Carlos Perry, Chief Operating Officer, EMPEA
Simon Blackmore, Publisher, This is Africa

Stephen O'Brien MP, Parliamentary Under Secretary of State for International Development

Sierra Leone presents one of the most compelling stories of Africa’s resurgence in the 21st Century. Since the end of its civil war, a combination of smart development assistance and business-friendly reforms have set it firmly on the path to economic transformation.

• What role has private investment played in Sierra Leone’s recovery?
• How has Sierra Leone lowered barriers to investment and created a business friendly environment?
• How can investors be incentivised to invest in key sectors?

His Excellency Ernest Bai Koroma, President of Sierra Leone

As the global economy moves towards a recovery, many investors are reconsidering the balance of their portfolios. Once again, global growth looks set to be led by emerging and frontier markets. In this context, why is it time for private investors to reassess their approach to Africa?

• Why is now the time for private investors to consider Africa?
• What are the global themes that investors need to access, and how does Africa provide that access?
• Where and what are the opportunities that are unique to Africa?
• How did the economic downturn affect private equity flows into Africa?

Moderator:
Sarah Alexander, President & CEO, EMPEA

Panellists:
Patricia Dinneen, Managing Director, Siguler Guff
J Kofi Bucknor, Managing Partner, Kingdom Zephyr Africa Management
Ahmed Heikal, Chairman & Founder, Citadel Capital
Paul Fletcher, Senior Partner, Actis

Investors are understandably concerned about the risks involved in frontier markets, such as those in Africa. The risk profile of many African markets has changed in the past decade, but understanding local context is vital in making investments work.

• How does Africa’s investment risk profile compare to other emerging and frontier markets in today’s economic environment?
• Which sectors and markets have demonstrated returns in private equity, and which will continue to drive growth?
• What lessons can be drawn from past mistakes in private equity investment, and how can such failures be avoided?
• What measures can investors take to protect their investments and minimise their risks?
• How can GPs ensure that the risk/return profile of African investments is clearly communicated to LPs?

Moderator:
Roderick Evison, Managing Director Africa & Latin America, CDC Group

Panellists:
Runa Alam, CEO & Partner, Development Partners International
Graham Thomas, Managing Director, Standard Bank Private Equity
Jeffrey Leonard, President & Chief Executive Officer, Founding Partner, Global Environment Fund

With African private equity still at a relatively early stage in its development, the uncertain routes to successful exits remain a concern for potential investors. However, an increasing number of funds have realised their investments.

• Are strategic trade sales the most viable exit channel in Africa?
• What is the state of public markets across the continent?
• What lessons can be learned from other emerging markets in terms of how to ensure a successful exit?

Moderator:
Paul Tierney, Co-Founder, Development Capital

Panellists;
Hurley Doddy, Co-CEO, Emerging Capital Partners
Ngalaah Chuphi, Partner, Ethos Private Equity

Kenya’s Equity Bank, which received private equity financing, has made a name for itself through its innovative models for expanding access to finance to rural areas. Now expanding across the region, it demonstrates both the potential in untapped markets in Africa and the impact that private finance can have.

After a difficult 2009, this year South Africa has celebrated both a World Cup and a return to economic growth. With an uncertain outlook for some of its commodities and remaining infrastructure challenges, finance minister Pravin Gordhan looks to explain how the country can sustain its recovery.

• What steps has the government taken to sustain the current recovery?
• How will regulatory changes in South Africa affect the private equity industry?
• How important is the regional expansion of South Africa’s own investment community to the development of the country and the wider continent?

Interviewer:
Peter Guest, Editor, This is Africa

Development Financial Institutions remain amongst the most significant and committed investors to African private equity. How satisfied are they with their investments into Africa, in terms of financial return and development impact.

• How have African private equity investments performed over the past few years? How do these returns compare to other emerging markets?
• How has the science of measuring development impact evolved? What environmental, social and governance metrics are DFIs looking at?
• How do DFIs see their role alongside other LPs? How do their objectives differ from financial investors, and can the various approaches be reconciled?

Moderator:
David Wilton, Chief Investment Officer, International Finance Corporation

Panellists:
Gloria Mamba, Divisional Executive - Investment Banking, Development Bank of Southern Africa
Annette Berendsen, Manager Business Development Private Equity, FMO

The small and medium sized enterprise segment composes the bulk of most African economies. These companies often lack access to finance, markets and management expertise, but their growth potential – and their development impact – is huge.

• What are the main barriers to the development of African SMEs? How can these barriers be overcome?
• What lessons have been learned by the first generation of African SME investors? How can the next wave of funds improve results and returns?
• What is the best model for directly investing in SMEs? How can investments be structured to improve the likelihood of returns?
• In development terms, is supporting SMEs directly preferable to supporting financial institutions and building domestic support mechanisms?

Moderator:
Peter Guest, Editor, This is Africa

Panellists:
Chris West, Director, Shell Foundation
Nazeem Martin, Managing Director & CEO, Business Partners International

General partners are good at selling the message that Africa is ready for investment, but not all limited partners are convinced. What are their principal concerns and how can these be overcome?

• Is now the right time to look at African private equity?
• What are LPs’ major concerns when looking at the asset class?
• Where would African PE fit into an investor’s portfolio?
• What are investors’ preferred models and fund types – international or domestic, directly into transactions or through funds?

Moderator:
Jennifer Choi, Director of Research, EMPEA

Panellists:
Michael Addo, The General Manager of Investment & Development, The Social Security and National Insurance Trust (Ghana)
Nick Greenwood, Pension Fund Manager, Royal County of Berkshire Pension Fund