Africa in Scope

Barriers to entry are high in Africa. 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, good governance and a favorable 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.

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Ethiopia

Highest growth in Africa.

Home to the second largest population in Africa with 105 million people, set to expand to 140 million by 2030.

One of the fastest growing economies in the world for the last decade, with GDP per capita expected to expand at an annual pace of 6.2% through 2022.

90% of the population is under the age of 50, indicating a sizeable workforce.

Peaceful country.

Prudent government macroeconomic policies.

Significant Opportunities in the Private Equity Space

Ethiopia “catch-up” story.

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

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

Multiple privatisation opportunities expected from 2019 to 2021.

Morocco

Only 14.3 km south of Europe. Very competitive export and outsourcing platform with free trade access to 55 countries that collectively represent 1 billion consumers and 60% of world GDP.

Population of 35 million, with an average age of 28 years, driving a continuously growing domestic consumer market

Politically stable and consensus-based environment.

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

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

Significant Opportunities in the Private Equity Space

Favourable government policy to attract and support FDI.

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.