Private-equity (PE) activity in Africa has increased significantly in the last 30 years. From a dozen or so active general partners (GPs). in the region in 1990, there are currently at least140 GPs active in Africa. Between 2010 and 2016, GPs invested around US$25.6 billion across sectors that ranged from consumer goods to water and sanitation.The PE asset class stands out in Africa for its idiosyncratic execution, growth orientation, typical paths to exit, and long holding periods, as well as its successes, most pronounced, perhaps, in the growth of active GPs and the relatively high investment returns achieved.