Africa's infrastructure needs remain enormous, but the investment opportunity is becoming increasingly sophisticated. In this issue, Africa Global Funds speaks with Emile Du Toit, CIO at Harith General Partners, about how the continent's infrastructure landscape is evolving, from energy, digital connectivity and transport to water and regional trade corridors. He also examines the persistent challenges around project preparation, regulation and currency risk that continue to delay financial close. Read on p.12-13.

In this issue, we also examine the evolving landscape for private capital in Africa, with EAVCA’s latest analysis exploring the gap between fundraising momentum and differentiated investment opportunity. The report looks at concentrated LP networks, overlapping deal flow, limited exit markets and the pressure to demonstrate realised returns, while considering what the next phase of East Africa’s private capital market will require to build stronger manager diversity, deeper local capital and a more sustainable investment ecosystem (p.14-15).

In this issue, we also speak with Nico Christoforou, General Partner and Chief Investment Officer at Lighthouse Capital, about the firm’s operator-led approach to African private equity. He discusses the opportunities emerging across fintech, renewable energy, healthcare and agribusiness, the growing importance of operational value creation, and what institutional investors should look for in African mid-market businesses (p.16-17).

Finally, Yenni Leighton, Founder of The Impetus Global, argues that exchanges must move beyond traditional measures such as listings and trading volumes to build institutional confidence, interpret emerging investment trends and position themselves as strategic gateways for international capital. Read on p.22.