Africa Leads Globally in Gender Diversity in Private Capital – AVCA Report 2025

Africa has emerged as a global leader in gender diversity within private capital, according to the African Private Capital Association (AVCA). The association’s Gender Diversity in African Private Capital Report 2025 — the first Africa-focused analysis of its kind — shows that the continent outperforms global averages for women in senior investment roles.

The study covered 218 private capital investors, 3,099 employees, and 1,972 portfolio companies, offering a comprehensive snapshot of gender representation across the industry.

Key Findings

• Investment Professionals: Women represent 38% of investment professionals in Africa, compared to the global average of 35%.
• Investment Committees: Women hold 33% of seats, far above the global average of 12%.
• Workforce & Boards: Women make up 44% of the total workforce and 32% of board members — exceeding the one-third threshold at every level.
• Firm Size Impact: Smaller firms (<5 employees) show the strongest representation, with 50% female investment teams and 44% female committee members. Larger firms (> $1bn AUM) lag behind, with only 29% female investment teams and 19% female committee members, despite controlling the bulk of capital.

Portfolio Company Leadership

• Only 5% of private capital-backed companies in Africa are female-founded.
• Just 11% have a female CEO.
• Yet, performance is strong where women lead:
  • Female-founded firms employ 48% women and reported 50% revenue growth (2023–2024).
  • Mixed-gender founding teams employ 46% women and recorded the highest overall revenue growth (+40%).

AVCA CEO Abi Mustapha-Maduakor emphasized that Africa’s strong foundation in gender diversity must translate into equitable access to capital:
“Africa has one of the strongest foundations globally for gender diversity in private capital. But representation alone is not enough. We must ensure diverse leadership translates into equitable access to capital for women founders and executives.”

AVCA, the pan-African industry body, champions private capital investment across the continent, serving as a trusted source of insight to inspire investor confidence and highlight both commercial returns and social impact.edia storytelling?