EIB upskills Africa's next investment and fund managers

Ongoing "Africa Venture Finance Programme." More than 40 leading African venture capital fund managers are taking part in the programme at Oxford University's Said Business School in England.[Courtesy] Strengthening Africa's next investors and entrepreneurs, supporting the growth of technology and tech-enabled enterprises are among the top agendas at the ongoing "Africa Venture Finance Programme" where more than 40 leading African venture capital fund managers (AVCF) are taking part. Venture capital (VC) fund managers, also known as General Partners (GP) are professionals who manage pooled investments from investors into early-stage startups and high-growth potential companies. The five day programme that started on September 1 at Oxford University's Said Business School in England is set to equip participants with knowledge about investing in technology and tech-enabled companies across Africa. Organised by EIB Global and supported by AfricaGrow, the course is tailored for fund managers investing in African continent and also those who are starting a new business or scaling on existing ventures and would like to gain a comprehensive understanding of the industry . So far, over 150 of Africa's most relevant venture capital fund managers have participated in the programme. The in-person executive programme has brought together more than 40 of Africa's leading venture capital fund managers with nearly half of them being women - for a week of peer learning, skills development, and strategic dialogue. It is a key platform for enhancing the skills of Africa-focused venture capital fund managers and promoting a more inclusive, connected, and capable investment ecosystem across the continent. Now in its fourth edition, the AVCF is delivered by Boost Africa, a programme by the European Investment Bank's development arm (EIB Global) and African Development Bank. It also has support from the European Commission and the Organisation of African, Caribbean & Pacific States (OACPS) and the AfricaGrow Technical Assistance Facility and funded by the German Federal Ministry for Economic Cooperation and Development (BMZ) through KfW/DEG. After this edition and with more than 150 of Africa's most relevant venture capital fund managers having gone through the programme, thereby representing the lion's share of active VC funds on the continent. These alumni form a vibrant and engaged community that continues to collaborate and exchange knowledge on an ongoing basis. Innovation ecosystems As part of the programme, investors, Development Finance Institutions (DFIs) including the European Bank for Reconstruction and Development(EBRD), Proparco, the Arab Fund, Foreign Commonwealth Development-Office(FCDO) and British International Investment (BII) have been taking part. These sessions are designed to foster dialogue with African General Partners (GPs) and explore opportunities to strengthen the continent's venture capital infrastructure. Senior partners from three established VC firms including TLcom, Partech and AfricInvest have been engaging with the DFI community on current challenges and opportunities in the African VC landscape, including access to capital, fund performance, and capacity-building to support portfolio growth. "Boost Africa is about more than just finance, it's about building resilient economies, fostering innovation and creating inclusive growth through smart, targeted investment," said EIB Vice-President Ambroise Fayolle. He added "Enterprises supported under the initiative are attracting more funding, closing more deals and helping build thriving innovation ecosystems. Sharing investment best practices with our partners, for sustainable impact across Africa through avenues like AVFP is essential." Africa only receives between one and two per cent of the global venture capital while representing 18 per cent of the world's population. In addition, relatively few African-led startups receive significant funding. "Africa's innovation potential is immense, and venture capital is the bridge to unlocking it," said Peter Ellersiek, AfricaGrow's Investment Director. He said, by equipping fund managers with equity capital, right tools, and networks, the programme does not just strengthen the investment ecosystem, it opens doors to transformative business opportunities that can drive inclusive growth across the continent." The programme is designed and led by Oxford academics, featuring discussions on a wide range of topics such as the need for investment models that reflect local realities. It focuses on peer-to-peer knowledge exchange, the sharing of best practices and capacity building. "At a time when Africa's entrepreneurial ecosystem is rapidly evolving, the African Venture Finance Programme equips fund managers with the tools, networks, and critical thinking needed to shape the future of capital on the continent," said Aunnie Patton Power, Programme Director for AVPF, University of Oxford. She added "This isn't just about growing fund, it's about re-imagining what finance can do when it's grounded in context, community, and long-term value creation." "By offering early-stage funding and hands-on support to venture capital fund managers, Boost Africa can be a catalyst for transforming Africa's entrepreneurial landscape," said Jozef Sikela, European Commissioner for International Partnerships. He added "This partnership, supported via the Global Gateway strategy, shows the European Union's strong commitment to helping African startups grow, scale up their innovations, and attract sustainable investment thus promoting inclusive growth, creating jobs, and advancing gender equality." Africa's entrepreneurial ecosystem secured 487 deals in 2024, according to the African Private Capital Association. This included 427 venture capital deals with a value of $2.6 billion (Sh338 billion) and 60 venture debt deals worth $1 billion (Sh130 billion). Boost Africa was created to unlock Africa's entrepreneurial potential by providing technical support to fund managers and addressing an early-stage financing gap. The initiative has supported six private equity funds as well as more than 70 companies and mobilised over EUR380 million (Sh66.12 billion) in capital for startups across the continent. Moreover, 94 percent of Boost Africa-supported founders were able to raise $1 million or more in funding - nearly double the rate of comparable entrepreneurs.

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