AVCA | Research & Publications

Research & Publications

31 October 2024

Q3 2024 Private Capital Activity in Africa

287 private capital deals were concluded in Africa in 2024 YTD, just shy of the 5-year average of 294 deals despite an 11% YoY decline. The volume highlights Africa’s sustained investment appeal despite global headwinds.

Research & Publications

31 October 2024

Q3 2024 Venture Capital Activity in Africa

African venture capital took a hit in 2024. Q3 saw only US$507mn across 108 deals, marking a steep drop in both deal volume and value. Year-to-date, funding stands at US$1.2bn across 313 deals.

Research & Publications

16 September 2024

Q2 2024 Private Capital Activity in Africa

This series offers an overview of Africa's Private Capital Activity, with this report highlighting key trends in investments, exits, and fundraising observed during the second quarter of 2024.

Research & Publications

20 August 2024

Q2 2024 Venture Capital Activity in Africa

Exclusive insights into the development and global comparison of venture capital in Africa; exploring the regions and sectors leading venture capital deals across the continent.

Research & Publications

29 May 2024

Q1 2024 Venture Capital Activity in Africa

This series offers a collection of exclusive insights spotlighting the development and global comparison of venture capital in Africa; exploring the regions and sectors leading venture capital deals across the continent.

Research & Publications

29 May 2024

Q1 2024 Private Capital Activity in Africa

This series offers an overview of Africa's Private Capital Activity, with this report highlighting key trends in investments, exits, and fundraising observed during the first quarter of 2024.

Research & Publications

23 May 2024

Private Capital Regional Landscape: Southern Africa

This report marks the first in a new series examining private capital landscapes across Africa's diverse regions. Focused on Southern Africa, this premier edition coincides with AVCA’s landmark 20th Annual Private Equity Conference and Venture Capital Summit in Johannesburg, South Africa.

Research & Publications

22 May 2024

Impact Case Study: PowerX Proprietary

Agrigroupe Energy Holdings and its underlying investors acquired POWERX to facilitate renewable energy trading in South Africa as the market liberalized and opened up to new traders and emerging renewable IPPs. PowerX’s first mover advantage and unique regulatory status catalysed the development and trading of renewable power in South Africa.

Research & Publications

22 May 2024

Impact Case Study: Visiosoft

The investment into Visiosoft transforms infrastructure into reliably smart assets, resulting in intelligent utilisation of resources. This has enabled optimized use cases for energy and water management in both commercial and industrial sectors, alongside enhancements in safety measures.

Research & Publications

22 May 2024

Impact Case Study: Nature’s Nectar

Nature’s Nectar adopts an inclusive model for women beekeepers, aiming for 50% female participation. The company’s efforts also extend to increasing rural incomes and improving health and safety standards within the Zambian beekeeping community. By offering commercially designed hives known for their long-term sustainability, Nature’s Nectar contributes to reducing deforestation. The company’s initiatives are geared towards uplifting local communities, promoting self-sufficiency and positively influencing the wellbeing of residents in often overlooked areas. It also maintains a transparent supply chain with gender-wage equality across all levels.

Research & Publications

22 May 2024

Impact Case Study: IDEAS – ACED Platform (Newco)

The investment aims to significantly contribute to SDG 7 (Affordable and Clean Energy) and SDG 13 (Climate Action) by substantially increasing the share of renewable energy in the energy mix with a portfolio of 6GW of renewable energy assets by 2030.At the same time, it will contribute to achieving improved livelihoods through the provision of decent work and gender equality.

Research & Publications

22 May 2024

Impact Case Study: Safari Hotel

The investment focuses on growing the regional labour market, developing human capital, and solidifying the sector’s GDP contribution. It aims to improve the quality of Namibia’s hospitality to attract high-value, long-haul markets and diversify source markets for resilience. Additionally, it involves partnering with Namibian authorities to promote Namibia via Accor’s distribution platform and expertise, aiding in enhancing “Brand Namibia.”

Research & Publications

21 May 2024

Impact Case Study: Yellow

Yellow is a specialised credit provider that enables consumers across five African markets to acquire small off-grid solar systems and smartphones. In 2023, CPDIF injected US$10mn in growth capital to fuel Yellow’s growth and enhance its geographic expansion.

