Conduits of Capital

About FSD Africa:
FSD Africa (www.fsdafrica.org) is a non-profit company, funded by the
UK’s Department for International Development, which promotes financial
sector development across Sub-Saharan Africa. It sees itself as a catalyst for
change, working with partners to build financial markets that are robust, efficient
and, above all, inclusive. It uses funding, research and technical expertise to
identify market failures and strengthen the capacity of its partners to improve access
to financial services and drive economic growth.
FSD Africa believes that strong and responsive financial markets will be central to Africa’s
emerging growth story and the prosperity of its people.
About EMPEA:
EMPEA (www.empea.org) is the global industry association for private capital in emerging
markets. We are an independent non-profit organization. EMPEA has over 300 member firms,
comprising institutional investors, fund managers and industry advisors, who together manage more
than US$1 trillion of assets and have offices in more than 100 countries across the globe. Our members
share EMPEA’s belief that private capital is a highly suited investment strategy in emerging markets,
delivering attractive long-term investment returns and promoting the sustainable growth of companies
and economies. We support our members through global authoritative intelligence, conferences, networking,
education and advocacy.
EMPEA Consulting Services provides high-quality, bespoke research on private capital in emerging markets.
Through custom research, white papers, syndicated reports and case studies, EMPEA Consulting Services helps
firms acquire actionable insights, communicate their stories and share their successes to grow their businesses.
EMPEA Members receive priority service and discounted pricing. For more information, or to begin a project today,
please contact consulting@empea.net.
Acknowledgments:
We are grateful for the generous support we received from EMPEA Members and industry participants in
producing this publication. In particular, we would like to thank the numerous limited partners, fund managers and
service providers active in Sub-Saharan African private equity who donated their time to participate in the survey. We
would also like to thank Michael Fuchs, Bim Hundal (Lion’s Head Global Partners), Keith Jefferis (Econsult Botswana (Pty)
Ltd), Mark Kenderdine-Davies (CDC Group plc), Josh Lerner (Harvard Business School / Bella Research Group), Michael
Mainelli (Z/Yen Partners), Greg Clark (The Business of Cities) and Gail Warrander (DFID) for their expert insights, among
several others who contributed at a Round Table discussion in London on 25 February 2015.
This publication also benefited greatly from the wisdom shared by a number of industry experts, including David Ashiagbor
(Making Finance Work for Africa, African Development Bank Group), Hany Assaad (Avanz Capital), Craig Beney (Convergence
Partners), Carolyn Campbell (Emerging Capital Partners), Peter A. Furci (Debevoise & Plimpton LLP), Rafik Mzah (AfricInvest),
Paul Owers (Actis), Rajan Rosick (Trident Trust Company (Mauritius) Limited) and Mara Topping (White & Case LLP).
All rights reserved. Conduits of Capital – Onshore Financial Centres and Their Relevance to African Private Equity is a joint publication of FSD Africa and
EMPEA. Neither this publication nor any part of it may be reproduced, stored in a retrieval system, or transmitted in any form or by any means—electronic,
mechanical, photocopying, recording or otherwise—without the prior permission of FSD Africa and EMPEA.
DISCLAIMER: THIS INFORMATION IS INTENDED TO PROVIDE AN INDICATION OF INDUSTRY ACTIVITY BASED ON THE BEST INFORMATION
AVAILABLE FROM PUBLIC AND PROPRIETARY SOURCES. EMPEA HAS TAKEN MEASURES TO VALIDATE THE INFORMATION PRESENTED HEREIN
BUT CANNOT GUARANTEE THE ULTIMATE ACCURACY OR COMPLETENESS OF THE DATA AND INFORMATION PROVIDED. EMPEA IS NOT
RESPONSIBLE FOR ANY DECISION MADE OR ACTION TAKEN BASED ON INFORMATION DRAWN FROM THIS REPORT.
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