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, 1997
                                                --------------------------------

                                       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, 1997,  there were  3,253,324  shares of the  registrant's  Common
Stock outstanding.

<PAGE>
Item 6.  Exhibits and Reports on Form 8-K
-----------------------------------------

      (a)  Exhibits.

         Number          Description
         -----           ------------

         10.1            Limited Liability Company Agreement of Allegiance 
                         Capital, LLC 

         10.2            Fourteen Hill Capital, L.P. Agreement of Limited
                         Partnership

         10.3            Fourteen Hill Management, LLC Operating Agreement by 
                         Point West Capital Corporation and Fourteen Hill 
                         Management, LLC as of June 9, 1997

         27              Financial Data Schedule
 

     (b)  Reports on Form 8-K.

          None.

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<PAGE>


                               SIGNATURES
                               ==========

Pursuant  to the  requirements  of the  Securities  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 14, 1997                      /S/ ALAN B. PERPER
                                              -------------------------------
                                              ALAN B. PERPER
                                              President
                                              (Duly Authorized Officer)


DATED:  November 14, 1997                      /S/ JOHN WARD ROTTER
                                               ------------------------------
                                               JOHN WARD ROTTER
                                               Executive Vice President and
                                               Chief Financial Officer
                                               (Principal Financial and
                                               Accounting Officer)


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