SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q/A
                                    -----------
              [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                  For the quarterly period ended September 30, 1998
                                                 --------------
                                       OR
              [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                 For the transition period from ______ to ______

                         Commission file number 0-27736

                         POINT WEST CAPITAL CORPORATION
                         -------------------------------
             (Exact name of registrant as specified in its charter)

                   Delaware                           94-3165263
                   --------                           ----------
              (State or other jurisdiction of       (I.R.S. Employer
              incorporation or organization)      Identification Number)

          1700 Montgomery Street, Suite 250
          ---------------------------------
            San Francisco, California                       94111
            -------------------------                     ---------
        (Address of principal executive offices)          (Zip Code)


                             (415) 394-9467
                             --------------
            (Registrant's telephone number, including area code)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has been  subject  to such  filing
requirements for the past 90 days. Yes [X] No [ ]

At October 31, 1998,  there were  3,253,324  shares of the  registrant's  Common
Stock outstanding.
<PAGE>

This  Form  10-Q/A is being  filed to  correct  an error  that  occurred  in the
conversion  to EDGAR format of the Form 10-Q of Point West  Capital  Corporation
for the quarterly  period ended September 30, 1998 (the "Form 10-Q").  Note 2 of
the Condensed  Notes to  Consolidated  Financial  Statements in the Form 10-Q is
hereby amended and restated as follows:

2.        Investment Securities
--        ---------------------

         Statement  of  Financial  Accounting  Standards  No. 115 ("SFAS  115"),
Accounting  for  Certain  Instruments  in Debt and Equity  Securities,  requires
marketable debt and equity  securities to be classified  into  held-to-maturity,
available-for-sale   and   trading   categories.    Securities   classified   as
held-to-maturity   are  reported  at  amortized   cost  and   available-for-sale
securities are reported at fair market value with unrealized gains and losses as
a separate  component of  stockholders'  equity.  Many of the equity  securities
classified  by  the  Company  as  available-for-sale   are  securities  (or  are
convertible into securities) traded in the over-the-counter ("OTC") market. Fair
market value is estimated by the Company based on the average closing bid of the
securities  for the last  three  trading  days of the  reporting  period  and is
adjusted to reflect management's estimate of liquidity constraints.  The Company
had no trading  securities  at  September  30, 1998 or December  31,  1997.  Any
unrealized  gains  and  losses,  declines  in value of  securities  judged to be
other-than-temporary  and accrued  interest and dividends on all securities will
be  reported  on an  appropriate  line item  above  "Net  Income  (Loss)" on the
consolidated  statements  of  operations  and  comprehensive  income (loss) when
realized.

         The amortized  costs and estimated fair value of investment  securities
(before any minority  interest)  as of September  30, 1998 and December 31, 1997
are as follows:
<TABLE>
<CAPTION>
                                                       September 30, 1998
-------------------------------------------------------------------------------------------------------

                                                   Gross Unrealized    Gross Unrealized
                                 Amortized Cost          Gains               Loss
                                                                                            Fair Value

<S>                              <C>                <C>                  <C>                 <C>


Held-to-maturity
     Corporate bonds           $    1,235,010      $          --    $        (150,010)   $    1,085,000
                               --------------      ---------------    -----------------   --------------
Total held-to-maturity         $    1,235,010      $          --    $        (150,010)   $    1,085,000

Available-for-sale
     Common stock              $    3,592,000      $    5,001,662     $             --   $     8,593,662
     Warrants                  $            0      $           --     $             --   $             0
                               ------------------  -----------------  ------------------  ------------------

Total available-for-sale       $    3,592,000      $    5,001,662     $              --   $    8,593,662

</TABLE>

<TABLE>
<CAPTION>

                                                       December 31, 1997
-------------------------------------------------------------------------------------------------------

                                                   Gross Unrealized    Gross Unrealized
                                 Amortized Cost          Gains               Loss
                                                                                            Fair Value

<S>                              <C>                <C>                  <C>                 <C>


Held-to-maturity
     Corporate bonds           $    2,220,000      $         75,000   $         (5,000)   $    2,290,000
                               --------------      ----------------   -----------------   --------------
Total held-to-maturity         $    2,220,000      $         75,000   $         (5,000)   $    2,290,000

Available-for-sale
     Common stock              $      903,181     $       1,355,153     $            --   $    2,258,334
     Warrants                  $       96,819     $       1,242,190     $            --   $    1,339,009
                               --------------     -----------------     ---------------   --------------
   Total available-for-sale    $    1,000,000     $       2,597,343     $            --   $    3,597,343

</TABLE>

                                       1

<PAGE>


         The Company  classifies  debt  securities for which it has the positive
intent and ability to hold to maturity as  held-to-maturity.  All investments in
debt  securities  classified  as  held-to-maturity  at  September  30,  1998 and
December 31, 1997 have maturity  dates  ranging from one to six years.  Warrants
classified as available-for-sale  have expiration dates ranging from one to five
years.  Certain warrants  outstanding at December 31, 1997 were exercised during
the first quarter of 1998 and the securities  purchased upon such conversion are
reflected at September 30, 1998 as available-for-sale.

         Unrealized  gains  on   available-for-sale   securities   (representing
differences  between  estimated  fair value and cost) of $5.0  million  and $2.6
million at September 30, 1998 and December 31, 1997, respectively, were credited
to a separate component of stockholders' equity called  "Comprehensive Income --
Net Unrealized Investment Gains."

                                       2
<PAGE>

                                   SIGNATURES
                                   ==========

Pursuant to the  requirements  of the  Securities  and Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized



                                              POINT WEST CAPITAL CORPORATION



DATED:  November 18, 1998                     /S/ ALAN B. PERPER
                                              --------------------------------
                                              ALAN B. PERPER
                                              President
                                              (Duly Authorized Officer)




DATED:  November 18, 1998                     /S/ JOHN WARD ROTTER
                                              --------------------------------
                                              JOHN WARD ROTTER
                                              Executive Vice President and
                                              Chief Financial Officer
                                              (Principal Financial and
                                              Accounting Officer)


                                       3