The African Private Capital Association has disclosed that Africa’s investment teams outperform global averages for women in senior roles.

This was one of the findings of its Gender Diversity in African Private Capital Report, which was released on Wednesday.

The PUNCH reports that the African Private Capital Association is the nexus of private capital in Africa, championing and enabling private capital investment in Africa. As the pan-African industry body, AVCA plays a significant role as an effective change agent for the industry and acts as the trusted independent source of information, insight, and intelligence, inspiring investor confidence and making the case for both commercial returns and the impact of private capital in Africa.

The new report covered 218 private capital investors, 3,099 private capital employees and 1,972 portfolio companies. The study is one of the most extensive mappings to date, providing a first-of-its-kind, Africa-focused analysis of how gender leadership influences investment behaviour and outcomes.

According to the report, women account for 38 per cent of investment professionals and 33 per cent of investment committee members in Africa, exceeding the global averages of 35 per cent and 12 per cent, respectively. In addition, women represent 44 per cent of the total workforce and 32 per cent of board members across African private capital firms.

Together, these figures demonstrate that gender representation at every organisational level exceeds the one-third threshold, positioning Africa ahead of global benchmarks.

However, the data shows that gender representation declines as firms grow. Smaller firms, with fewer than five employees, report 50 per cent female representation on investment teams and 44 per cent on investment committees, while firms managing more than $1bn show just 29 per cent and 19 per cent, respectively. As larger firms typically deploy the most capital, these imbalances have significant implications for how funding flows across the continent.

Despite progress at the fund level, women remain under-represented in portfolio company leadership. Only five per cent of companies backed by private capital in Africa are female-founded, and just 11 per cent are led by a female chief executive officer. Yet where women do lead, the performance data is strong: female-founded companies employ 48 per cent women on average and reported 50 per cent revenue growth from 2023 to 2024. Mixed-gender founding teams employ 46 per cent women and recorded the highest overall revenue levels while achieving 40 per cent revenue growth over the same period. The data suggests that gender-diverse leadership is directly linked to business performance and growth.

In a statement announcing the report, the CEO of AVCA, Abi Mustapha-Maduakor, said, “This report reveals that Africa has one of the strongest foundations globally for gender diversity in private capital. But it also makes clear that representation alone is not enough. We must ensure that diverse leadership translates into equitable access to capital for women founders and executives.

“At AVCA, we are committed to collaborating with key industry stakeholders to drive the practices, data, and accountability needed to build a more inclusive, competitive, and resilient investment ecosystem across the continent.”