Martijn Proos
Olivia Carballo
Steven Loubser
Kobi Sam
Matt Christ
Nkhumeleni Thavhiwa
Bashier Omar
Alastair Herbertson
Chris Steward
Roland Janssens
Tidiane Docoure
Sumit Kanodia
Paromita Chatterjee
Ester Chan
Stephen Naidoo
Bilal Osman Latib
Steven Lovesay
Brandyn Lilley
Reabetswe Kungwane
Thanzi Ramukosi
Puleng Pitso
Melissa Ventura
Folatomi Fayemi
Wendy Mlotshwa
Neil Winspear
Mariana Graca
Naasir Roomanay

Several investments have helped deliver a broad range of impact outcomes across multiple sectors


We are committed to Net Zero by 2050 and the regions in which we invest provide the opportunity to reduce poverty and inequality.

Planet

Improving access to clean, reliable and affordable power, water, transport, digital communications and social infrastructure.

People

Job creation, supporting growth of sustainable businesses and promoting markets and financial inclusion.

Productivity

Improved access to goods and services. Developing financial markets and promoting taxes paid.

Contact the Emerging Market Alternative Credit team

Get in touch

General risks. All investments carry the risk of capital loss. The value of investments, and any income generated from them, can fall as well as rise and will be affected by changes in interest rates, currency fluctuations, general market conditions and other political, social and economic developments, as well as by specific matters relating to the assets in which the investment strategy invests. If any currency differs from the investor’s home currency, returns may increase or decrease as a result of currency fluctuations. Past performance is not a reliable indicator of future results. Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of investments.

Specific risks. Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss. Emerging markets: These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems. Credit Risk: Where the value of an investment depends on a party (which could be a company, government or other institution) fulfilling an obligation to pay, there exists a risk that the obligation will not be satisfied. This risk is greater the weaker the financial strength of the party. The Net Asset Value the portfolio could be affected by any actual or feared breach of the party’s obligations, while the income of the portfolio would be affected only by an actual failure to pay, which is known as a default. Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss. Liquidity: There may be insufficient buyers or sellers of particular investments giving rise to delays in trading and being able to make settlements, and/or large fluctuations in value. This may lead to larger financial losses than might be anticipated. Sustainable Strategies: Sustainable, impact or other sustainability-focused portfolios consider specific factors related to their strategies in assessing and selecting investments. As a result, they will exclude certain industries and companies that do not meet their criteria. This may result in their portfolios being substantially different from broader benchmarks or investment universes, which could in turn result in relative investment performance deviating significantly from the performance of the broader market.