Research & Publications

16 May 2024

Impact Case Study: Tessara

Founded in 1985, Tessara operated for many years with a single flagship product, Uvasys, the world’s first laminated SO2-generating sheet designed to protect table grapes from post-harvest decay. Since partnering with the Alterra team in 2018, Tessara has broadened its horizons, expanding its innovative solutions to include additional agricultural products (e.g., berries, flowers and tomatoes). Moreover, the company has achieved a significant milestone by developing and bringing to market another recyclable product.

Research & Publications

31 March 2024

2023 African Private Captial Activity Report

The report provides analysis on the latest trends of fundraising, investments, and exits within African Private Capital Activity in Africa, shedding light on the recent developments that took place during 2023.

Research & Publications

19 March 2024

2023 Venture Capital in Africa Report

This report offers a collection of exclusive insights spotlighting the development of and global comparison for venture capital in Africa; exploring the regions and sectors leading venture capital deals across the continent.

Research & Publications

9 November 2023

Q3 2023 Venture Capital Activity in Africa

Research & Publications

12 September 2023

UNLOCKING THE POTENTIAL OF DIGITAL PAYMENTS IN AFRICA:

A Comparative Analysis of Regulatory Sandboxes and Payment Service Providers

Research & Publications

7 August 2023

2023 Q1-Q2 Private Capital Activity in Africa

The report offers a comprehensive overview of the African Private Capital Activity in in a global context, shedding light on the recent developments that took place during an eventful first half of 2023.

Research & Publications

1 August 2023

Q1-Q2 2023 Venture Capital Activity in Africa

Research & Publications

24 May 2023

Funds and Fund Management Services in Africa: Part 1

by Kigali International Finance Centre (KIFC) in partnership with AVCA. We are delighted to introduce the ‘’Funds and Fund Management Services in Africa’’ Report. The report provides a comprehensive overview of Africa’s private capital ecosystem, presents the breadth of investment opportunities available, and finally explores the range of International Financial Centres(IFCs) that serve the continent.

Research & Publications

24 May 2023

Funds and Fund Management Services in Africa: Part 2

Research & Publications

23 May 2023

Climate Financing in Africa: Strategies for the Future

We are delighted to present Climate Financing in Africa: Strategies for the Future: a joint report by the African Private Capital Association (AVCA) in partnership with the Tony Blair Institute for Global Change (TBI).

Research & Publications

26 April 2023

2022 African Private Capital Activity Report

This report provides an analysis on the latest trends of fundraising, investments, and exits unfolding across the continent in 2022.

Research & Publications

20 April 2023

Venture Capital in Africa Report 2022

We are delighted to share our fourth edition of the 2022 AVCA Venture Capital in Africa report presenting an overview of the venture capital ecosystem. It provides an analysis of the latest trends and development of Africa’s start-up investment landscape and the profile of the investors active on the continent.

Research & Publications

6 April 2023

2023 AVCA Country Spotlight: Egypt

We are pleased to share the 2023 AVCA Country Spotlight: Egypt, featuring a country overview and economic outlook. Egypt’s diversified economy presents opportunities in several sectors and is one of Africa’s industrial heavyweights, maintaining its position among the top attractive investment destination in Africa in 2022.

Research & Publications

1 November 2022

SDG 8: Decent Work and Economic Growth

The company’s value proposition is centered around offering bespoke, tech-based talent solutions for the East African job market. Its online job portals, Ethiojobs, Dereja, and Kipawa, contribute to the efficient matching of employers with qualified candidates, thereby promoting a more dynamic and fair labour market.

Research & Publications

31 October 2022

Q3 2022 Industry Quarterly Review

We are delighted to present the Q3 2022 Industry Quarterly Review, the second edition in a new data driven publication series highlighting the key trends defining Africa’s private capital landscape.

Research & Publications

29 September 2022

2022 H1 African Venture Capital Activity Report

In the report we present an overview of the African venture capital ecosystem, spotlighting the latest global trends and development during the highly eventful start to the year for Africa’s innovation ecosystem.

