PE Talks Africa: Recent Episodes

AVCA Africa

A podcast by the African Private Equity and Venture Capital Association (AVCA). We are champions of private investment in Africa. Join us as we uncover the global trends shaping the flow and impact of private capital in Africa.

The role of DFIs in mobilising private capital in Africa

During AVCA Week in Johannesburg, we sat down with Chris Chijiutomi, Managing Director and Head of Africa at British International Investment (BII), to discuss BII’s longstanding partnership with South Africa as a provider of patient, long-term capital, and the DFI’s role in mobilising capital to solve development challenges in Africa.

Subscribe to ⁠AVCA Corner on LinkedIn⁠ for more.

Driving sustainable and impactful growth in Africa's private capital landscape

During AVCA Week in Johannesburg, celebrating the 20th Annual AVCA Conference, we sat down with Philipp Hein, CFA, Head of Private Equity Africa and Global Climate Investments at DEG, to discuss the merits of the private capital landscape in Africa; DEG winning the ‘Enabler’ award in the LP category at AVCA’s Anniversary Awards, and his outlook for the sector over the next 12 months.

Subscribe to AVCA Corner on LinkedIn for more.

In this interview AVCA and ⁠Edmund Higenbottam⁠, Managing Director, ⁠Verdant Capital⁠ explore the critical role of mezzanine and private credit as an emerging asset class, their strategic function in bridging funding gaps, and the ongoing discussion surrounding the uptake of their adoption.

Join us as Angela Mwenda, Associate Director, IBIS, uncovers the crucial role ESG plays in supporting LPs and GPs, providing a comprehensive guide to harnessing opportunities while ensuring sustainable and responsible investment practices in the diverse and evolving African landscape.

In this episode we are joined by Samantha Pokroy, Founder and Chief Executive Officer, Sanari Capital as we delve into the dynamic world of private equity in Africa, focusing on its transformative impact on family-owned businesses across the continent. Join us as we explore Sanari’s unique expertise in strategies for scaling family enterprises, and the pivotal role they play in Africa’s journey to sustainable economic growth.

Sanari Capital: https://www.sanari.co.za/

In this discussion we will explore the case for forestry as an asset class, venturing across the African continent to examine its wider impact.

Join us for a crucial conversation about the transformative potential of forestry management across Africa, alongside Charles Groom, Investment Director: Manufacturing, Agribusiness and Forestry, British International Investment, and Paul Ohaga, Director of Investments and Eva Warigia, Associate Director, Investor Relations, New Forests.

British International Investment: https://www.bii.co.uk/en/

New Forests: https://newforests.com/

In this podcast, Ijeoma Emezie-Ezigbo, Partner & Head of Transaction Services at KPMG West Africa sits with Abiola Ojo-Osagie, Senior Partner, AfricInvest, who coversAnglophone West Africa, to discuss behind-the-scene experiences and insights from a recently concluded investment in a neighborhood one-stop fast-growing retail supermarket chain in Nigeria; as part of the KPMG Deal Advisory Podcast Series.

Following the 500 Global Rise Report, AVCA speaks with Mareme Dieng, Africa Lead, 500 Global, to explore the transformative global technology landscape and ‘Rise Economies’ expected to outperform China and U.S.
Join us to delve into platform shifts, economic positioning, and sectoral advancements.

In this podcast we speak with Darena Ventures to discuss their strategy as an ‘impact-focused’ fund rather than impact fund, and the importance of investing in undeserved founders, including women and entrepreneurs from underserved regions diving into the 'Who?', 'Why?' and 'How?', and the consequences of inaction.

In this episode, we speak with Nick Allen, Managing Partner, Savant, a trailblazing venture capital firm, and explore their recent investments in cutting-edge sectors. We'll gain insights into the company's evolution over its impressive 20-year tenure and uncover Savant's Green Economy-Focused Fund, addressing the need for sustainable innovation in today's rapidly changing world.

In celebration of World Freedom Day, join AVCA and Aly El Shalakany, Managing Partner, Acasia Ventures as we explore the critical intersection of finance, ethics, and freedom, shedding light on how private investment can address pressing global issues, including poverty, inequality, and environmental sustainability, which are all key issues in the today’s climate. We delve into the principles of impact investing, responsible capitalism, and the pursuit of shared prosperity.

