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the uncertainty will continue. Typically, ‘uncertainty and risk are not words that potential investors like to hear when looking at portfolio companies’.
Currency volatility and political instability have also played their parts in dissuading potential investors, but another area which will develop over the coming years is the fund manager experience on the continent. Obasanjo-Adeleye explains that some LPs cite the lack of a demonstrable track record as a constraint to their investing in Africa, mainly because the industry is still nascent. In
Africa the most experienced fund managers typically have three or four funds, whereas in more developed countries, one  nds that fund managers may have up to 15 funds, with long histories of exits and returns on investment.
In addition to the macroeconomic challenges, political issues, and the lack of established fund managers, Obasanjo-Adeleye also points to the rise of populism seen in the US and across Europe as a potential concern for African investment.

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