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Confidence Survey
More capital being deployed
– what about returns?
Deloitte in Africa
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Mada
Botswana
Reunion
This forward looking survey provides growth in South Africa, its engine room,
valuable insight into how fellow private offset somewhat by growth in Namibia and
equity (PE) practitioners view the Mozambique.
landscape at present as well as their future
expectations. Unsurprisingly, respondents believe the
fundraising environment will improve on
African Private Equity (PE) markets have the back of more success stories out of
grown exponentially in recent years and, sub-Saharan Africa (SSA), supported by an
going by the results of the 2016 Africa increase in awareness of PE as an asset
Private Equity Confidence Survey, this class with several large pension funds
trend will continue, albeit at a slower opening up to its possibilities for the first
pace. An overwhelming majority of time.
respondents across all three regions
surveyed – Southern, East and West Africa It is no surprise then that increased
– expect PE activity to increase in the next competition for quality deals is expected
12 months. Outside of South Africa, the to drive up asset prices over the medium
region’s generally shallow capital markets term. New opportunities in rapidly
and nascent stock exchanges mean PE expanding markets like Côte d’Ivoire,
remains a “natural” asset class for investors Ethiopia and Tanzania will bolster
interested in Africa’s frontier and emerging traditionally favoured PE destinations like
markets. This is providing support for the Kenya, Nigeria and South Africa.
industry and, as one of the world’s largest
PE firms recently declared, “We’re not even But the environment is not without
in Chapter One of Private Equity in Africa. challenges. PE firms continue to struggle
It’s more like the Prelude. We hope all the with a lack of quality deal flow, human
major firms will be there in five to 10 years.” capital challenges and, often, a lack of
sophistication in potential acquisitions and
However, opportunities are not evenly portfolio companies.
spread. There is optimism about East
Africa’s favourable economic climate but On balance, the picture is positive but
pessimism about West African prospects the perennial question remains: will the
on the back of fiscal deficits, low oil prices increased levels of confidence and capital
and rising security tensions. Southern being deployed be rewarded with the
Africa’s economic climate is expected to required returns?
remain relatively unchanged with lethargic
Tunisia
Morocco
Algeria
Libya
a
Egypt
r
ha
Sa
rn
te
es
W
Cape Verde
Islands
Mauritania Mali
Niger
Sudan
Senegal Chad Eritrea
The Gambia
Burkina Djibouti
Guinea-Bissau Faso
Guinea
Benin
Nigeria Somalia
Ethiopia
Togo
Côte Central South
Sierra Leone d'Ivoire African Sudan
Ghana
Republic
Liberia Cameroon
le
avil
Equatorial Guinea Democratic
Uganda Kenya
azz
Republic of the
Gabon
Br
Congo
go-
Rwanda
Con
Burundi
Seychelles
Cabinda
Tanzania
Comores
Malawi
Angola
Zambia
e
iqu
mb
za
Mo
ascar
Zimbabwe Mauritius
Namibia
Madag
We are pleased to present the Deloitte Botswana
Reunion
Market Outlook 8
Economic Climate 12
Deal Activity 18
Fundraising 32
Exit Environment 36
Challenges 40
Interviews & Insights 43
Economic headwinds are often pragmatic reform paths that will emulate
compounded by governments unwilling to what Asian economies did three decades
carry out overdue structural reforms. Yet ago. The route to inclusive growth is one
we are beginning to see many countries of diversification which benefits entire
turn the corner, led mainly by public sector populations.
reforms. Post-election Tanzania was the
real surprise in 2015. It’s early days for the Commodity-driven economies can no
new administration but, moves to fight longer rely on cycles for their growth
corruption and government lethargy are spurts. In a post China-driven commodity
very promising indeed. Kenya too can turn super-cycle world, sustainable and
a corner if its leadership shows a greater consistent growth can only come from
commitment to fighting corruption and economies that are driven by ideas rather
continues providing an enabling business than resources. This will, increasingly, be
environment. Oil-propelled economies the differentiator between economies that
in western Africa arguably face the succeed this year and those that don’t.
greatest reform difficulties. Economies
such as Nigeria and Angola remain overly
dependent on a single commodity (oil) and
are now suffering severe corrections which
are crimping their growth outlooks. Rapidly
decelerating growth in these economies
make it abundantly clear that Africa
cannot continue to rely on commodities
for growth and (often insufficient) trickle
down development. A change to this tired
model is overdue. New contributors to
growth that will be more inclusive in nature
are required, with manufacturing and
services the best options for driving this
diversification.