AVCA speaks with Wanjohi Ndagu, Pearl Capital Partners, about the challenges, strategies, and transformative potential of narrowing the funding gap in agriculture sector in Africa. This episode promises to provide valuable insights into crucial issues into the economic and social impact of private investment in African agriculture.

We are here With ‘Tokunboh Ishmael Managing Director Alitheia Capital and Els Boerhof, Managing Partner of Goodwell Investments, to talk about The Power Of Partnership In Reaching First Close, after joint fund UMUNTHU II announced first close with EUR 57 million for inclusive businesses in Africa.

This discussion explores how private capital investors in Africa are navigating this storm to unlock opportunities on the continent and maintain a competitive portfolio amidst a threatening global recession
Speakers:
Runa Alam,Co-Founding Partner & Chief Executive Officer, Development Partners International
Clarisa De Franco
Okey Enelamah, Chairman & Co-Founder, African Capital Alliance (ACA)
Peter Maila, Co-Chief Investment Officer, FMO
Skander Oueslati,Deputy MD and Partner & Chief Investment Officer, AfricInvest

“we're proud to say we are investing in companies that are providing essential goods and services to more than 900 million people in Africa.”Read the full article: https://medium.com/@avca-africa/breaking-barriers-women-shaping-the-future-of-private-capital-in-africa-bc7f72fd3a44

Leveling the playing fieldPrivate Capital investment is on the rise in Africa, with investors from around the world recognising the continent’s potential for growth and development. However, despite the many opportunities for investment, there remains a significant underrepresentation of women in the industry, with just a handful of female investors and executives at the top of the pyramid.

For International Women's Day 2023, we speak with an industry professional reshaping the future of private capital in Africa, breaking barriers, challenging the status quo, and paving the way for a more inclusive and diverse industry.

Meet Ann Wyman, Senior Partner, AfricInvest

Ann is an internationally recognized economic and geopolitical researcher and manager with two decades of experience in financial services and consulting
Ann has worked as an economist and head of Emerging Markets Research at both Citi and Nomura and contributes analysis to Oxford Analytica.
AfricInvest raised US$2bn across 21 funds and benefits from strong, long-term support from both local and international investors, including leading DFIs in the US and Europe.

AVCA meets with Albert Alsina, Mediterrania Capital Partners to challenge the myth of Africa as a weak exit environment, discuss exit strategy in Africa and to deep dive on achieving their exit accomplishments.

Learn more about Mediterrania Capital Partners: https://www.mcapitalp.com/

What will climate change mean for agriculture in Africa? In this podcast with Yosuke Kotsuji, Acting Head of Africa Agribusiness at IFC, we will discuss IFC’s investment in Nigeria’s Jubaili Agrotec for food security, and the use of innovation to combat climate change.

In this episode, we speak with Alexander Tounkara, Founder & Managing Partner at AGI, for our inaugural Achieving SDGs Through African Private Capital Series, which will focus on SDG 7 and ensuring access to affordable, reliable, sustainable and modern energy for all.

AGI is an impact fund manager and advisory firm dedicated to West African economic development, with a team with international, sectoral and local expertise, networks and a proven track record of successful investing with a strong risk mitigation discipline.

While the industry has witnessed significant success stories across fundraising and deal-making, challenges such as foreign exchange volatility, complex regulatory environments, limited exit options, and the increasing trend of consolidation continue to prevent the continent’s investment potential from being realised fully. This panel chronicles some of the recent changes the industry has encountered and overcome, as well as fund manager strategies to maintain investor interest, mobilise resources, and create value in their investment portfolio.