Research & Publications

29 September 2022

2022 H1 African Private Capital Report

In this report we present an analysis on the latest trends of fundraising, dealmaking & exits unfolding across the continent from January to September 2022.

Research & Publications

31 August 2022

SDG 7: Affordable & Clean Energy

This case study showcases Meridiam’s investment in Solarsen platform, which comprises 4 power plants located in Senegal, and explores the investor’s commitment to deliver positive impact by contributing towards SDG 7. SDG 7 has been one of Meridiam’s main pillars with investments in energy transition projects such as renewables being at the heart of the company’s investment strategy.

Research & Publications

31 August 2022

SDG 7: Affordable & Clean Energy

This case study highlights African Infrastructure Investment Managers’ investment in Starsight Energy, a leading Commercial & Industrial solar power supplier in Africa. Starsight Energy delivers comprehensive, end-to-end solar solutions that help businesses reduce annual energy costs, boost energy efficiency, and improve their carbon footprints.

Research & Publications

3 August 2022

Industry Quarterly Review

We are delighted to present the inaugural Industry Quarterly Review, a new data-driven publication series highlighting the key trends defining Africa’s private capital landscape. Drawing on AVCA’s latest Research, the Industry Quarterly Review is designed to demonstrate the breadth and impact of our industry with a regular roundup of the preceding quarter’s industry news, market activity and regulatory reform.

Research & Publications

1 July 2022

SDG 5: Gender Equality (Adenia Partners)

This case study focuses on Adenia Partners’ investment in Red Lands Roses, a company that specializes in the production of premium roses in Kenya, and investigates how they are integrating ‘SDG 5 – Gender Equality’ into this. Adenia Partners is a private markets investment firm committed to responsible investing and a sustainable Africa. By creating stronger companies with quality jobs, fostering economic improvement, and elevating companies to meet ESG standards, Adenia is increasing the enterprise value for investors, while benefiting workers, communities, and companies in Africa.

Research & Publications

1 July 2022

SDG 5: Gender Equality (Alitheia IDF)

This case study highlights Alitheia IDF’s investment in ReelFruit, a woman-owned agro-processing company in Nigeria that produces a range of retail packaged snacks, and showcases how they are integrating SDG 5 - Gender Equality into this investment. Alitheia IDF is the first and largest African gender-lens investment fund which seeks to increase and improve the financial and social outcomes of women by investing in a diversified portfolio of women-owned, womenled, or women-serving SMEs.

Research & Publications

6 May 2022

Member Case Study | Adenia Partners Portfolio Company: Herholdt's

Herholdt’s is a family business established in Bloemfontein, South Africa, in 1964, whom successfully diversified into the distribution of solar energy installations. Impressed by the company’s growth and development impact potential, Adenia partnered with the second-generation family members, who had been running the business for more than 5 years, to buy out the founders.

Research & Publications

1 May 2022

SDG 4: Quality Education

This case study focuses on Verod Capital Management’s investment into schools in Nigeria via its portfolio company, Oreon Education Services, and how they are integrating ‘SDG 4 – Quality Education’ into this investment. Verod is a leading West African private equity investor seeking to partner with fast growing companies which have the potential to become large, dominant, and sustainable enterprises.

Research & Publications

20 April 2022

AVCA Country Snapshot: Senegal

This edition of the AVCA's Country Snapshot provides a sector analysis of Senegal's business climate, private capital investment evolution, liberal investing landscape, deals and exits. Discover how the Senegalese economic outlook compares to the rest of West Africa.

Research & Publications

19 April 2022

Venture Capital in Africa: Third Edition

2021 AVCA’s Venture Capital in Africa report presents an overview of the venture capital ecosystem. It provides an analysis of the latest trends and development of Africa’s start-up investment landscape and the profile of the investors active on the continent.

Research & Publications

19 April 2022

2021 African Private Capital Activity Report

2021 AVCA’s Africa Private Capital Activity report presents the current state and recent development of private capital activity in Africa. It provides an analysis on the latest trends of fundraising, investments, and exits unfolding across the continent in 2021.