100 5% 7%
17%
21%
20% 33%
80 44% 38%
60
79% 83%
40 75% 67%
55%
56%
20
0
2015 2016 2015 2016 2015 2016 Increase
East Africa West Africa Southern Africa Remain the same
Decrease
Overall Private Equity Activity locally-raised funds from the past year
which should lead to an increase in deal
The majority of respondents across all activity.
three regions expect PE activity in Africa
to increase over the next 12 months. This
Historically, PE funds have opted to invest
is similar to the 2015 Africa Private Equity
in asset-backed industries in East Africa
Confidence Survey. However, for the first
including manufacturing, healthcare
time, 5% of respondents in East Africa
and retail, and this trend is expected to
and 7% of respondents in Southern Africa
continue with increased opportunities in
expect PE market activity to decrease.
the financial services industry. There has
Overall confidence regarding general PE
also been increased PE investment in the
market activity over the next 12 months
consumer business space, especially in
seems marginally lower.
the Fast Moving Consumer Goods (FMCG)
sector, driven by the growing population
Despite 5% of respondents in East Africa
and the rising middle class.
indicating that they expect PE activity to
decrease, the market outlook remains
similar to that in the 2015 PE Survey. The
region’s fairly stable economies and solid
infrastructure spending by governments
make it a popular destination for PE
investment. This is supported by interest
from international PE funds and new
Over the past twelve months, we have spent the majority of our time on:
100
20%
33%
80
50% 50% 46%
54%
30% New investments
60
19% Helping portfolio companies grow
The IMF lowered Nigeria’s 2016 growth According to the African Economic
forecast to 2.3% from 4.3% due to Outlook, Southern Africa remains SSA’s
ongoing low oil prices, which have weakest growth performer in 2016,
remained below 50% of 2014 levels. This with regional growth reaching 3.5%.
is severely impacting on government Drought and low oil and metal prices
revenues and fiscus. Other oil-producing negatively impact on growth in the
economies in the region share Nigeria’s majority of economies in the region.
experience of subdued growth due to Very weak growth in South Africa,
the low oil price. Gabon’s economy is the region’s largest economy, further
expected to continue to slow down to contributes to the subdued outlook of
3.2% growth in 2016, down from 4.0% Southern Africa. The IMF has predicted
in 2015. The economy of Equatorial that South Africa’s GDP growth rate
Guinea, SSA’s third largest oil producer, will be the second slowest in Southern
is expected to contract by 7.4% in 2016, Africa in 2016. Policy uncertainty,
a slight improvement from the -12.2% drought, low commodity prices and the
recorded for 2015 by the IMF. risk of a credit downgrade contribute
to South Africa’s poor performance.
In contrast to the oil-dependent Economic growth in Angola and
economies, Côte d’Ivoire and Senegal Zambia, Africa’s second largest oil and
are expected to be among the strongest copper producers, continue to slide as
growth performers on the continent commodity prices remain low. The IMF
in 2016. The IMF expects Côte d’Ivoire expects Angola’s GDP growth to slow to
and Senegal to grow at 8.5% and 6.6% 2.5% in 2016, down from 3% in 2015;
respectively in 2016. This is the fastest while Zambia’s GDP growth is forecast
and third fastest economic expansion to slow from 3.6% to 3.4%.
for the year in West africa. Restored
stability and increased infrastructure According to the IMF, Mozambique will
investments in Côte d’Ivoire underpin remain the best performer in the region.
the country’s strong performance. Growth is forecast to remain above
SSA’s average at 6% in 2016, only slightly
lower than the 6.3% growth recorded
for 2015.
