Membership of AVCA creates a responsibility on the part of the member firm, and employees of the firm to act in a manner that is both ethical and beneficial to the image and interests of the private capital industry and its participants.

This Code of Conduct represents a set of minimum principles with which compliance is expected for all members and their employees. Acting within the rule of law and within the laws, regulations, and guidelines of a particular jurisdiction in which an AVCA member firm operates is the minimum expected of all members and their employees.

1. Support of Private Capital Development

Membership of AVCA implies support of private capital development, advancement of technology and productivity, the creation of entrepreneurial opportunities in Africa as a means of financing innovation amongst all enterprises which have significant growth potential in terms of products, technology, business concepts and services.

2. Conduct Responsible Business 

Members will conduct their business in and responsible way and will not engage in practices which would be damaging to the image and interests of the private capital industry

3. High Standard Investment Portfolio

Members will assure a high standard of their investment portfolio and will avoid financing enterprises or participating in activities which are contrary to these goals.

4. Ethical Standards of Conduct 

Each member shall promote and maintain ethical standards of conduct and deal fairly and honestly with all business concerns seeking its assistance, with all companies to or with whom it makes loans or investments, and with all other private capital companies.

5. Non Disclosure of confidential information to Third Parties

Members will not disclose to third parties any confidential, financial, or technical information acquired in the course of negotiations with potential investees, or in the course of business with investees, unless they have received explicit permission for such disclosure.

6. Non Disclosure of information on AVCA members

Members shall not disclose information on any specific AVCA member or distribute any proprietary AVCA content or resources to non-members unless explicitly permitted to do so.

7. Use of AVCA Logo and Name

Member use of the AVCA logo and name in print and electronic form is encouraged to communicate engagement in, and support of, AVCA’s mission and activities. Approved use is subject to the terms of this Code of Conduct.

8. No Member will Take Advantage of its Position in AVCA

No member will take advantage of its position in AVCA or abuse any information addressed to AVCA. Members shall refrain from speaking publicly on AVCA’s behalf unless engaged to do so by the AVCA staff or Board of Directors.

9. General Conduct with Other Members 

No member shall malign, defame, or unfairly criticise any other member in any dealings with proposed clients or otherwise.

10. Conduct with Other Members on Transactions

When two or more members participate in loans or investments, the sponsoring member and all other participating members shall make full disclosures of all facts known to them about the proposed client company and all relationships between the proposed client company, its managers, directors, stockholders, employees, nominees, or representatives, with the sponsoring members and other participating members of any of their managers, directors, stockholders, employees, nominees or representatives.

11. Conflict of Interest for Private Capital Investments 

No private capital transaction made by a member may be used to promote the welfare or assist its directors, managers, employees, nominees, and representatives, except insofar as they benefit from the success of the transaction according to established compensation and profit-sharing contracts.

12. Sources of Capital for Funds 

Members will not accept subscribed investment capital in their funds from unspecified sources.

13. Member Investor Accountability 

Members will be accountable to their investors by fully disclosed operating and financial reports.

14. Anti-Money Laundering and Bribery Act Compliance 

AVCA, its board members, officers, directors, employees, temporary employees, and representatives comply with the requirements of the Bribery Act 2010 and Anti-Money Laundering 2020, and where appropriate other similar laws and regulations. In all dealings with AVCA, members will comply with the requirements of the Bribery Act 2010 and Anti-Money Laundering 2020 and where appropriate other similar laws and regulations.

Each member shall require its directors, managers, employees, nominees and representatives to abide by the same rules.

Membership may be terminated by the Board of Directors if a member fails at any time to meet all of the criteria or has failed in a material degree to observe this Code of Conduct or has engaged in conduct materially prejudicial to AVCA’s purposes and interests.


As of September 2022