African private markets insights

Get perspectives on African private markets from key players in the industry

On why investors cannot ignore the ‘S’ of ESG

“As a director for a couple of mining companies, I have witnessed major entities have a significant positive social impact – they have rolled out affordable housing for workers and local communities, provided healthcare, infrastructure, drinking water and sanitation. These are critical needs and so we can’t just make the decision that these mines need to be shut down solely on environmental grounds or because we will transition quickly to less polluting energy sources. We need a just transition. We cannot ignore the environmental imperative, but that must be balanced with getting the social aspect right because it’s as important. You can’t have the ‘E’ without the ‘S’.”

Yoza Jekwa, CEO and Co-Founder, Thrive Capital Partners

On new investment sectors developing across the continent

David Saunders, Director, Briter Bridges

“One of the things that gets me really excited is that everyone is now talking about how innovation can help solve some of the most complex problems the African continent faces. Innovation and funding are happening here, from deep tech through to cleantech, healthtech and biotech to mobility.

We’re seeing start-ups develop better and more efficient photovoltaic cells for solar power in Southern Africa; others are improving battery capacity and developing business models to make battery as a service work for boda bodas in East Africa – these are just some of the examples of how African startups are shaping the next frontier of innovation for the continent.”

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On why VCs need to be more selective

On mobilising African LP capital

Maurizio Caio, Founder and Managing Partner, TLcom Capital

“The African VC community needs to become better at investing well. As a category, we should only be investing in great companies, not the OK ones. The investment filters are too loose and we have to learn to invest in businesses that operate in large, attractive markets and can articulate a strategy to win in those markets and then to execute well – having a charismatic founder is not sufficient. We need to find companies with a cost leadership position or that offer customers value they can’t get elsewhere. These are the rare diamonds that we should be backing. If you have that discipline, you’ll have a long queue of people wanting to buy your assets.”

Hamdiya Ismaila, Founder and CEO, Savannah Impact Advisory

“We have had a lot of conversations with pension funds across Africa and many of the issues they have are related to the terms, flexibility and tenure of investing in private markets. We do need to work on that, but we also need to build a compelling narrative. Of course, pension funds have a duty to protect the finances of their retirees, but they also need to think about the environment that their stakeholders will retire into. We have a 40% illiteracy rate across the continent. We will also become the most youthful population in the world. What are we going to do with that? We need to support entrepreneurs and find ways of helping them grow – that may take multiple vehicles that invest in these businesses at different stages so we can move them along and get them where they need to be.”