East Africa
Over the next 12 months, we expect the overall economic climate to:
40
0
2015 2016 2015 2016 2015 2016 2015 2016 2015 2016
Ethopia Kenya Rwanda Tanzania Uganda
West Africa
Over the next 12 months, we expect the overall economic climate to:
100
25% 20%
33%
80 44%
56% 50%
60%
67%
60 89%
42% 40% 89%
40 25%
67%
56%
44%
33% 40%
20 33% 40%
25%
11% 11%
0
2015 2016 2015 2016 2015 2016 2015 2016 2015 2016
Nigeria Ghana Cote d'Ivoire Mali Senegal
Southern Africa
Over the next 12 months, we expect the overall economic climate to:
100 5% 5%
23%
28% 31%
33% 34% 33%
80
43%
62%
60 67%
72%
60% 48%
69% 44%
40 55%
45%
67%
21%
20
23% 28% 21%
17% 22% 17% 12%
3% 12%
0
2015 2016 2015 2016 2015 2016 2015 2016 2015 2016
Botswana Lesotho Namibia South Africa Swaziland
Over the next 12 months, we expect to: Invest more Invest & Exit equality Exit more
100 90%
83%
78%
80 71%
60%
60 50%
40
29% 30% 29%
17% 20%
20 11%
10% 11% 11%
0
2015 East Africa 2016 2015 West Africa 2016 2015 Southern 2016
Africa
Investment Readiness increased expectation to invest more over the the region. Vibrancy in
Across all three regions, the majority of
next year. Rather than a sign of confidence in
the economy, this could be a symptom of the the region especially
respondents expect to invest more over the
next 12 months even though some exits are
investment cycle as new funds have been raised expansion of agribusiness
and the capital now has to be deployed. Some
expected. PE firm investments are still expected to mature companies and financial
More East African respondents – 90% in
within the next 12 months which accounts
for the level of exits expected. Increased services
2016 compared to 71% in 2015 – said they investments beg the question: Will funds be
expected to invest more due to the continued able to achieve the desired returns if they invest
improvement in the economic climate and in Southern Africa or do they need to invest The market for exits is
increased investment opportunities. The
majority of PE firms indicated that they have
outside the region?
going to be tough, but our
raised new funds and are planning to deploy
these over the next year. The lack of projected
Deal activity in Namibia is expected to increase top companies will get
due to new regulations which prescribe that
exits from deals is a result of most PE firms insurance companies and pension funds done. We have already
being in a deploy stage of their investment
cycle, resulting in most funds consolidating
must invest in unlisted investments with
the implementation driven by the regulator.
had significant realisations
current investments rather than looking at exit
options.
However, currently the funds available in our first fund and are
for investment outweigh the investment
opportunities available in Namibia. looking to deploy the
Conversely, the percentage of respondents
expecting to invest more in West Africa within balance of our current dry
the next 12 months has fallen from 83% to Increase in Africa focused powder while also raising
78%. In addition, 11% of respondents now
expect to exit more investments. This is not funds needed to be new commitments for
surprising given the current challenges in deployed. More allocation investment.
Nigeria, West Africa’s largest economy.
Southern African respondents show an of funds to invest in
100
9%
17%
28% 21% 27%
80 33%
60 58% 46%
38%
43% 47%
40
Less than 2 years
67% 2 to 4 years
0
2015 2016 2015 2016 2015 2016
East Africa West Africa Southern
Africa
Over the next 12 months, we expect competition for new investment opportunities in the region to:
100
2%
16%
21% 23%
24% 25%
31%
80
24%
60
44%
40 79% 67%
76% 75%
60%
20 33%
0
2015 2016 2015 2016 2015 2016
East Africa Western Africa Southern Africa
Competition for assets expect increased competition for new We expect a decrease in
investments in line with the expectation
The majority of respondents in East and that they will be investing more over the FDI due to less attractive
Southern Africa expect competition for
new investment opportunities to increase
next 12 months. Respondents indicate that macro environment
difficult economic conditions in South Africa
while West African respondents expect it to will result in less attractive assets, while and lower levels of M&A
remain the same. increased local and foreign PE funds raised
should lead to increased competition for activity from strategic
A large number of existing and new funds
in East Africa expect to deploy funds over
new investments. The market volatility investors due to
in Southern Africa has also forced PE
the next 12 months. Most respondents funds to invest conservatively in safer weakened balance sheets.
believe competition for new investment assets, further increasing competition and
opportunities will either increase or remain resulting in some funds seeking investment
the same. In addition, a number of global
and Africa funds have shown interest in
opportunities in other African regions. There is an increase in
the region and this could be shaping the the number of PE firms
perception of increased competition.
In West Africa, there is a significant shift in into the rest of the African
the overall competitive outlook. Almost a
quarter of respondents believe competition
continent. International
will decrease, which may be due to the DFI’s also have an
increased perceived risks vs returns. No
one held this view last year. The changes increased appetite
in the macro-economic landscape and
the increase in opportunities requiring
for investment in the
turnaround activities (something a number continent.
of PE firms are not positioned to do) may
require changes to fund mandates.