Research & Publications

31 March 2022

SDG 3: Good Health and Well-being

This case study focuses on BluePeak Private Capital Fund’s investment in Africure, a leading manufacturer and distributor of essential generic pharmaceutical products operating across more than 10 African countries, and investigates how they are integrating ‘SDG 3 – Good Health and Wellbeing’ into this investment.

Research & Publications

24 March 2022

2022 AVCA Currency Risk in Africa Report

Co-authored by AVCA and TCX | The Currency Risk Management Practices in African Private Equity and Venture Capital report convenes survey results from 37 GPs and 26 LPs engaged in African private equity. It assesses their views of the importance and impact of currency volatility, as well as their strategies for evaluating and managing the same. The survey respondents represent a broad cross-section of investors by type, size, and location.

Research & Publications

1 January 2022

SDG 2: Zero hunger

The second case study in this series focuses on Injaro Investments, and their commitment to building a world free of hunger through their investment in Ghanaian agribusiness, Agricare.

Research & Publications

14 December 2021

Pension Funds and Private Equity in Nigeria Study

Co-authored by AVCA and PenOp | We are delighted to present the inaugural Pension Funds and Private Equity Report, produced in partnership with the Pension Fund Operators Association of Nigeria (PenOp). This report exemplifies our commitment to providing topical, independent, and thoughtful research to the industry. Our hope is that this report serves as a practical exposé for industry professionals on the factors driving Nigerian pension funds’ views of investing in private equity.

Research & Publications

1 December 2021

SDG 1: End poverty in all its forms everywhere

The first case study in this series focuses on the pan-African PE fund manager, Metier, and their commitment to building a world free of poverty through their investment in South African FMCG company, Nature’s Choice (Pty) Ltd.

Research & Publications

28 October 2021

PE et VC en Afrique

Une version française du rapport « Private Equity & Venture Capital in Africa - Covid-19 Response Report » produite par Oxford Business Group (OBG) en collaboration avec l’African Private Equity and Venture Capital Association (AVCA), a été publiée ce jour. Cette publication, fruit d’un partenariat entre OBG et HEC Paris, présente des données essentielles ainsi que des infographies relatives aux tendances actuelles et futures en matière de capital-investissement et capital-risque.

Research & Publications

7 October 2021

2021 H1 African Private Equity Data Tracker

A provisional look at 2021 half-year private equity activity in Africa, including funds, deals and exits.

Research & Publications

7 July 2021

Venture Capital in Africa: Second Edition

We are pleased to present the second edition of AVCA's Venture Capital in Africa report, a study of Africa's venture capital deal activity and investors' profile from 2014 to 2020. This report also features investment case studies from AfricInvest and TPG Growth.

Research & Publications

23 June 2021

African PE & VC Performance Benchmark Q4 2020

This report presents the private equity and venture capital performance across Africa in Q4 2020. The publication was produced by Cambridge Associates in collaboration with AVCA

Research & Publications

23 June 2021

African PE & VC Performance Benchmark Q3 2020

This report presents the private equity and venture capital performance across Africa in Q4 2020. The publication was produced by Cambridge Associates in collaboration with AVCA

Research & Publications

20 April 2021

Sector Snapshot: Healthcare

AVCA is pleased to announce the publication of its latest sector snapshot on healthcare. The snapshot provides a concise overview of private equity and venture capital activity in the healthcare sector between 2015-2020.

Research & Publications

20 April 2021

Sector Snapshot: Technology

AVCA is pleased to announce the publication of its latest sector snapshot on technology. The snapshot provides a concise overview of private equity and venture capital activity in the technology sector between 2015-2020.

Research & Publications

15 April 2021

2021 African Private Equity Industry Survey

AVCA is pleased to present the second edition of the African Private Equity Industry Survey, a study that provides insight into how both LPs and GPs are evaluating the African private equity industry.

Research & Publications

29 March 2021

2020 Annual African PE Data Tracker

We are pleased to present the AVCA Annual African Private Equity Data Tracker; a report showcasing 2020's African private equity fundraising, deals, and exits trends. This report also features regional spotlights and investment case studies.

