Russel van Wyk was set free from Drakenstein Prison in Paarl.
Fourteen-year-old Valencia was stabbed more than 50 times in a derelict house near her home. She later died in Tygerberg Hospital after telling police who her attackers were.
Van Wyk was a teenager when he was convicted and sentenced to 23 years imprisonment in 2001.
The 32-year-old has about five years of his sentence left.
Two other attackers received double life sentences each, while a fourth attacker, Elmario Maasdorp, was nabbed last year and sentenced to 23 years.
Valencia’s mom Sylvia, says while she’s very unhappy with Van Wyk’s release, she had no choice but to accept it.