A 2011 study by RisCura and the South African Venture Capital Association shows that South African private equity outperformed UK and US private equity funds at three, ten and five-year horizons. Net internal rates of return are over 20% over ten years, compared with around 13% in the UK and 8% in the US (RisCura and SAVCA, 2011).

The still modest size of the African private equity market has a positive effect on price competitiveness, and therefore on the returns on investment allowed on the basis of moderate in-company investment prices. Assets in sub-Saharan Africa - with entry multiples in the 8-9 range, compared with double-digit multiples in China or Brazil - are seen as excellent opportunities by many investors.

A rise in prices is to be expected, but most fund managers believe there are still plenty of bargains to be had.

 Proof if it were needed of investors' growing interest in sub-Saharan Africa, the share of global investments in this region between 2008 and 2010 not only increased significantly in nominal terms, but also in relative shares compared to other continents, at the expense of which sub-Saharan Africa is beginning to capture a share of flows. The share of private equity investments in sub-Saharan Africa was 3.4% in 2008, 4.3% in 2009 and 6.4% in 2010.