SAVCA 2017 Case Study Compendium

African Markets

South Africa: Is it all doom and gloom?

South Africa: Is it all doom and gloom?

Author: Anna Lyudvig | Date: 2017-04-20

The recent decision made by credit rating agencies Fitch Ratings and Standard and Poor's (S&P) to downgrade South Africa's rating to junk status has compounded uncertainty in the local market

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Senegal: An Opportunity for Private Equity

Senegal: An Opportunity for Private Equity

Author: Dmitry Fotiyev, Managing Partner, Brightmore Capital | Date: 2017-03-30

Dmitry Fotiyev of Brightmore Capital shares his views on why Senegal is an attractive investment target for early stage private equity investors

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Zimbabwe’s Rough in the Diamond

Zimbabwe’s Rough in the Diamond

Author: Rishay Lalla, Executive Partner, Atria Africa | Date: 2017-01-11

Sometimes perspective is all we have and as the saying goes it is always greener on the other side of the hill, but just which side of the hill are the citizens of Zimbabwe standing?

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Ghana: from posterchild to posterchild

Ghana: from posterchild to posterchild

Author: Sven Richter, Fund Manager, Drakens Capital | Date: 2016-11-03

The Ghanaian Stock Exchange was up almost 50% in US$ in 2011 to 2013, however, the first storm clouds were brewing, writes Sven Richter of Drakens Capital

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Egypt: a new Investment era?

Egypt: a new Investment era?

Author: Sébastien Hénin, Head of Asset Management, The National Investor (TNI) | Date: 2016-10-06

Since the Arab Spring, the growth has been subdued in the country, writes Sébastien Hénin of The National Investor (TNI)

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Tunisia: Strategic area for PE investors

Tunisia: Strategic area for PE investors

Author: Albert Alsina, CEO & Managing Partner, Mediterrania Capital Partners | Date: 2016-08-18

The North African country will continue to be a very important geographical area for PE funds investing in the Maghreb region, says Albert Alsina, CEO & Managing Partner, Mediterrania Capital Partners

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Nigerian diversification

Nigerian diversification

Author: Bolatito Ajibode, Head, Conglomerates & Industrials, Stanbic IBTC | Date: 2016-07-31

Agriculture, mining and services are key to a more stable and prosperous future in Nigeria, says Bolatito Ajibode, Head, Conglomerates & Industrials, Stanbic IBTC

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Zimbabwe Investment Notes

Zimbabwe Investment Notes

Author: John Legat, CEO, Imara Asset Management | Date: 2016-07-22

The announcement of the introduction of bond notes in Zimbabwe caused widespread panic in the economy, says John Legat of Imara Asset Management

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Angola: What’s next for bonds?

Angola: What’s next for bonds?

Author: Anna Lyudvig | Date: 2016-07-18

The fixed income market in the Africa's second largest crude exporter remains at an early stage of development with only a handful of instruments trading. AGF looks closely to identify investment opportunities and risks

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BRVM: Power of integration

BRVM: Power of integration

Author: Anna Lyudvig | Date: 2016-06-22

AGF met with Edoh Kossi Amenounve, BRVM’s Chief Executive Officer, to discuss BRVM’s performance, its strategic plan and why the Exchange is initiating dialogue with US frontier funds

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Kenya: Taking over the crown

Kenya: Taking over the crown

Author: Cornelis Vlooswijk, Director African & EM Equities, Robeco | Date: 2016-06-09

Cornelis Vlooswijk of Robeco says it may be only a matter of time before Kenya will become the most traded SSA market

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South Sudan: High hopes betrayed

South Sudan: High hopes betrayed

Author: Said DeSaque, CEO and Principal, DeSaque Macro Research | Date: 2016-04-16

Since 2000, five new sovereign nations have been created, the most recent being South Sudan, writes Said DeSaque

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Zambia: agriculture sector

Zambia: agriculture sector

Author: Leon Kotze, Head of Agri Business, Stanbic Bank | Date: 2016-03-26

Zambia’s agriculture sector takes aim at exciting new growth markets as resilient farmers, innovative funding models combine to provide a strong underpin, writes Leon Kotze, Head of Agri Business for Stanbic Bank, a member of the Standard Bank Group

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Zambia: Hanging in there

Zambia: Hanging in there

Author: Sven Richter, Fund Manager, Drakens Capital | Date: 2016-03-13

Sven Richter of Drakens Capital analyzes Zambian stock market and opportunities in the country

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Ethiopia’s private equity landscape

Ethiopia’s private equity landscape

Author: Dorothy Kelso, Director, Head of Strategy & Research, AVCA | Date: 2016-01-29

Ethiopia’s private equity market is relatively small by African standards, but has strong macro drivers that signal significant potential for future growth, writes Dorothy Kelso of AVCA

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Algeria: Unsustainable path

Algeria: Unsustainable path

Author: Jacques Verreynne, Analyst, NKC African Economics | Date: 2016-01-09

Jacques Verreynne of NKC African Economic says that the country has for many years been on an unsustainable path

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Tanzania: Robust deal flow set to continue

