The African Private Capital Association (AVCA) has launched its Gender Diversity in African Private Capital report, offering one of the most comprehensive assessments to date of gender representation and leadership across Africa’s private capital ecosystem.
The study spans 218 private capital investors, 3,099 private capital employees, and 1,972 portfolio companies, delivering a first-of-its-kind, Africa-focused analysis on how gender diversity in leadership influences investment behavior and performance outcomes.
According to the report, women make up 38% of investment professionals and 33% of investment committee members in Africa, surpassing global averages of 35% and 12% respectively. Women also account for 44% of the overall workforce and 32% of board members within African private capital firms.
Collectively, these figures place Africa ahead of global benchmarks, with gender representation exceeding the one-third threshold across all organisational levels.
However, the report highlights a notable disparity as firms scale. Smaller firms with fewer than five employees report gender parity or near-parity, with women comprising 50% of investment teams and 44% of investment committee members.
In contrast, firms managing assets exceeding US$1 billion record significantly lower representation, with women accounting for just 29% of investment professionals and 19% of investment committee members. Given that larger firms deploy the majority of capital, the imbalance has far-reaching implications for capital allocation across the continent.
At the portfolio company level, women remain significantly underrepresented in leadership roles. Only 5% of private capital-backed companies in Africa are female-founded, while just 11% are led by female chief executives. Despite this, performance data points to strong outcomes where women are in leadership positions.
Female-founded companies employ an average of 48% women and reported 50% revenue growth between 2023 and 2024. Companies with mixed-gender founding teams employ 46% women, achieve the highest overall revenue levels, and recorded 40% revenue growth over the same period.
The findings underscore a clear link between gender-diverse leadership and improved business performance and growth.
Commenting on the report, AVCA Chief Executive Officer Abi Mustapha-Maduakor said Africa has established a strong foundation for gender diversity in private capital, but cautioned that representation alone is insufficient.
“This report reveals that Africa has one of the strongest foundations globally for gender diversity in private capital. But it also makes clear that representation alone is not enough. We must ensure that diverse leadership translates into equitable access to capital for women founders and executives,” she said.
“At AVCA, we are committed to collaborating with key industry stakeholders to drive the practices, data, and accountability needed to build a more inclusive, competitive, and resilient investment ecosystem across the continent.”
The report positions gender diversity not only as an equity issue but as a strategic lever for driving growth and resilience within Africa’s private capital markets.