Speakers:

Clarisa De Franco, Managing Director and Head of Private Equity Funds • British International Investment

'Tokunboh Ishmael, Co-Founder and Managing Director • Alitheia Capital

Ziad Oueslati, Co-Founding Partner and Managing Director • AfricInvest

Luc Rigouzzo, Co-Founder and Managing Partner • Amethis

Nicholas Vickery, Global Head Private Equity Funds • IFC

Christopher Baird, Partner • DLA Piper

Published 28 July 2022

The nature of African farming and food production has witnessed seismic shifts in the last several years. This panel unpacks the growth drivers of the industry’s maturation, zooming in on the enormous commercial opportunities Agribusiness has to offer private investors in Africa, which is home to 60% of the world’s uncultivated arable land. This podcast discussion also adopts a granular view of the challenges associated with establishing an effective and efficient food production industry on the continent, including the changing demography of African farmers, weak supply chains, and climate change.

Speakers:

Nadia Coulibaly Kouassi, Head of Research • AVCA

Vanessa Adams, Vice President, Strategic Partnerships & Chief of Party • AGRA

Stuart Bradley, Managing Partner • Phatisa

Euler Bropleh, Founder and Managing Director • VestedWorld

Fireside Chat: In conversation with Ham Serunjogi

In this podcast we dive into a discussion with Ham Serunjogi, Co-Founder & Chief Executive Officer, Chipper Cash, on his entrepreneurial journey to becoming 1 of the 7 unicorns in Africa, raising capital as a startup and fundamentals for growth in Fintech.

In this podcast, we discuss Angolan capital markets with Rui Oliveira, CEO, BFA Asset Management, including the current state of private investment in the country, challenges BFA and the industry have faced, and the tremendous growth of GDP per capita predicted in the next 2 years.

In this episode of the PE Talks Africa podcast, we catch up with Alexis Caude, Managing Partner at Adenia Partners, to discuss the exits landscape in African private equity.

From the impact of the coronavirus pandemic on exiting investments and limited IPO opportunities in Africa to the sale of Mauvilac, the Mauritian paint company, to AkzoNobel, Alexis Caude talks about Adenia’s majority ownership strategy for investing in Africa, and why a strong management team makes all the difference in a company.

In this episode, we talk to three economists from the African Development Bank (AfDB) – Dr Fadel Jaoui, Dr Omolola Amoussou, and Dr Francis Kemeze. Fadel, Lola and Francis conducted an empirical analysis of the venture capital drivers using a dataset of African economies over the 2014 – 2019 period. Their research finds that in Africa, digital infrastructure plays a significant role in shaping a favourable environment for VC in Africa to thrive, in addition to enabling regulatory frameworks, institutional factors, market size, and corporate governance.

From the potential to engineer ‘clusters’ for innovation and knowledge exchange in Africa, to bringing informal economy stakeholders into the VC conversation, our guests address the factors, trends and issues that continue to influence the flow of early-stage funding across Africa.

Find out more about the Macro-economics Policy, Forecasting and Research (ECMR) Department at AfDB: https://www.afdb.org/en/knowledge/macro-economics-policy-forecasting-and-research

In the run-up to COP26, we discussed Àrgentil’s sustainable and impact investments across clean energy and the broader productive economy via SMEs with Gbenga Hassan, Managing Partner. He also provided insight into Àrgentil’s strategy of investing in early-stage energy opportunities, approach to value creation with its investee companies and contribution to the UN SDGs.

Àrgentil is a member of AVCA and is currently expanding its investment focus via the US$95mn Àrgentil SME Investment Fund (ASIF) to cover key West African countries.

A conversation with Matthew McCollum and Lisa Pinsley at Actis, as part of AVCA's content series in the run-up to COP26 in Glasgow.

The acceleration of the transition from coal to clean energy is on the agenda at the 26th UN Climate Change Conference of the Parties (COP26). In this episode of PE Talks Africa, we catch up with Actis' Lisa Pinsley, Director: Head of Africa, Energy Infrastructure and Matthew McCollum, Director: Private Equity.

Lisa Pinsley and Matthew McCollum discuss how their respective teams work together to create a more sustainable power source to address the increasing demand for connectivity in Africa; driving value through their investments; and what they enjoy about investing in Africa.

Actis is a leading global investment firm focused on sustainable infrastructure and is a member of AVCA.