In Southern Africa, 60% of respondents
Over the next 12 months, we expect entry multiples on transactions in our region to:
100
9% 14%
23%
80 44% 50%
50%
31% 41%
60 67%
40
40% 34%
56%
46%
20 45%
24%
16%
10%
0
2015 2016 2015 2016 2015 2016
East Africa Western Africa Southern Africa
Entry Multiples The expectation that entry multiples will With increased
decrease in West Africa over the next
The expectation of changes in asset 12 months should come as no surprise competition from other
prices over the next 12 months has
changed significantly from 2015 to
in the current economic climate. An funds and lack of deals
overall decrease in competition for new
2016. Macroeconomic factors and the investments is expected in the region the valuations are pushed
level of competition for new investments as attractive assets become scarce and
mean the majority of West African and funds opt to shift their focus internally, higher.
Southern African respondents expect spend time restructuring companies in
entry multiples to decrease over the their portfolio, and invest in other African
next 12 months as depressed economic regions with more attractive opportunities. PE in the region has
growth forecasts weigh heavily on the
investment decisions and risk appetites.
Some PE funds adopting new investment
strategies with increased investment
become competitive, but
East African respondents however feel
that entry multiples will remain the same
horizons may see an opportunity to acquire we forecast stabilisation
depressed assets with potential upside
due to increased competition from new when the economic climate in West Africa as funds are more
funds as well as increasing interest levels in
the region from global and other regional
stabilises.
cautious of overpaying.
players. Southern African respondents expect a
decrease in entry multiples over the next
With increased investment opportunities 12 months. Usually we would expect Emerging market fund
in East Africa and new funds being raised
both locally and internationally, one would
entry multiples to increase as competition
for investments intensified. However, a
outflow will make capital
expect entry multiples for transactions
to increase. East African respondents
conservative investment approach means scarce, hence only few
these are expected to fall as PE funds
indicate that a more conservative approach focus on investing newly raised funds at buyers will remain in the
to investing has been adopted following
pressure on global markets and the
the right price. Furthermore the uncertain
economic and political environment in
market.
expensive cost of debt. Investors are simply South Africa has increased the inherent
not willing to overpay given the current risk of investment, resulting in some funds
global economic environment, as assets searching for investment opportunities
are already considered expensive. PE funds in other African regions or being more
are willing to invest at the right price as conservative in their investment approach.
they are conscious of their expected
returns at exit.
In case the focus will be on new investments, we expect the next 12 months to invest in the following countries:
East Africa
100
91%
88%
81%
80
60
52%
50% 50%
43% 44%
40 38%
20 19%
13%
10%
6% 5%
0 0% 0%
Kenya Uganda Tanzania Ethopia Rwanda South Sudan Burundi Other
2016
2015
In case the focus will be on new investments, we expect the next 12 months to invest in the following countries:
100%
100
90%
80
70% 69%
West Africa
60
50%
40%
40
31% 31%
20 15%
10% 10% 2016
8%
2015
0
Nigeria Ghana Cote d'ivoire Liberia Sierra Leonne Other
100
80%
80 70%
60
Southern Africa
40
32% 25%
32%
21% 21% 21%
20 18% 14%
2016
0 2015
South Africa Botswana All of Namibia Other
Southern
Africa
Country Focus characterised as having more stable infrastructure spending, which largely came
economic and political environments, about after finding the world’s second
The popular investment destinations experienced a slight increase in popularity. largest gas pocket offshore, has certainly
in Southern Africa have not changed Namibia’s 5% projected economic growth caught the eye of PE funds and sees an
significantly. The primary investment for 2016 and stable political environment increase in investor focus.
