This is the second edition of AVCA’s Private Equity Industry Survey, which
examines the plans, preferences, and expectations of 34 Limited Partners
(LPs) and 43 General Partners (GPs) engaged in African private equity (PE).
It follows our inaugural industry survey, published in March 2020, which
was well-received by the market. The study discusses the PE landscape
in Africa, analysing key market drivers and impediments affecting the
industry to provide a deeper understanding of how LPs and GPs are
evaluating their private equity assets in Africa.
Despite the macroeconomic instability that characterised much of 2020, the survey finds that
a broad cross-section of LPs by type, size and location remain positive and display a growing
appetite for private equity investment on the continent. This is evident in the steady annual
increase in the proportion of LPs that plan to increase their PE allocation in Africa over the next
three years – standing at 65% this year, up from 58% in last year’s survey, 53% in 2018 and 54%
in 2017.
The GP survey illustrates that fund managers are slightly less optimistic about African PE. Although
a majority of GPs expect both their regions of interest and their PE portfolio to be unaffected
by Africa’s current macroeconomic climate, a third of GPs do not share this view and predict
an adverse effect. In this environment, GPs are less focused on raising new funds and exiting
current investments, expressing a preference towards portfolio management and making new
investments as their main focus for the next three years.

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