Africa Leads Globally in Gender Diversity in Private Capital, AVCA Report Shows

The African Private Capital Association (AVCA) has revealed that Africa’s investment teams outperform global averages for women in senior roles, according to its Gender Diversity in African Private Capital Report released on Wednesday.

The report, covering 218 private capital investors, 3,099 employees, and 1,972 portfolio companies, provides a first-of-its-kind Africa-focused analysis of gender representation in investment leadership. Findings show that women account for 38 per cent of investment professionals and 33 per cent of investment committee members in Africa surpassing global averages of 35 per cent and 12 per cent, respectively. Women also make up 44 per cent of total staff and 32 per cent of board members in African private capital firms, exceeding the one-third threshold at all organizational levels.

However, gender representation declines in larger firms. Smaller teams with fewer than five employees report 50 per cent women on investment teams and 44 per cent on investment committees, while firms managing over $1bn report just 29 per cent and 19 per cent, respectively. This imbalance could affect how capital flows across the continent.

Despite progress at the fund level, women remain under represented in portfolio company leadership. Only five per cent of private capital-backed companies in Africa are female-founded, and just 11 per cent are led by female CEOs. Nevertheless, female-led companies perform strongly, employing 48 per cent women and achieving 50 per cent revenue growth from 2023 to 2024. Mixed-gender founding teams recorded the highest revenues and 40 per cent growth over the same period, suggesting that gender-diverse leadership drives performance.

AVCA CEO Abi Mustapha-Maduakor said, “Africa has one of the strongest foundations globally for gender diversity in private capital. But representation alone is not enough. We must ensure diverse leadership translates into equitable access to capital for women founders and executives.” She added that AVCA will work with industry stakeholders to build a more inclusive and competitive investment ecosystem.