Tanzania: Robust deal flow set to continue

Author: Anna Lyudvig | Date: 2015-11-30

The East African region continues to attract private equity (PE) investors and while Kenya remains the primary target for PE capital, Tanzania is also seeing as increasingly popular investment destination, writes Anna Lyudvig

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Zimbabwe: cycles of destruction and opportunity

Zimbabwe: cycles of destruction and opportunity

Author: Rishay Lalla, Executive Partner, Atria Africa | Date: 2015-09-27

Whilst the road ahead for Zimbabwe is treacherous, ignoring the headlines and paying special attention to detail is crucial in understanding the opportunities that exist, says Rishay Lalla of Atria Africa

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Nigeria: In need of sound monetary policy

Nigeria: In need of sound monetary policy

Author: Akin Sawyerr, Founder & CSO, Market Atlas | Date: 2015-08-03

Nigeria has lost a lot of credibility with the unceremonious removal of ousted central-bank governor Lamido Sanusi, says Akin Sawyerr of Market Atlas

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Kenya faces cement wars

Kenya faces cement wars

Author: Oxford Business Group | Date: 2015-07-08

Despite high demand for cement in Kenya, profit margins in the sector remain under pressure, as competition ramps up.

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South African listed companies

South African listed companies

Author: Kyle Smith, Analyst, African Alliance Asset Management | Date: 2015-06-29

Kyle Smith of African Alliance Asset Management explores the investment opportunity of South African listed companies

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What next for Nigeria’s economy?

What next for Nigeria’s economy?

Author: Dr. Andrew S. Nevin, Partner and Chief Economist, PwC Nigeria | Date: 2015-06-05

Deterioration of the political and security landscape in Nigeria could unnerve investors and tip the country into recession, says Andrew S. Nevin of PwC Nigeria

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Egypt and its Arab Spring

Egypt and its Arab Spring

Author: Alkan Shenyuz, CEO, Veventis | Date: 2015-05-12

Alkan Shenyuz of Veventis analyses the Egyptian market, the aftermath of the Arab Spring and whether it is safe to return for investors

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Mozambique: What is next after LNG?

Mozambique: What is next after LNG?

Author: Africa Global Funds | Date: 2015-05-06

Mozambique liquefied natural gas (LNG) stands to transform the country and entrench it as a leading player in the global LNG industry.

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Ghana gets IMF relief before bond issue

Ghana gets IMF relief before bond issue

Author: Oxford Business Group | Date: 2015-04-30

A new $918m deal with the IMF should alleviate some of Ghana’s fiscal pressures and help restore investor confidence ahead of a critical bond issue, but further reforms will be needed to balance the budget.

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Kenya in 2015

Kenya in 2015

Author: Anna Rosenberg, Head, Frontier Strategy Group’s SSA research practice | Date: 2015-04-12

This year will be a prosperous year for East Africa, says Anna Rosenberg of Frontier Strategy Group

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Frontier markets look interesting

Frontier markets look interesting

Author: Anna Lyudvig | Date: 2015-04-08

Investing in frontier markets can come with a higher degree of volatility than more established markets, but to Dr. Mark Mobius and his team at Franklin Templeton Investments, they offer exciting potential.

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Ghana: Looking into the abyss

Ghana: Looking into the abyss

Author: Said DeSaque, CEO and Principal, DeSaque Macro Research | Date: 2015-03-22

Trouble was brewing long before the decision to seek IMF assistance last August, writes Said DeSaque.

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Hoping for better future

Hoping for better future

Author: Anna Lyudvig | Date: 2015-02-23

Madagascar’s economy, although very fragile, is starting to get investors’ attention, writes Anna Lyudvig

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SA listed property shows outstanding performance

Author: Africa Global Funds | Date: 2014-11-25

The listed property sector continues to show significant outperformance, despite property funds operating in a challenging environment. However, this degree of relative outperformance is not sustainable.

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SA dependence on global markets

SA dependence on global markets

Author: Izak Odendaal, Investment Analyst, Old Mutual Wealth | Date: 2014-09-29

South Africa is in the unfortunate position of being very dependent on the actions of the US Fed and the Chinese authorities, meaning that the SA Reserve Bank cannot focus purely on domestic factors when setting interest rates.

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I find AGF’s content to be well-written, interesting and highly informative. AGF is able to attract leading figures in the African fund market for exclusive insights and opinion articles that are difficult to find elsewhere.


Augentius

Joe Greenwell
Business Development Director - Augentius

Finding the news behind the news has always been the challenge, but Anna and her team always seem to pull it off. The AGF website, e-newsletter and monthly magazine are read by the whole Phatisa team; well-written, African private equity news not found elsewhere. We are proud to be affiliated with such a young, ambitious and driven media team and wish them only the best.

Phatisa

Stuart Bradley
Joint Managing Partner - Phatisa

We find AGF a very useful publication, especially covering, as it does, all asset classes in Africa (as, uniquely, does Investec Asset Management). The public funds data and macro stats are very useful, while the articles and interviews are insightful and often cover (in relative terms) neglected markets and asset classes.

Investec Asset Management

Nick Tims
Managing Director

I have found the AGF monthly magazine very informative and always containing some interesting research on the Private Equity industry not found elsewhere.

Harith: Financiers and developers of infrastructure projects

Emile Du Toit
Head: PAIDF 2

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