<h1 style="text-align:center;">In the Field with RENEW - Part 2</h1>Continuing with <a href="field-renew.html">In the Field with RENEW,</a> we share what a typical week looks like for the RENEW team in Ethiopia.Question: “What exactly does the RENEW team do in a typical week?”Answer: There are a number of things we do when we are working in a country like Ethiopia. Our activities are generally organized into a few bins:<ul><li>Bin 1 – Building a trusted network: As I mentioned in our last post, without a network of people you trust, working in emerging economies would be nearly impossible. Thus, our team invests considerable amounts of our time finding people we can trust. This is not a quantity game, and takes time. This is an art not a science. Do you have good emotional intelligence? If so, you’ll do well at building a trusted network. People need to trust you, and they will not if you rush your time with them, make the purpose of every meeting about ‘your objectives’, come off as self-serving, or don’t respect local customs. Our team spends about 30% of our time building a trusted network. This number is especially high at the onset of our time in a country. This looks like going to dinners, grabbing coffees, hosting dinners, or meeting for drinks. Our goal is to build genuine, mutually beneficial relationships.</li><li>Bin 2 – Finding and vetting opportunities: Initially, we don’t spend a lot of time in the field building up our pipeline with opportunities. Once we have a strong trusted network, our time is more focused on vetting opportunities. This isn’t just due diligence, but also requires considerable amounts of time preparing the documentation needed to invest in a business. Initially the team spends about 25% of our time in this bin, and later much more as we become more established.</li><li>Bin 3 – Understanding how to navigate the system: This is another HUGE time commitment, especially at the beginning of our time in a country. This involves meeting with government officials, and traveling from one office to the next, until we can find someone that has the latest information about investment laws, knows the right procedures, and has the current forms. This takes up about 30% of our time. It involves face-to-face meetings, traveling from one office to the next, desk research, and meeting with local attorneys and accountants. Understanding how to navigate the system makes up one of the biggest investments our company has to bear, but it is absolutely necessary to ensure we create the right environment for our impact angels to invest.</li><li>Bin 4 – Prep and follow-up: Finally, when we can find a good hotspot, we are emailing and making calls to either prepare for an angel trip, or follow up with angels in the U.S. Ensuring we are responsive to requests from investors is very important, especially in a world where responsiveness and quality are still developing habits.</li></ul>There is a fifth bin, which we could call “the RENEW magic” but we’ll save that for those of you who will work with us. We can’t give all of our secrets away. ;)

....we share what a typical week looks like for the RENEW team in Ethiopia.

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In the Field with RENEW - Part 2

