Africa leads on gender diversity in private capital, yet major gaps still remain, according to a new report by the African Private Capital Association (AVCA).
The report shows that Africa is performing better than global markets when it comes to women’s representation in private capital firms. However, women still control only a small share of large investment funds and fast-growing companies.
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The study is the most detailed Africa-focused analysis on gender diversity in private capital to date. It is based on data from 218 investors, over 3,000 professionals, and nearly 2,000 portfolio companies.
Also read: AVCA: Africa Leads Gender Inclusion in Private Capital, Yet Gaps Persist
Women now make up 38% of investment professionals and 33% of investment committee members in Africa. These figures are higher than global averages. Across the sector, women also account for 44% of the total workforce and 32% of board members.
As a result, Africa has crossed the one-third gender representation mark at all key levels. This places the continent ahead of many global markets.
However, progress slows as firms grow bigger.
Smaller firms with fewer than five employees show near gender balance. Women make up 50% of investment teams and 44% of investment committees in these firms. In contrast, firms managing over $1 billion show much lower representation. Only 29% of investment professionals and 19% of committee members are women.
This is important because large firms control most of the capital invested across Africa. AVCA warns that limited female representation at this level affects funding decisions, leadership choices, and sector growth.
The gap is even wider at portfolio company level. Only 5% of funded companies are female-founded. Just 11% are led by women as chief executives.
AVCA says closing these gaps is critical for inclusive growth and better investment outcomes across the continent.