Research & Publications

1 December 2017

Africa Private Equity-backed IPOs 2010–2017

The African Private Equity and Venture Capital Association (AVCA) and PwC are delighted to launch the first report analysingexits of African private equity (PE) portfolio companies on the global capital markets. This report provides a historic analysis of PE-backed initial public offerings (IPOs) of African portfolio companies, including companies with significant operations in Africa, between 1 January 2010 and 31 December 2017. We have examined a number of metrics including the volume and value of PE-backed versus non-PE-backed IPOs, pricing, and performance. While the capital markets have been an important exit route for private equity houses around the globe, we have noted that PE exits via an IPO in Africa have tracked below other markets. We hope this document begins a dialogue around measures to be taken to further drive African PE exits on domestic or international exchanges.

Research & Publications

31 October 2017

AVCA 2017 Annual Limited Partner Survey

AVCA is delighted to present the fourth edition of the AVCA Limited Partner (LP) Survey, which examines global investor views about private equity in Africa and return expectations in an evolving industry. Given the evolving global geopolitical landscape, it is more important than ever to undertake investor outreach in order to identify consensus views that will impact our industry. This year’s report finds that despite its challenges, LPs continue to see the appeal of African private equity.

Research & Publications

26 October 2017

Key Findings and FAQs: African PE & VC Performance Benchmark - Q1 2017

A summary of the key findings and frequently asked questions (FAQs) about the Q1 2017 African PE & VC Performance Benchmark, published by AVCA exclusively for AVCA members.

Research & Publications

28 September 2017

2017 H1 African Private Equity Data Tracker

AVCA’s 2017 H1 African Private Equity (PE) Data Tracker provides a provisional look at half year PE activity in Africa. PE deals remained targeted in consumer-driven sectors in 2017 H1. Consumer Staples (including investments in the African packaged food industry) saw a rise relative to 2016. Telecoms and Materials also showed an increase in terms of deal values as a result of a handful of large transactions in the first half of 2017.

Research & Publications

28 September 2017

African PE & VC Performance Benchmark Q1 - 2017

AVCA is pleased to announce the release of the African PE & VC Performance Benchmark (Q1 2017), produced by Cambridge Associates, in collaboration with AVCA.

Research & Publications

29 July 2017

African PE & VC Performance Benchmark

AVCA is pleased to announce the release of the final 2016 African PE & VC Performance Benchmark, produced by Cambridge Associates, in collaboration with AVCA.

Research & Publications

27 July 2017

Key Findings and FAQs: African PE & VC Performance Benchmark

A summary of the key findings and frequently asked questions (FAQs) about the final 2016 African PE & VC Performance Benchmark (Q4), published by AVCA exclusively for AVCA members.

Research & Publications

15 May 2017

Key Findings and FAQs: African PE & VC Performance Benchmark

A summary of the key findings and frequently asked questions (FAQs) about the African PE & VC Performance Benchmark, published by AVCA exclusively for AVCA members.

Research & Publications

5 April 2017

PE Exits in Africa 2017

AVCA is pleased to announce the publication of the 2017 Exit Study, How private equity investors create value. Presented by EY and AVCA, the study examines PE exits between 2007–16 using data drawn from both public sources and confidential interviews with former PE owners of exited businesses.

Research & Publications

4 April 2017

2017 Africa Sustainability Study: ESG, Job Creation and Job Quality

AVCA is pleased to announce the release of the second edition of the Africa Sustainability Study. The 2017 edition evaluates private equity’s contribution to and implementation of Environmental, Social and Governance (ESG) standards, job creation, and job quality improvements in Africa.

Research & Publications

4 April 2017

Sector Snapshot: Infrastructure

AVCA is pleased to announce the publication of its latest report - Sector Snapshot: Infrastructure. The Snapshot provides a concise overview of private equity activity in the infrastructure sector from 2011 - 2016.

Research & Publications

23 March 2017

AVCA Country Snapshot: Côte d'Ivoire

AVCA is delighted to announce the publication of the Country Snapshot: Côte d'Ivoire. Drawing on data from AVCA’s proprietary databases, the Snapshot provides a broad overview of the private equity landscape in Côte d'Ivoire.