Visit the AVCA website: www.avca-africa.org

As part of AVCA's special series, Achieving the SDGs through African Private Equity (PE) and Venture Capital (VC), Paulette Mbeya, Research Analyst at AVCA, speaks with Ross Strike, Investment Manager - Venture Capital at CDC Group, about how CDC tackles socio-economic challenges through private sector development and investment, and with a focus on Goal 1 – No Poverty – how the DFI supports fund managers and portfolio companies in addressing poverty on the continent.

The Covid-19 pandemic left more than 30 million people across Africa in extreme poverty, and the African Development Bank predicts that this number will rise to 39 million by the end of 2021. When the pandemic hit, CDC Group adopted a three-pillared approach – preserve, strengthen and rebuild – to help partners safeguard impact and weather the crisis by responding to economic and health challenges and to provide support beyond the pandemic, from recovery to prosperity, through counter-cyclical funding and by being one of the first investors to re-enter the market.

Find out more about CDC Group's approach to impact
Sign up to receive AVCA's bi-monthly newsletter on trends in the African private capital ecosystem

LeapFrog Investment's Biju Mohandas explores consolidation in Africa's health ecosystem, universal health coverage, and the global lifestyle shift towards wellness as a significant part of our lives.

AVCA Spotlight on L&Z Integrated Farms with M.D. Abubakar

For L&Z Integrated Farms, a family-owned dairy business based in Kano State, Nigeria, the future is positive and full of opportunity.

In this episode of PE Talks Africa with Managing Director and Chief Executive Officer, M. D. Abubakar, we discuss the impact of private equity investment from Sahel Capital on the business' growth over the past five years; shifting consumer tastes and opportunities to introduce new dairy products into the market; and key initiatives by the business to address some of the UN Sustainable Development Goals (SDG), including Reduced Inequalities (SDG 10).

We asked M. D. Abubakar what he enjoys most about doing business in Nigeria, and he said it is the creativity and innovation of young people. "It makes my day when I see the happiness in the face of the youth when they are able to partake in commercial activity as a result of entrepreneurship."

Find out more about AVCA: https://www.avca-africa.org/
Find out more about Sahel Capital: https://sahelcp.com/

Albert Alsina is the Founder, Chief Executive Officer and Managing Partner at Mediterrania Capital Partners. In 2020, Albert published Value Creation in Private Equity, a guide for investors, fund managers and business leaders seeking to create value and improve performance.

In this episode, we talk to Albert about the eight-step model of value creation, how fund managers have supported portfolio companies during the pandemic, and the trends driving investment across Africa, including sustainability.

Albert sits on AVCA's Sustainability Committee and is an Associate Professor at the EADA Business School in Barcelona.

Find out more about AVCA: https://www.avca-africa.org/

Follow AVCA on LinkedIn: https://www.linkedin.com/company/african-venture-capital-association/

AVCA 2020 Focus Series - Exits: Divesting During an Economic Downturn

Speakers:

Stephane Bacquaert, Managing Director, Adenia Partners
Natalie Kolbe, Partner, Private Equity, Actis
Romain Py, Chief investment officer: Pan-Africa, African Infrastructure Investment Managers
Nina Triantis, Head of Financial Sponsor Coverage, Standard Bank

Moderator:

Nicholas Hughes, Partner, Clifford Chance

AVCA 2020 Focus Series - Portfolio Management: Value Creation During Uncertain Times

Speakers:

· Arjuna Costa, Managing Partner, Flourish VC

· 'Tokunboh Ishmael, Co-Founder and Managing Director, Alitheia Capital

· Genevieve Sangudi, Strategic Africa Advisor, The Carlyle Group, and Partner, Alterra Capital Partners

· Marc Stoneham, Portfolio Manager, Development Partners International

Moderator:

· Rasheeda Seshie, Partner and Chief People Officer, Africa Foresight Group

AVCA 2020 Focus Series - Deal-making: Finding Opportunities Amid An Economic Crisis

Speakers:

Paul Boynton, Chief Executive Officer at Old Mutual Alternative Investments;
Paul Kokoricha, Partner at African Capital Alliance;
Skander Oueslati, Senior Partner, CIO & Co-Head of SSA at AfricInvest,
Luc Rigouzzo, Managing Partner at Amethis;

Moderator:

