The Alexander Forbes Umbrella Retirement Fund (AFRF) hasannounced that it had surpassed a landmark P5 billion in assets under management by the end of the first quarter of 2026, marking a significant milestone in its growth trajectory and reinforcing its position within Botswana’s institutional investment landscape.
Since 2012 when assets stood at P380 million, the Fund has grown more than thirteenfold. This expansion reflects sustained investment performance, disciplined execution, and strong trustee-led governance, supported by consistent employer participation and a well-coordinated ecosystem of investment and administrative partners.
“This milestone underscores the strength of the Fund’s governance framework and the disciplined oversight provided by the Board of Trustees. It reflects a deliberate focus on long-term strategic direction, robust fiduciary accountability, and prudent risk management,” said the AFRF Board Chair, Witness Gumbalume.
“As Trustees, our responsibility is to safeguard members’ interests while ensuring the Fund remains resilient, transparent, and aligned to best-in-class governance standards.Reaching this scale affirms that our governance model, decision-making processes, and oversight structures are effectively supporting sustainable outcomes, even in a dynamic and evolving investment environment,” said Gumbalume.
AFRF Principal Officer, Nina Sephuma, noted that the achievement signals both scale and confidence in the Fund’s model. “Surpassing the P 5 billion mark reflects sustained trust, resilience, and a clear focus on long-term value creation. This milestone speaks to the consistency of our execution and the strength of the partnerships that underpin the Fund’s operations.”
“At the core of this achievement is our commitment to our members. We are encouraged by the continued confidence placed in the Fund and remain focused on ensuring that we not only grow assets, but translate that growth into tangible, long-term financial security for those we serve,” noted Sephuma.
Providing an investment perspective, the Chairman of the AFRF Investment Committee, Charity Mooketsi, highlighted the Fund’s disciplined approach. “The AFRF’s growth is anchored in diversification, active asset allocation, and continuous market assessment. Our investment strategy is designed not only to deliver competitive returns, but to do so consistently across market cycles. By aligning asset allocation to long-term member outcomes and maintaining flexibility to respond to evolving market conditions, the Fund is well positioned to capture sustainable growth opportunities while protecting value,” Mooketsi highlighted.
“Beyond member outcomes, the Fund’s scale underscores the growing role of institutional capital in Botswana’s economy. We recognise the importance of contributing to domestic economic development through targeted investments that support Botswana’s growth agenda. As a significant participant in local capital markets, the AFRF contributes to investment in productive sectors including infrastructure, supporting economic development and market deepening,” added Mooketsi.
Looking ahead, the Fund remains focused on sustaining this growth momentum through strong governance, ongoing stakeholder collaboration, and adherence to sound investment principles. Its priority remains clear: delivering consistent, long-term value while meeting its fiduciary obligations to members.
