An Africa rising narrative captivated investors in the early 2010s since the region had experienced sustained growth from the turn of the millennium. By 2014, private investment funds focused on sub-Saharan Africa raised nearly $9 billion, with private equity capturing $6 billion of that total. This almost matched capital raised in the previous four years combined.
In the same time, FDI inflows into the continent also rose steeply from around $60 billion in 2010 to almost $80 billion by 2012. In a sign of shifting attitudes, public pensions, insurers, and endowments from the U.S. and Europe were entering the African PE space for the first time, joining long standing DFIs.