Heleen Goussard, Head: Alternative Investment Services at RisCura

AVCA 2020 Focus Series - Fundraising: Looking At Alternative Sources Of Capital In Africa's Investment Industry

Speakers

· Catherine Swanepoel, Chief Investment Officer at South Suez Capital;

· Chuck Burbridge, Executive Director at Chicago Teachers' Pension Fund;

· Christian Dunbar, City Treasurer at City of Philadelphia;

· Dabney Tonelli, Partner: Investor Relations at Helios Investment Partners; and

· Herman Marais, Co-Founder & Managing Partner at EXEO Capital

Moderators:

· Alexandre Alfonsi, Partner at Axonia Partners; and

· Marc Lasserre, Managing Partner at S.O Capital Advice

AVCA 2020 Focus Series - Venture Capital in Africa: What has Changed with COVID-19

Speakers:

Wale Ayeni, Head of Africa Venture Capital Investing at IFC;
Khaled Ben Jilani, Senior Partner at AfricInvest;
Maurizio Caio, Founder & Managing Partner at TLcom Capital;
Nnena Nkongho, Principal at DiGAME;
Lisa Thomas, Founder & Managing Director at Samata Capital;

Moderator:

Christophe Viarnaud, Chief Executive Officer at AfricArena

AVCA 2020 Focus Series - Africa's Private Investment Landscape: Macro & Micro Perspectives

Speakers:

Daniel Adeoye, Resource Lead at PEVCA
Françoise De Donder, Managing Director at AMIC
Esther Ndeti, Executive Director at EAVCA
Basel Roshdy, Secretary-General at EPEA
Tanya van Lill, Chief Executive Officer at SAVCA

Moderator:

Mark Griffiths, Director at Norton Rose Fulbright

Uniting Against the Impacts of COVID-19 - Fund Manager Perspectives

Speakers:

Albert Alsina, Founder & CEO, Mediterrania Capital Partners
Yomi Jemibewon, Managing Partner, CardinalStone Capital Advisors
Adesuwa Okunbo Rhodes, Founding Partner & Managing Director, Aruwa Capital Management
Karima Ola, Partner, LeapFrog Investments
John Seymour, Head, Private Equity and Mezzanine Finance, Sanlam Investments

Moderator:

Geetha Tharmaratnam, CEO & Founding Partner, Aequalitas Capital Partners

Uniting Against the Impacts of COVID-19 - Legal Considerations

Speakers:

· Geoffrey Burgess, Partner, Debevoise & Plimpton;

· Pierre-Yves Denez, Senior Legal Counsel, Bpifrance;

· Folake Elias-Adeowale, Partner, Udo Udoma & Belo-Osagie;

· Mark Kenderdine-Davies, Chief Legal Officer, CDC Group;

· Roddy McKean, Director, Anjarwalla & Khanna;

· Rafik Mzah, Chief Legal Officer, AfricInvest;

· Folasade Olusanya, Partner & Head, Corporate Commercial, Jackson, Etti and Edu;

· Cindy Valentine, Partner, Simmons & Simmons;

Uniting Against the Impacts of COVID-19 - Investor Perspectives

Speakers:

· Carola Bose, Director & Head of Africa Funds, Equity & Mezzanine, DEG

· Shruti Chandrasekhar, Head of SME Ventures, IFC

· Papa Demba Diallo, Director-General, FONSIS

· Alison Klein, Manager, Private Equity, FMO

· Paulo Martelli, Director of Investments, FinDev Canada

· Line Picard, Chief Private Equity Officer, AfDB

· Stephen Priestley, Managing Director, Funds & Capital Partnerships, CDC Group

Moderator:

· Enitan Obasanjo-Adeleye, Head of Research and Training, AVCA

Venture capitalists seeding tomorrow’s titans

Speakers:

· Grant Brooke, Executive Director, Twiga Foods

· Maurizio Caio, Founder and Managing Partner, TLcom

· Kenfield Griffith, Chief Executive Officer, mSurvey

· Robert Zegers, Chief Investment Officer, African Development Bank

Moderator:

· Baba Alokolaro, Managing Partner, TNP

Examining the role of philanthropy, public and private capital to catalyse greater investment

Speakers:

