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African Scope / Country Focus

Ethiopia

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    Highest growth in Africa

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    Large market with 105 million population, expected to grow to 114 million by 2020

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    Big growth potential, with GDP per capita around 7% only of the world average

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    Least corrupt nation in Africa

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    Peaceful country

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    Prudent government macroeconomic policies

Significant Opportunities in the Private Equity Space

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    Ethiopia “catch-up” story

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    Most private businesses are first-generation family owned, looking for capital and expertise to address a fast-growing and changing market

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    Big potential for import substitution, with full support from the Government

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    Multiple privatisation opportunities expected from 2019 to 2021

Morocco

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    Only 14 km south of Europe. Very competitive export and outsourcing platform with free trade access to 55 countries representing 1 billion consumers and 60% of world GDP

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    Solid and continuously growing domestic consumer market with 35 million young population

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    Politically stable and consensus-based environment

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    Strong and stable macroeconomic performance, thanks to progressive and reform-focused governments. Resilient even during the European crisis

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    Qualified workforce and great infrastructure (ports, highways, logistic centres)

Significant Opportunities in the Private Equity Space

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    Favourable government policy to attract and support FDI

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    Profitable family-owned businesses looking for help to institutionalise their shareholding base, improve corporate governance and access external growth opportunities in Europe and the sub-Saharan African region

Barriers to entry and success are high in Africa, including red tape, different legal and tax systems, informal local lobbies, among others. This typically requires a significant local presence to effectively manage any asset. 

Our priority is to build first-class expertise and scale in a small number of countries with strong growth potential, enough governance and a favourable investment environment. 

Before considering a country, we make sure at least one member of our team knows it well. It also has to be a place where we can rely on a solid and established network of local partners.

To date, we have focused on Ethiopia and Morocco with a deal pipeline covering a broader section of East Africa.