{"id":618321,"date":"2024-04-07T00:00:00","date_gmt":"2024-04-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/07\/africas-private-capital-took-a-hit-in-2023-amid-global-investment-slump\/"},"modified":"2024-04-07T00:00:00","modified_gmt":"2024-04-07T00:00:00","slug":"africas-private-capital-took-a-hit-in-2023-amid-global-investment-slump","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/07\/africas-private-capital-took-a-hit-in-2023-amid-global-investment-slump\/","title":{"rendered":"Africa\u2019s private capital took a hit in 2023 amid global investment slump"},"content":{"rendered":"

Africa saw a significant dip in private capital activity in 2023<\/strong>, with 450 transactions worth some USD 5.9 bn, marking a 28% y-o-y decrease in volume and a 22% y-o-y decline in value, according to the African Private Capital Association\u2019s latest private capital activity<\/a>report<\/a>(pdf)<\/a>. This marks the steepest decline in private capital volumes in over a decade, fueled by a slowdown in venture capital investments and sizable transactions, according to the report. <\/p>\n

The value of transactions rose 35% in 2H 2023 <\/font><\/strong>in comparison to the first half of the year, mainly on the back of two large infrastructure projects in South Africa\u2019s renewable energy sector, each exceeding USD 250 mn and accounting for 27% of total investment value during the period.<\/p>\n

Macroeconomic challenges weighed heavily:<\/strong> Africa grappled with soaring inflation in 2023,reaching 17.8%, its highest level in over a decade, propelled by global spikes in food and energy prices, domestic \u201cfiscal extravagance,\u201d disruptions in agricultural supply chains, and currency depreciations against the USD. North Africa bore the brunt of headwinds, with inflation doubling to 16.6% y-o-y.<\/p>\n

The continent\u2019s favorite asset class, venture capital, experienced a major slowdown<\/strong>, both on the continent and globally. Still, VCs contributed to 68% of total investment volume, with the financial sector taking the lead. <\/p>\n

Exit activity also witnessed a 48% y-o-y decline in 2023<\/strong>, as the continent saw 42 exits in total during the year \u2014 unchanged from pre-2022 averages as 2022 marked an \u201coutlier year for exits in Africa\u201d \u2014 according to the report. North Africa was hit the hardest due to limited exits in Egypt, Africa\u2019s primary exit market, while South Africa demonstrated resilience with only a 17% decline. Sales to trade buyers remained the most common exit route. <\/p>\n

Some respite:<\/strong> Interim fundraising remained resilient, with Africa-focused fund managers achieving a record 40 interim closes valued at USD 3 bn, the highest to date. While overall fundraising declined for a second year, the overall trend saw larger funds take the backseat for smaller ones, which made up 65% of total closed funds, growing 1.6x in volume and 2.6x in value. <\/p>\n

\n

US institutional investors offload PE holdings amid liquidity concerns:<\/strong> Institutional investors in the US, including pension funds and endowments, are selling off private equity holdings at lower than their value to reduce exposure to illiquid assets, amidst a subdued market for traditional exits like stock listings and mergers, the Financial Times<\/a> writes. Big investors sold 99% of their holdings in 2023, a marked increase from 95% in 2022 and 73% in 2021. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

28,506<\/p>\n<\/td>\n

\n

+2.0% (YTD: +14.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.31<\/p>\n<\/td>\n

\n

Sell 47.44<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.32<\/p>\n<\/td>\n

\n

Sell 47.42<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,705<\/p>\n<\/td>\n

\n

+0.7% (YTD: +6.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,237<\/p>\n<\/td>\n

\n

0.0% (YTD: -3.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,244<\/p>\n<\/td>\n

\n

-0.1% (YTD: +4.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,204<\/p>\n<\/td>\n

\n

+1.1% (YTD: +9.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,911<\/p>\n<\/td>\n

\n

-0.8% (YTD: +2.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

5,015<\/p>\n<\/td>\n

\n

-1.1% (YTD: +10.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 91.17<\/p>\n<\/td>\n

\n

+0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 1.79<\/p>\n<\/td>\n

\n

+0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,330<\/p>\n<\/td>\n

\n

+1.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 68,701<\/p>\n<\/td>\n

\n

+1.7% (YTD: +62.0%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 2.0% at Thursday\u2019s close<\/strong> on turnover of EGP 3.2 bn (36.2% below the 90-day average). Foreign investors were net buyers. The index is up 14.5% YTD.<\/p>\n

In the green: <\/strong>GB Corp (+7.2%), Sidi Kerir Petrochemicals (+6.2%), and TMG Holding (+5.3%).<\/p>\n

In the red: <\/strong>Egypt-Kuwait Holding- EGP (-0.9%), Juhayna (-0.5%). <\/p>\n","protected":false},"excerpt":{"rendered":"

Private capital activity declined 28% y-o-y, with only 450 transactions in 2023<\/p>\n","protected":false},"author":1,"featured_media":618322,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[7098,72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-618321","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-africa","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"be110187-20b9-4705-8275-2ca2a23bba0f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/606.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Africa\u2019s private capital took a hit in 2023 amid global investment slump","related_issue":[618303],"teaser":"Private capital activity declined 28% y-o-y, with only 450 transactions in 2023","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.5495f57e-1025-4041-8216-720c28ad584c.mp3"},"yoast_head":"\nAfrica\u2019s private capital took a hit in 2023 amid global investment slump - 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Egypt accounted for 27% of disclosed transactions by volume and 25% by value. 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