· Ladé Araba, Managing Director for Africa, Convergence Finance

· Anne-Marie Chidzero, Chief Investment Officer, FSD Africa

· Dan Kranzler, Senior Partner, Capria

Moderator:

· Enitan Obasanjo-Adeleye, Director, Head of Research and Training, AVCA

Going Against the Grain

A conversation with commercial investors committed to Africa’s future

Speakers:

· Todd Micklewaite, Head of Distribution, Alternatives, Sanlam

· David Moore, Head of Alternatives, Alexander Forbes

· Charles Mwebeiha, Managing Director, Sango Capital

· Anthony Hagan, Managing Director, Colonial Consulting

Moderator:

Alexandre Alfonsi, Founding Partner, Axonia Partners

Mobilising Local Capital

Addressing the opportunities and challenges for African institutional investors.

Speakers:

· Henry Kyanda, Chief Executive Officer & Trust Secretary, Kenya Power Pension Fund

· Hassane Muhieddine, Chief Executive Officer of the Financial Services Cluster, Axian Group

· Richard Tusabe, Director General, Rwanda Social Security Board

Moderator:

· Hany Assaad, Co-Founder, Chief Portfolio & Risk Officer and Chief Compliance Officer, Avanz Capital

Spotlight on Africa’s Pioneer Investors

Conversations with the trailblazers of the industry on their evolving role.

Speakers:

- Carola Bose, Director & Head of Africa Funds, Equity & Mezzanine Team, DEG/KfW

Worku Gachou, Managing Director, Africa, Overseas Private Investment Corporation
Adrian Kamenitzer, Director; Equity, New Products and Special Transactions Department, European Investment Bank
Carole Maman, Chief Investment Officer, Belgian Investment Company for Developing Countries
Stephen Priestley,Managing Director, Funds and Capital Partnerships, CDC Group

Moderator:

Genevieve Sangudi, Managing Director, The Carlyle Group

Investor Spotlight: Alpha or Diversification - Either or Both?

Are African PE managers delivering out performance or offering diversification?

Speakers:

Charles A. Burbridge, Executive Director, Chicago Teachers’ Pension Fund
David Ourlicht, Commissioner, New York State Insurance Fund and Chair, Investment Committee

Moderator:

Papa Madiaw Ndiaye, Chief Executive Officer and Founding Partner, AFIG Funds

Spotlight on Gender Inclusiveness: The Diversity Dividend

Mobilising greater gender diversity in African private equity

Introductory remarks by Ameya Upadhyay, Principal, Investments,Flourish Ventures

Rose Goslinga, CEO and Co Founder, PULA

‘Tokunboh Ishmael, Chair, AVCA Board; co-Founder and Managing Director, Alitheia Identity

Making the case for investing in private equity in Africa despite the perception of risk and uncertainty.

Speakers:

Antoine Delaporte, Managing Director at Adenia Partners
Laurent Demey, Co-Founder & Managing Partner at Amethis
Matthew Hunt, Principal at South Suez Capital
Eric Idiahi, Co-Founder and Partner at Verod Capital Management
Angela Miller-May, Chief Investment Officer at Chicago Teachers’ Pension Fund

Moderator:

Jennifer Mbaluto, Partner at Clifford Chance

A Good Company Always Attracts a Buyer

Examining pathways to liquidity via trade sales, secondaries and IPOs.

Speakers:

Hurley Doddy, Managing Director, Founding Partners & co-Chief Executive Officer, Emerging Capital Partners
Ayisi Makatiani, Chief Executive Officer, Fanisi Capital
Karima Ola, Partner, Leapfrog
Carlos Reyes, Principal, IFC African, Latin American & Caribbean Fund

Moderator:

Geoffrey P. Burgess, Partner, Debevoise & Plimpton

Private Credit – An Alternative Financing Solution?

Meeting the unique funding needs through private credit.

Speakers:

Marvin Kiragu, Co-Founder and Managing Partner, Mizizi Capital Partners
Samia Tnani, Head of Credit Origination, AfricInvest
Ngalaah Chuphi, Partner, Ethos Private Equity

Moderator:

William Pearce, Managing Director, Investment Funds, Overseas Private Investment Corporation