<h1 style="text-align:center;">Part 5: How to Become an Impact Angel</h1>A New Strategy for Africa and other Emerging Economies (Part 5): How to Become an Impact AngelContinuing our series on a new strategy for Africa, we will now go through the steps to becoming an impact angel. Here we talk through Step 1: Having the mindset of an impact angel.Do you think like an impact angel? As a first step, determine whether you think like an impact angel. How you think is informed by your beliefs. Here are some core beliefs we have gleaned from discussions with hundreds of active or soon-to-be-active impact angels. The central belief of an impact angel is that investing (vs. giving) creates long-term, sustainable impact in a developing country. An impact angel believes that investing in high growth, small and medium enterprises (vs. microenterprises or large infrastructure projects) will create jobs through local businesses. They know this investment can generate attractive returns and has a multiplier effect in the local economy by generating tax revenue, prospering local businesses and offsetting foreign imports. Impact angels believe that the private sector is the means of solving many of the current problems (the West tries to fix) in developing countries. Hans Rosling, the infamous TEDTalks statistician, captures this belief in a simple chart (See Figure 1). Impact angels believe investing aligns their goals to their native skills – building competitive businesses – and incentivizes them to ensure the businesses in which they invest grow.<figure class="image"><img src="/uploads/Hans_Rosling_0e04f2257d.png"><figcaption>Figure 1: Hans Rosling’s Chart on the Dimensions of Development.</figcaption></figure>Do you have the means and skill to become an impact angel? I would be exaggerating if I said anyone can become an impact angel, but in the West it’s probably more possible than you think. Becoming an impact angel is not something reserved for the super wealthy, although angel investors are traditionally self-made, high-net-worth individuals (HNWIs). According to the U.S. Census Bureau, in 2010 there were about almost 14 million individuals making more than $100,000 per year in the U.S.At RENEW, we focus on impact investments between $100K - $2M, which fills a critical investment gap in the financial markets in developing countries. This investment size is often comfortable for a HNWI, but is also entirely possible for a group of five to ten people who want to pool their money and form a mini-impact angel fund. We’ll talk more about these steps in later posts. More good news: the U.S. government is making it easier for more people to get into these investments – <a href="http://www.politico.com/news/stories/0312/74363.html">see the “crowdfunding” bill.</a> Nonetheless, angel investing in businesses in Africa is risky, so you should work with someone who knows what they are doing. Impact investing directly into businesses in developing counties is also a relatively new concept for both philanthropists and investors. Current options are limited to micro-lending, donating to a nonprofit or investing in specialized impact funds. Only a few companies like RENEW are creating the path to enable individuals and groups to invest in high growth businesses in developing economies. Impact angels also have some education or background in business. The transfer of these skills to entrepreneurs in developing countries is invaluable. Although many entrepreneurs can navigate the dynamics of their local market far better than their counterparts in the West, they crave someone to educate them about international best practices, connect them to markets in the West, and advise them on how to package their products to attract Western clients. Luckily we have ample resources in the West. According to the Graduate Management Admission Council there are more than 100,000 MBA degrees awarded annually in the U.S. Thus, if you have some capital and some business skills, you likely have what it takes to become an impact angel.Which direction are you approaching from? The direction from which you approach becoming an impact angel should be thought through, because it will help in the process to develop your investment strategy (outlined in later posts). Generally speaking, we see two directions from which potential impact angels approach from. One approach comes from the donor side. Here, a current philanthropist is seeking an alternative to giving. The second approach comes from the investor side. Here an investor sees the potential of getting in early to high growth countries like Ethiopia, but doesn’t want to dive into a $50M commitment, or invest through a fund that makes it hard to track where the investments go. These two approaches generally fit into five investment personas (See Figure 2).<figure class="image"><img src="/uploads/Impact_Angel_Graphics_ee24e629f2.png"><figcaption>Figure 2: The five personas of an impact angel. &nbsp;</figcaption></figure>Most impact angels are a combination of more than one of these personas, but finding which resonates with you most, will help formulate your investment strategy.To summarize step 1: Having the mindset of an impact angel, is about ensuring you believe in the principles of being an impact angel. If you feel the draw and appeal of investing in the private sector in developing countries – both for the social and financial rewards it can bring – then you’re on the right track. If you want to invest in more than a microenterprise ($1 to ~$5,000), but less than a $50M fund or infrastructure project, then you are on the impact angel track. If you have the means to invest, either as an individual (easier for HNWIs) or as a group (~$25K via a mini-impact fund), then you are an impact angel candidate. If you have the an investor’s mindset and want to experience the satisfaction that comes from meeting with entrepreneurs in developing countries, getting your hands a little dirty, sharing your skills in business, learning about the culture and developing friendships in foreign lands, then you are a prime candidate to become an impact angel.

Step 1: Having the mindset of an impact angel.

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Part 5: How to Become an Impact Angel

<figure class="image"><img src="/uploads/Admin1_2_c4520f25a0.jpg"></figure><h1 style="text-align:center;">RENEW Announces Two New Team Members</h1>RENEW LLC recently added two new members to the team in Addis Ababa, Ethiopia and Washington, D.C. Finance and accounting specialist, <a href="https://renewcapital.com/team/lars-erik-baller">Lars Erik Baller</a> of Norway joined the field team in Addis Ababa, Ethiopia. Lars has extensive experience working with businesses across Africa. He brings a depth of financial expertise to the RENEW team, and will help them develop, assess, and grow their investments in Ethiopia and across the region. Legal and impact measurement specialist, <a href="https://renewcapital.com/team/tom-scriven">Tom Scriven, Esq.</a>, of the United States is working for the RENEW team in Washington D.C. Tom will help the RENEW team expand their in-house legal and transactional services.Please join the RENEW management team in welcoming Lars and Tom.<a href="https://renewcapital.com/sites/default/files/RENEW_Press_Release_-_Baller_Scriven_-_05_18_2012_0.pdf">Read full news release.</a>

Lars Erik Baller and Tom Scriven join the RENEW team.

