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 December 2023
2023 African Private Capital Industry Survey
This marks the third edition of the AVCA’s Private Capital Industry Survey, offering a comprehensive exploration of the perspectives, plans, preferences, and expectations of 88 investors, including both Limited Partners (LPs) and General Partners (GPs) actively involved in Africa’s private capital industry.
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
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
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
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
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
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
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
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
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
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 2012 -2015.
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
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 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
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
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.