Research & Publications

28 February 2017

2016 Annual African Private Equity Data Tracker

The 2016 Annual African Private Equity Data Tracker draws on data from AVCA’s proprietary private equity (PE) database and provides insights into key trends in PE investment and fundraising in Africa from 2011 – 2016. Our findings show that deal activity in Africa continues to be strong even in an increasingly volatile global economic environment.

Research & Publications

7 February 2017

Key Findings and FAQs: African PE & VC Performance Benchmark

A summary of the key findings and frequently asked questions (FAQs) about the African PE & VC Performance Benchmark, published by AVCA exclusively for AVCA members.

Research & Publications

26 January 2017

African PE & VC Performance Benchmark, Q3 2016

AVCA is pleased to announce the release of the latest African PE & VC Performance Benchmark, produced by Cambridge Associates, in collaboration with AVCA.

Research & Publications

26 January 2017

AVCA Spotlight on West Africa Private Equity

AVCA is pleased to announce the publication of the Spotlight on West Africa Private Equity. The report provides a summary of recent private equity transactions and exits in the region between 2010 and 2016 H1. Our findings reveal that 249 PE deals were completed in West Africa, with a combined value of US$5.4bn.

Research & Publications

1 November 2016

AVCA Spotlight on North Africa Private Equity

AVCA is pleased to announce the publication of the Spotlight on North Africa Private Equity. The report provides a summary of recent private equity transactions, exits and fundraising activity in the region. Our findings reveal that 156 PE deals were completed in the region between 2007 and 2014 with a combined value of US$5.3bn.

Research & Publications

1 November 2016

AVCA Spotlight on East Africa Private Equity

AVCA is pleased to announce the publication of the Spotlight on East Africa Private Equity. The report provides a summary of recent private equity transactions, exits and fundraising activity in the region. Our findings show that PE activity in East Africa is rising with 158 reported transactions between 2007 – 2014 and deal values totaling US$1.5bn.

Research & Publications

31 October 2016

AVCA Country Snapshot: Ethiopia

AVCA is delighted to announce the publication of the Country Snapshot: Ethiopia. Drawing on data from AVCA’s proprietary databases, the Snapshot provides a broad overview of the private equity landscape in Ethiopia.

Research & Publications

1 October 2016

Sector Snapshot: Infrastructure

Research & Publications

29 September 2016

2016 H1 Annual African Private Equity Data Tracker

AVCA is delighted to release the inaugural 2016 H1 African Private Equity (PE) Data Tracker. The report provides insights into key trends in PE investment and fundraising in Africa from 2010-2016 H1. Our findings show that deal activity and fundraising in Africa remain resilient.

Research & Publications

28 April 2016

AVCA Limited Partner Survey

AVCA is pleased to announce the release of the third edition of its Limited Partner Survey, which provides insights into the views, plans and expectations of a diverse range of LPs from across the globe.

Research & Publications

27 April 2016

PE Exits in Africa 2016

AVCA is pleased to announce the publication of the 2016 exit study, How private equity investors create value. Presented by EY and AVCA, the study examines PE exits between 2007–15 using data drawn from both public sources and confidential interviews with former PE owners of exited businesses.

Research & Publications

2 April 2016

Africa Sustainability Study: Job Creation

AVCA is pleased to announce the release of the inaugural Africa Sustainability Study: Job Creation. The study highlights the impact of Africa’s private equity industry on the development of the African continent by quantifying job creation in private equity-backed companies.

Research & Publications

1 April 2016

African PE & VC Performance Benchmark, Q3 2015

AVCA is pleased to announce the release of the latest African PE & VC Performance Benchmark, produced by Cambridge Associates, in collaboration with AVCA.

Research & Publications

1 February 2016

Annual African Private Equity Data Tracker

The Annual African Private Equity Data Tracker draws on data from AVCA’s proprietary private equity (PE) database and provides insights into key trends in PE investment and fundraising in Africa from 2010 – 2015. Our findings show that deal activity in Africa continues to be strong even in an increasingly volatile global economic environment.

Research & Publications

1 November 2015

AVCA Spotlight on West Africa Private Equity

AVCA is pleased to announce the publication of the Spotlight on West Africa Private Equity. The report provides a summary of recent private equity transactions, exits and fundraising activity in the region. Our findings reveal that 311 PE deals were recorded in the region since 2007 with a total deal value of US$6.1bn.

