Respondent profiles

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RisCura, AVCA and SAVCA surveyed 48 limited partners from across four continents, representing a diverse mix of pension funds, insurance companies, sovereign wealth funds, banks, asset managers, endowments, foundations, family offices, development finance institutions. These institutional investors collectively represent global private equity assets under management of nearly US$150 billion and undrawn commitments of over US$50 billion.

* Other includes endowments, family offices, multi asset managers, insurance companies, sovereign wealth funds and investment consultants.

Research methodology

RisCura, AVCA and SAVCA surveyed 48 limited partners from across four continents. The respondents were selected to represent a cross section of all investors. The sample contains a diverse mix of pension funds, insurance companies, sovereign wealth funds, banks, asset managers, endowments, foundations, family offices, and development finance institutions. The survey incorporates the views of investors who were currently invested in private equity in Africa, as well as those who were not invested. These institutional investors collectively represent global private equity assets under management of nearly US$150 billion and undrawn commitments of over US$50 billion.

The survey was conducted between November 2013 and January 2014. The survey initially asked a number of profiling questions, which provided the basis for future analysis of the information according to specific characteristics. The remainder of the questions then recorded the investor’s view on African private equity. Copies of the survey were e-mailed to the recipients and a subsequent call was set up with all recipients who were available. During this call, further background regarding the survey responses was discussed.

Information was collated and reviewed during January 2014 and any discrepancies and anomalies followed up. Information has been presented split by both LP category and geography. LPs were subsequently categorised into four categories namely pension funds, fund of PE funds, DFIs and other in order to ensure sufficient coverage in each category. Geographically the respondents were split into African and Non-African respondents. Geographically the information was analysed inclusive of all LP types, as well as exclusive of DFIs and fund of funds. This was done as the needs and requirements of these specific investors differ from the rest and may thus obscure the trends being observed.

Survey definitions

Emerging markets (abbreviated to “EM”) encompasses the private equity markets of all countries outside of the United States, Canada, Western Europe, Japan, Australia and New Zealand.

Funds of Private Equity Funds abbreviated to FoFs.

General Partners abbreviated to “GPs”.

Limited Partners abbreviated to “LPs”.

Development Finance Institutions abbreviated to “DFIs”.

Private Equity (abbreviated to “PE”) encompasses leveraged buyouts, growth capital, and venture capital and mezzanine investments.

Environmental, Social and Governance abbreviated to “ESG”.

About RisCura, AVCA and SAVCA

RisCura

RisCura is a global independent investment adviser and financial analytics provider with specialist expertise in Africa. The company services institutional investors with over USD 200 billion in assets under consulting, as well as a significant number of asset management, hedge fund and private equity firms.

The company’s strengths include independent valuation, risk and performance analysis services to investors, and an exceptional skill for understanding investments in emerging and frontier markets.

For more information, visit www.riscura.com, email rord@riscura.com or call +27 (0) 21 673 6999.

AVCA

The African Private Equity and Venture Capital Association’s (AVCA) mission is to promote and catalyse the private equity and venture capital industry in Africa.

AVCA is a member-supported organisation, with members spanning private equity and venture capital firms, institutional investors, foundations and endowments, international development finance institutions, professional service firms and academia. They are all united by a common purpose: to be part of the African growth story.

Together with a network of experts and collaborators across Africa and beyond, AVCA represents the voice of the pan-African industry in discussions with governments, regulators, lawmakers and the media.

For more information, visit www.avca-africa.org, email michelle.essome@avca-africa.org or call +44 (0) 203 632 0408.

SAVCA

The South African Venture Capital and Private Equity Association (SAVCA) is the industry association representing around 90 private equity fund managers in the private equity and venture capital industry in Southern Africa. SAVCA was formed in 1998 and its mission is to play a meaningful role in the private equity and venture capital industry by promoting the interests of the industry, lobbying on behalf of the industry, disseminating information and providing research on the industry in South Africa.

For more information, visit www.savca.co.za, email info@savca.co.za or call +27 (0) 11 268 0041.

Reproduction and disclaimer

Media Queries

For queries in South Africa, please contact Courtney Ellis on +27 (0) 21 673 6999 or cellis@riscura.com. In the UK, please contact Andrew Slater on +44 (0) 20 3219 5880 or aslater@uk.riscura.com.

Reproduction

This report or any part thereof cannot be copied or distributed without written acknowledgement of its source. Please contact Courtney Ellis on +27 (0) 21 673 6999 or cellis@riscura.com for information.

Disclaimer

RisCura, AVCA and SAVCA do not warrant the accuracy of the information contained herein. This report does not present investment advice of any kind. Under no circumstances shall RisCura, AVCA or SAVCA be liable for any damages (whether direct, consequential or incidental) suffered in the course or as a result of using the information and the user shall assume the full risk of relying on it in making an investment decision or in advising anybody in this regard.

For RisCura's complete legal information, click here.

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