focus remains South Africa, Botswana resulted in increased popularity which is
and Namibia. South Africa and Botswana, set to continue. Mozambique’s growth in
50%
Agriculture/Agribusiness
36%
50%
Financial Services 57%
Retail 30%
29%
20%
Education 21%
20%
Food & Beverage 57%
10%
Green Energy/Clean Tech 14%
10%
Real Estate & Construction 14%
5%
Travel/Hospitality/Leisure 0%
5%
Power/Oil & Gas/Utilities 14%
0%
Infrastructure 14%
0%
2016
Support Services 29%
2015
0%
Other 7%
44%
Technology, Media &
Telecomunications 25%
33%
Agriculture/Agribusiness 50%
33%
Healthcare & Pharmaceuticals 25%
Retail 22%
33%
22%
Green Energy/Clean Tech
0%
Infrastructure 22%
8%
Education 11%
8%
Travel/Hospitality/Leisure 0%
17%
0%
Support Services 2016
17%
2015
11%
Other
8%
48%
Food and beverage
46%
33%
Manufacturing & Industries 41%
26%
Healthcare & Pharmaceuticals 41%
26%
Retail 28%
Infrastructure 24%
26%
21%
Support services 35%
19%
Financial Services 20%
19%
Green Energy/Clean Tech
11%
17%
Agriculture/Agribusiness
11%
14%
Power/Oil & Construction
11%
12%
Education
30%
2%
Travel/Hospitality/Leisure 22%
2016
5%
Other 2015
4%
Sector Focus: Southern Africa it difficult for new entrants to enter. The
growth in the green energy and clean
Southern Africa’s primary investment focus tech industry is to be expected as power
remains largely on asset-backed industries outages in South Africa have historically
including food & beverage, manufacturing hampered economic growth, encouraging
and healthcare. Interestingly, the focus the private sector to search for alternative
on the education sector decreased sources of energy.
significantly as Curro Holdings Limited, a
JSE listed entity that develops, acquires and
manages schools in South Africa, already
owns a large share of the market, making
100
30%
80 36% 42% 45%
57%
5%
60 73%
14%
11% Early stage
33% SME
40
60% 12%
Greenfield/Project finance
50% 33% Later stage
6%
21%
20
25% 17%
11% 10%
5% 4%
0
2015 2016 2015 2016 2015 2016
East Africa West Africa Southern Africa
100
5% 10% 11% 14%
15% 20%
13%
80 19% 20% 21%
13%
23%
30%
60
25% 38% 29%
15% 23%
< USD 6m
40 20%
USD 6-10m
100
80 37% 28%
10% 69%
60 70%
We expect stagnant equity
markets which essentially
40
means that valuations
62%
63% will not change. Since our
20 ticket size will also remain
31% 30% unchanged we don’t
0 really expect our average
2015 2016 2015 2016
East Africa Western Africa
transaction size to change.
Decrese
43%
20 32%
0
2015 2016
Southern Africa
Transaction sizes
Over the next 12 months, investors expect the fundraising environment for private equity to:
100
21% 33%
47%
80
48% 49%
56%
16%
60
17%
15% 15%
40
29%
63%
50% 33%
20
38% 37%
22%
11%
0
2015 2016 2015 2016 2015 2016
East Africa West Africa Southern Africa
Improve
Remain the same
Decline
Fundraising environment The Namibian Government Institutions There are a lot of funds
Pension Fund has earmarked USD 200
Investors in East Africa expect the million for an unlisted investment portfolio not finding attractive
fundraising environment to improve due
to new funds being raised and increased
which will invest in local private equity investment opportunities
projects. As a result of the big changes in
investment opportunities. Investors in regulation requiring all pension funds and elsewhere so are willing to
West and Southern Africa largely expect insurance companies to invest in unlisted
the fundraising environment to remain the local assets, a number of Special Purpose put an allocation in Africa
same. Vehicles (SPVs) have been set up as PE seeking diversification and
funds with related fund-management
East African funds are now able to raise companies. growth.
investments from pension funds, a source
of funding which was previously unavailable
to them.
2%
100
8% 8% 8% 1%
10% 7%
4% 23%
12% 11% 8%
80 13% 16%
15%
16% 12%
12%
60
12%
21% 44%
40% Private individuals
74%
44% 21%
40 Fund of Funds
Pensions/endowments
Governments/DFIs
42% Banks
20 33%
31%
20% 27% Corporates
Insurance
5%
0
2015 2016 2015 2016 2015 2016
East Africa West Africa Southern Africa
If you intended to raise funds within the next 12 months, which geographical source would you
raise capital from?