Research & Publications

1 November 2015

AVCA Spotlight on North Africa Private Equity

Research & Publications

1 October 2015

AVCA Spotlight on Southern Africa Private Equity

AVCA is pleased to announce the publication of the Spotlight on Southern Africa Private Equity. The report provides a summary of recent private equity transactions, exits and fundraising activity in the region. Our findings reveal that 341 PE deals were completed in the region between 2007 and 2014 with a combined value of US$6.7bn.

Research & Publications

1 October 2015

AVCA Spotlight on East Africa Private Equity

Research & Publications

29 April 2015

PE Exits in Africa 2014

The update to the 2013 AVCA and EY’s study Broadening horizons: how do private equity investors create value? highlights a strengthening market for private equity exits in Africa. Private equity firms exited 40 companies between 1 January and 31 December 2014, a 38% increase from 29 exits in 2013.

Research & Publications

25 April 2015

AVCA Limited Partner Survey

AVCA is pleased to present the second edition of the Limited Partner Survey. The purpose of this report is to provide stakeholders with views, plans and expectations on private equity in Africa from the Limited Partner’s (LP’s) across the globe.

Research & Publications

25 April 2014

Investing for Impact: A Strategy of Choice For African Policymakers

Over the last decade, the main driver of economic progress across the African continent has arguably not been Official Development Assistance flows but growth, underpinned by private sector activity. This trend is set to continue, with private capital forecast to be the most important source of long-term finance. At the same time, an increase in the levels of social inequality and environmental degradation in many African countries has underscored the importance of a more inclusive model of progress.

Research & Publications

25 April 2014

The Search for Returns

RisCura, AVCA and SAVCA are pleased to present the first edition of The search for returns: Investor views on private equity in Africa report. The purpose of this report is to provide stakeholders with views on private equity in Africa from the Limited Partner’s (LP’s) perspective. This study examines future investment plans into African private equity, the region’s relative attractiveness, expected return drivers, preferred investment vehicles, and the challenges to investing in the region.

Research & Publications

24 April 2014

Broadening Horizons: How do Private Equity Investors Create Value?

This is the second of our annual studies of how private equity (PE) investors create value in Africa. In our inaugural report, we countered popular opinion about PE in Africa to prove that the industry was making excellent progress in exiting its portfolio companies. We also provided evidence of genuine value creation by PE firms in the region through hands-on involvement in the companies they back.

Research & Publications

1 October 2013

New Benchmark for African Private Equity Reveals 11% Annualised Return for 10 Years September 2012

This is the first quarterly report of the Cambridge Associates LLC African Private Equity and Venture Capital Index, a collaboration between the African Venture Capital Association (AVCA) and Cambridge Associates, the global investment advisor that maintains databases and tracks performance data of private investments around the world.

Research & Publications

1 September 2013

Briefing Notes on the implementation of AIFMD

In the past, private offerings of alternative investment funds (“AIFs”) in the EEA have not required the burdensome regulations that accompany public offerings. The implementation of the Alternative Investment Fund Managers Directive 2011/161/EU will substantially change the regulatory considerations underlying previous private placements in the EEA.

Research & Publications

23 April 2013

Harvesting growth: How do PE Investors Create Value?

This joint research piece, looking at value creation through exit deals across Africa, provides an answer to the commonly asked question “are there exits in Africa?” The continent’s stock markets, other than the Johannesburg Stock Exchange, are still very small and relatively illiquid, and the intermediary networks remain far from complete across the region. As a result, a widely held perception is that exits are hard to achieve and that therefore they are few in number. However, our analysis points to a higher level of exit activity than might be expected.

Research & Publications

1 August 2012

The Private Equity Climate in Africa: Embracing The Lion

Often referred to as the ‘final frontier’ market by private equity investors, Africa is showing signs of promise due to its rapidly improving economic environment, favorable demographics and growing private sector business activities. Investors who are diligent in their research of investment opportunities have been able to realize outsized returns while minimizing perceived risks. Opportunities exist across the continent, which has been largely overshadowed as an emerging markets private equity destination by hot BRIC markets.