AVCA signs BVCA support agreement
The Africa Venture Capital Association (AVCA) is to receive backing from its British counterpart as part of a deal signed during prime minister David Cameron's recent trip to Lagos.Under the agreement, the British Venture Capital Association (BVCA) will provide technical support to Africa's private equity industry, offering training for fund managers that will complement the skills taught to institutional investors and pension funds by the AVCA.
Chairperson of the AVCA Tshepidi Moremong described the agreement as a "significant step".
The AVCA is looking to "strengthen its secretariat, deliver value to its members and play a role in the development of private equity and venture capital across Africa", she remarked.
Focus on investing in Africa is moving to the Sub-Saharan region and away from countries such as South Africa and Egypt, the AVCA noted in a statement, adding that it is looking to step up its operations following a period of inactivity.
According to figures from the body, Sub-Saharan African funds raised more than $1.1 billion (€836 million) in the first half of 2011, more than the amount generated in the entire of 2009.