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

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

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 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

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

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

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

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

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

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

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

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

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

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 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 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.