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Retail development in underserved markets and the investment capability behind it

26.06.2026
By RisCura

Retail developments in underserved communities can improve everyday access to essential services while creating more formal spaces for local economic activity.  

Alt Capital Partners through the Reimagine Impact Retail Fund I delivered an 8 500 sqm retail centre in Ngqamakhwe between November 2024 and April 2026. Ben Kodisang, Founder and Chief Executive Officer of Alt Capital Partners, explains that the intention was to “make a real difference to this rural community” and bring dignity through improved access to essential services. 

The development brings retail services closer to residents and creates a more structured environment for local economic activity. 

What delivery requires 

Developments like these depend on a series of investment and execution decisions. 

These include site selection, tenant structuring, capital planning and stakeholder coordination. Each step requires clear judgement, disciplined planning and the ability to manage uncertainty. 

The 17-month delivery period reflects the work required to move from concept to operation within a defined timeframe. 

Why investment capability matters 

Opportunities in underserved markets are rarely standardised. 

They often involve limited data, changing stakeholder dynamics and execution risks that cannot be resolved upfront. This places greater emphasis on investment capability. 

Managers need the ability to assess an opportunity, structure it appropriately and manage delivery in real-world conditions. This capability often determines whether capital can translate into practical outcomes. 

Building broader market participation 

Alt Capital Partners is part of RisCura’s Manager Development Programme. The programme is a structured initiative that supports the investment, operational and governance capabilities of emerging black and women-owned asset managers. 

It focuses on the practical capabilities required to originate and execute investments. These include investment process discipline, governance, operational resilience and delivery management. 

Projects such as the Ngqamakhwe retail centre illustrate the value of capability developed over time. Access to capital matters, but the ability to deploy it effectively is what enables projects to move from opportunity to outcome.  

Strengthening this capability can help a wider group of managers access and deliver projects with economic and social relevance. 

To learn more about RisCura’s Manager Development Programme, visit: https://riscura.com/what-we-do/manager-support-development/ 

Author

  • RisCura is a global financial services firm with more than $200 billion in assets under advice and reporting. We partner with institutional investors across emerging markets, bringing specialist investment management, advisory, and analytical expertise to help clients make informed, long-term investment decisions.

    Guided by our “Invest with Care” philosophy, we recognise that investment decisions are not only about money and numbers, but about the people and futures they affect. Through tailored solutions, deep research, and a client-centric approach, RisCura helps investors navigate complexity, manage risk, and create lasting value for their beneficiaries.

    RisCura is known for its focus on liability-driven investing, responsible investment practices, investment transparency, reliable valuations, independent risk assessments, performance standards, and long-term investment outcomes.

    Our capabilities span investment advisory, investment management, investment analytics, institutional platform services, and alternative investment services. Across these areas, we combine consistent methodology and proprietary tools with deep local insight, recognising that each market is unique while responsible investing remains universal.