100
8% 5% 7%
15%
22%
80 33%
11%
60 11% 63%
90% 60%
92%
40
67% 56%
7%
20
21% 21%
2%
0 5% 4%
2015 2016 2015 2016 2015 2016
East Africa West Africa Southern
Africa
Asia
Europe
Middle East
South Africa
USA
Over the next 12 months I expect access to debt finance for transactions to:
100
80 36%
46%
56%
60 58% 51%
61%
54% 32%
40 9% 2%
32%
32% 33%
33%
20 37%
17%
11%
0
2015 2016 2016 2015 2016 2015
East Africa West Africa Southern
Africa
Increase
Decrease
Debt Finance
During the next 12 months, we expect the exit environment in the region to:
Improve
Remain the same
Decline
100
80
67%
60%
60
50% 50%
20
10% 8% 8%
0 0%
Increase
Remain the same
Decrease
100
80
69% 70%
67%
60
56%
50% 52%
45%
40
31% 34%
25% 26%
22% 22%
20
14%
5% 8%
4%
0 0%
Exit volumes
During the next 12 months, we expect the following exit routes to be most dominant in our region:
100
7% 5% 8% 3% 5%
8% 22% 12% 7%
80 17%
30%
36%
22% 41%
60
85% 75%
40 65%
56%
47% 45%
20
2% 2%
0
2015 2016 2015 2016 2015 2016
East Africa West Africa Southern
Africa
IPO
Sale to strategic investor
Secondary sales to
private equity
Partial exit via refinancing
Exit routes I do not expect any exits
during this period
The most dominant exit routes across
Africa remain sales to strategic investors
followed by secondary sales to PE funds.
Some level of partial exit via refinancing is
also expected in East and Southern Africa.
In the East African region, IPOs remain the
least attractive exit route for PE funds as it
is considered too difficult. However, trade
sales have been very successful with PE
funds earning good returns on exit. Small
PE funds see exits via sales to large funds,
especially those that are looking to build
scalable businesses for sale to strategic
investors.
We expect the average lifecycle from initial investment to exit for investments made in the current year
to be:
100
17%
80
54%
60% 53%
74%
60 75%
83%
40
46% 47%
40%
20 26%
25%
0
2015 2016 2015 2016 2015 2016
East Africa West Africa Southern
Africa
2-5 Years
More than 5 years
Average lifecycle
What do you see as the biggest challenges related to improving corporate governance for your regional
portfolio companies? (pick your top three challenges)
80
74%
68%
63% 63%
61% 61%
60
50% 51% 50% 51%
46%
38% 37% 37% 38%
40
26%
17% 17%
20
11% 10%
5%
0% 2%
0%
0
Distinction Corporate Transparency Trust and Need for Minority rights Lack of Other
between governance in shared vision education (lack of) promotion/
managers itself new concept
and owners
East Africa
West Africa
Southern Africa
32%
30
24%
21% 22%
20 19% 19% 19%
17%
14% 14%15% 14% 14% 14%
11%
10%
10
6% 6% 5%
3% 3%
0% 0% 0%
0
Distinction Corporate Transparency Trust and Need for Minority rights Lack of Other
between governance shared vision education (lack of) promotion/
managers in itself new concept
and owners
Sean McPhee
Private Equity Leader
Email: smcphee@deloitte.co.za
Tel: +27 82 469 8094
Greg Benjamin
Corporate Finance Consumer
& Industrial Products Leader
Email: gbenjamin@deloitte.co.za
Tel: +27 82 568 3590
Dr Martyn Davies
Managing Director, Emerging
Markets & Africa
Email: mdavies@deloitte.co.za
Tel: +27 01 209 8290
West Africa:
Temitope Odukoya
Private Equity Leader
Email: todukoya@deloitte.com.ng
Tel: +234 1904 1748
East Africa:
Gladys Makumi
Private Equity Leader
Email: gmakumi@deloitte.co.ke
Tel: +254 20 4230 331
List of Abbreviations
bn: Billion
BEE: Black Economic Empowerment
CBT: Consumer, Business and Transportation
DFI: Development Finance Institution
EAC: East African Community (regional bloc)
EAVCA East African Venture Capital Association
GDP: Gross Domestic Product
GP: General Partner
IMF: International Monetary Fund
IPO: Initial Public Offering
LP: Limited Partner
m: Million
M&A: Mergers and Acquisitions
MSME: Micro, Small and Medium Enterprises
PE: Private Equity
PECS Private Equity Confidence Survey
TMT: Technology, Media & Telecommunications
SME: Small and Medium Enterprises
SSA: Sub-Saharan Africa
UN: United Nations
USD: United States Dollar
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