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Sub-Saharan Africa

Please find below a sampling of some of the latest EMPEA statistics, programs and content covering information on Sub-Saharan Africa. For a more comprehensive listing, please search "Sub-Saharan Africa" and customizable criteria in Advanced SearchScroll down for additional data and resources.


Views from the Field: Reflecting on 2015 and the Outlook for EM Private Capital in 2016

The View on Family Offices and Opportunities in AfricaHendrik F. Jordaan, President and CEO, One Thousand & One Voices

After a tumultuous year characterized by declining commodity prices, a slowdown in China and currency volatility in many emerging markets, EMPEA asked several of our members to reflect on challenges and opportunities for the coming year. They provided views on a wide range of topics, identifying important trends and lessons learned for emerging markets private capital, as well as key opportunities for the asset class in 2016.

Read more from Hendrik F. Jordaan » | Read other Views from the Field »


Legal and Regulatory

Private Equity in Africa: Is It More Difficult and How Can the Lawyers Help?

Legal and Regulatory Bulletin, Fall 2015

In 2014, PE funds invested US$8.1bn in African businesses. When measured against the US$1.5bn worth of PE investments made in Africa during 2009, this is a major increase that approaches the highs last seen in 2007. It is clear that Africa is today attracting special, renewed focus from major PE funds that are searching for the next frontier of growth in the recovery from the global economic crisis. This development ties in with positive narratives and real changes to Africa’s economic and political climate and will be viewed warmly by investors and African investees alike.

Source: EMPEA, October 2015

Data Insight

Data Insight (Q4 2015)

Fund managers raised US$3.6 billion for Sub-Saharan Africa in 2015, the second highest annual fundraising total for the region since EMPEA began tracking fundraising in 2006. This came on the back of 2014’s total of US$4.3 billion raised, indicating that limited partner interest remained strong, even as macroeconomic challenges such as currency volatility and declining oil prices contributed to reduced growth expectations for many of the region’s economies. Perhaps mindful of these challenges, fund managers with recently filled coffers appeared to exercise caution, as investments in SubSaharan Africa decreased both by number and total capital invested from 2014 to 2015. 

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Source: EMPEA, 2016


Sub-Saharan Africa Fundraising and Investment


Source: EMPEA
  Fundraising (US$m) Investment (US$m)

1H 2015




















EMPEA's Industry Partners Active in Sub-Saharan Africa

  • Aspen Network for Development Entrepreneurs (ANDE)
  • Association Tunisienne des Investisseurs en Capital (ATIC)
  • The Commonwealth (CommSec)
  • Convergence
  • East Africa Private Equity & Venture Capital Association (EAVCA)
  • Initiative for Global Development (IGD)


  • Institutional Limited Partners Association (ILPA)
  • Institute for Private Capital (IPC)
  • Principles for Responsible Investment (PRI)
  • SME Finance Forum (SMEFF)
  • South African Venture Capital & Private Equity Association (SAVCA)
  • Tony Blair Africa Governance Initiative (AGI)
  • The United Nations Office for Project Services (UNOPS)

Learn more about EMPEA's Industry Partner Network »


Additional Resources

EMPEA Professional Webcast - Bright Africa: A Guide to Equity Investing on the Continent
EMPEA Professional Development Webcast on the most recent Bright Africa report presented by RisCura, Hamilton Lane and Ethos Private Equity (Pty) Limited, released in June 2014. Key topics discussed, included: how does the price of African private equity deals compare to other markets; how does African private equity deal multiples differ between the various sectors; what is the geographical and sector focus of private equity within Africa, and unpacking deal activity on the continent: transactions over time, and the value of transactions by acquirer region. Source: EMPEA June 2014

EMPEA Global Limited Partners Survey 2014
According to EMPEA's most recent Global Limited Partners Survey, markets outside the BRICs were identified by LPs as the most attractive destinations for PE investment over the next 12 months. Following last year’s trend, non-BRIC markets continue to dominate in terms of being the most attractive investment destinations, but Latin America (ex. Brazil) has regained the top ranking from Sub-Saharan Africa which moved to third. Southeast Asia is ranked second and is also poised to see the greatest influx of new investors over the next two years.

Impact Case Study: KZ Noir (Rwanda)
In early 2011, Kaizen Venture Partners (KVP), which focuses on special situations in Sub-Saharan Africa, saw an opportunity to create value as well as improve the lives of Rwandan coffee farmers by consolidating several struggling Rwandan coffee producers under one holding company—KZ Noir. By supporting KZ Noir’s working capital needs and improving internal reporting and capacity utilization, KVP helped its investee companies recover profitability and increase sales at a CAGR of 73% from 2010 to 2012. Source: EMPEA, June 2013

EMPEA Global Limited Partners Survey 2013
Global limited partners in search of the next wave of growth are evaluating their emerging market exposure and increasingly seeking investment opportunities in less-penetrated markets. EMPEA's latest survey of institutional investors reveals that Sub-Saharan Africa, Southeast Asia and Latin America (excluding Brazil) are poised to see the greatest increase in new private equity commitments across the emerging markets over the next two years, edging out Brazil, China and India as the most attractive destinations for dealmaking. Source: EMPEA, May 2013

Africa: Maximizing Investment Opportunities While Minimizing Risk
African markets, boasting 10 of the top 20 fastest growing economies in the world and five of the world’s top 10 reformers in 2012 according to the World Bank’s Doing Business rankings, hold exceptional promise for private equity investors. However, the lack of transparency and underdeveloped legal systems and institutional infrastructure in many African markets make assessing potential investments difficult.  Source: Legal & Regulatory Bulletin, Autumn 2012

Inside Perspectives: An Interview with African Capital Alliance's Okechukwu Enelamah
Okechukwu (“Okey”) Enelamah, a Founder and Chief Executive Officer of African Capital Alliance (ACA) shares his insights on the opportunity set in Africa and offers his advice on how to convert growing LP interest in the region into capital commitments. ACA is a private equity firm investing in West Africa, principally in Nigeria and countries in the Gulf of Guinea. Source: EM PE Review, July 2012.

Regulation of Private Equity in West Africa - Emerging Trends
In contrast to India and Mexico, where there have been serious efforts to introduce regulations specific to private equity, in the Western African jurisdictions surveyed here by Udo Udoma & Belo-Osagie and Norton Rose Africa Legal, with the possible exception of Nigeria, the adequacy of existing frameworks varies widely and generally leaves room for improvement. Source: Legal & Regulatory Bulletin, Winter 2012

Impact: Case Study: Fleurhof
The Fleurhof Project, a residential real estate development in Johannesburg, South Africa began construction in 2009. Private equity fund manager International Housing Solutions (IHS) has provided the majority of the equity financing for the project, which plans to eventually house over 30,000 moderate to mid-income urban workers and promote community through the inclusion of schools, religious sites, business centers and community gardens. Source: EMPEA 2012

EMPEA Special Edition Insight: Sub-Saharan Africa
The buzz surrounding the African private equity opportunity has escalated during the global economic crisis, as the region's brand has continued to subtly improve. Despite increased interest, actual private equity dollars in play in Sub-Saharan Africa remain at modest levels. However, significant developments currently taking place at the margins hold great promise for the region over the course of the next few fund cycles. Source: EMPEA, 2010