• AUM: Assets Under Management
  • AVCA: African Venture Capital Association
  • BRIC: Brazil, Russia, India, China
  • BRVM: Bourse Régionale des Valeurs Mobilières SA. The regional stock exchange serving Benin, Burkina Faso, Guinea Bissau, Ivory Coast, Mali, Niger, Senegal and Togo
  • CDC: CDC Group, Plc
  • COFIDES: Compañía Española de Financiación del Desarrollo
  • DRC: Democratic Republic of the Congo
  • EBITDA: A proxy for operating income [Earnings before interest, tax, depreciation and amortisation]
  • EIB: European Investment Bank
  • EV: Enterprise value, A measure of a company’s value [Market cap plus debt, minority interest and preference shares]
  • EV/EBITDA: Earning multiple calculated as Enterprise Value divided by EBITDA Foreign direct investment
    Free-float-adjusted: Market capitalisation of a company, adjusted to reflect the number of shares readily available in the market
  • GDP: Gross domestic product
  • GFC: Global financial crisis
  • IESE VC&PE: Refers to the IESE Business School Venture Capital and Private Equity
  • IFC: International Finance Corporation
  • IMF: International Monetary Fund
  • M&A: Mergers and Acquisitions
  • Market capitalisation: Total dollar market value of all of a company’s outstanding shares
  • MIT: Mexico, Indonesia and Turkey
  • MINT: Mexico, Indonesia, Nigeria, Turkey
  • MSCI: A US-based provider of equity, fixed income and hedge fund stock market indexes, and equity portfolio analysis tools
  • Nominal basis: GDP at current prices
  • PE: Private Equity
  • P/E: Price to Earnings multiple
    Rebasing of Nigeria GDP: The Nigerian GDP was recently rebased to a base year of 2010. This means that the National Bureau of Statistics recalculated GDP
    using a base year of 2010 (previously 1990), taking into account the production structure and prices in that year
    Sample period: RisCura private equity deal database covering transactions from 2003 to 2013
  • PPP basis: Purchasing power parity basis, taking into account the relative costs of a basket of goods in each country, reported in current international dollars
  • SAVCA: Southern African Venture Capital Association
  • SWIX: Shareholder weighted index
    Turnover ratio: A measure of stock liquidity calculated by dividing the total number of shares traded over a period by the average number of shares out
    standing for the period
  • UNCTAD: United Nations Conference on Trade and Development
  • WFE: World Federation of Exchanges