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RENEW Announces Two New Team Members

<h1 style="text-align:center;">Part 6: How to Become an Impact Angel (Continued)</h1>A New Strategy for Africa and other Emerging Economies (Part 6): How to Become an Impact Angel (continued) - Building your Investment InfrastructureContinuing with our series on a new strategy for Africa, we resume the steps to become an “impact angel” (<a href="part-5-how-become-impact-angel.html">read previous blog</a>). Here we walk through Step 2: Building your investment infrastructure. It may be helpful to picture the investment infrastructure as three pillars supporting your impact investment activity in a country. These pillars are:<ul><li>Pillar 1 – Real Knowledge: This includes gathering and understanding information on the ground, in the country in which you want to invest. You can get a pretty good understanding of “political risk,” inflation and market behavior by reading the reports published by international organizations. But to really understand specific market segments, the incentive programs for foreign investors, the commercial code, the basis of the legal system and the culture – you have to get on the ground. This could take between one month and years to develop. Gathering and understanding this information should be done on location, with some desk research mixed in. The cost may be high depending on the number of flights you make, and whether you can keep your in-country costs such as transportation and lodging low.</li><li>Pillar 2 – Legal Infrastructure: This incudes the setup and acquisition of your offshore entities (to improve tax efficiency), local legal entities (to isolate legal liability), foreign investment licenses, country appropriate term sheets and shareholder agreements, bank account(s), and the minimum required capital, depending on the sector in which you are investing. Getting the legal infrastructure in place could take from a few weeks to a few months, depending on your relationships and the experience of your legal team. The cost could run into the tens of thousands of dollars, not including the minimum required capital.</li><li>Pillar 3 – Network: This includes building a trusted network including friends, a great attorney, key government relationships (preferably at the ministerial level), accounting and consulting firms, banks, etc. These relationships often take years to develop. Getting your network in place is an ongoing job. It should not be rushed and will often take a number of repeated meetings in a variety of settings.</li></ul>It could take years to develop your investment infrastructure. But don’t lose heart, it is possible and can be significantly shortened through a partnership with a firm that provides these services. You then must make sure you trust that firm! Again, do your homework.Once you or your partner have an infrastructure in place, and you have acquired real knowledge about which sectors are profitable to invest in, you should begin looking for investment opportunities. The best opportunities will come through your network. Your network will help you conduct qualitative due diligence – do this first. Find out about the reputation of the business and the owner(s). Qualitative due diligence is an art, and takes time. But it could save you thousands of dollars on transaction costs.Westerners in particular, must find a balance between investing their money in the first idea they encounter, and attempting to have everything in place as it would be in the U.S. or Europe (not possible in developing countries). When I first started RENEW, I spent a year traveling around the U.S. and Africa, just listening. I heard two very different stories. The first story was from the “jaded American.” It went like this.The Jaded American: I invested in a small business in Africa, and it didn’t work! I trusted this guy. Knew him for years. He had an idea to build out a dairy farm. I wrote a check for $150K to help him get the materials and equipment he needed and provide working capital. It seemed like a good opportunity. I even visited his farm before I headed home. Things went smoothly for the first month or so. But then, after awhile, it got harder to get ahold of him. He disappeared. Finally, he got back to me after eight months explaining that a family member was sick, and that he needed more money. I said forget it!Here’s the other story. This one I hear countless times in Africa.The Sino-Africa: Ha, Americans investing in Africa? By the time I am done understanding all they want me to fill out and send them, a year AND the opportunity has passed. Your American friends come back with all these requirements and 100 page contracts. The Chinese are much faster. They see something they want. We agree. We write something up, and they invest their money. They have someone here working with me. Their meetings are very efficient, and they make us work hard. But it’s business.What I have discovered is that the Chinese, Indians, Middle Easterners, Turks, Russians, Brazilians (etc.) either have, or know how to efficiently setup, investment infrastructure which they use to find, assess and close investments. They are patient and shrewd. On a daily basis, I observe our non-Western friends patiently waiting in lines at the Ethiopian Investment Authority, often for hours at a time, to get their licenses. They send their advance team over months, if not years, ahead of them to make sure they have their mobile SIM cards ready when they get off the plane. Their teams have learned the system and have all the necessary documentation prepare to avoid delays. When they are ready, they sign on the dotted line and get on with business. They don’t get frustrated or impatient about the bureaucracy. They see it as a part of doing business. The more business they do, the more they understand the process, and the easier it is for them to get the deal flow and, ultimately, the returns they want.And this is exactly what RENEW is doing. We have spent years developing an investment infrastructure and have a pipeline of well-researched investment opportunities. We are the advance team. In our next post we will discuss how angels form an “impact angel” group. Please don’t hesitate to contact us with any questions <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> or follow us on Twitter @RENEWLLC.

Step 2: Building your investment infrastructure.

Part 6: How to Become an Impact Angel (Continued)

<h1 style="text-align:center;">&nbsp;Case Study: Ethiopia</h1>ETHIOPIA: GETTING IN ON THE GROUND FLOOR<figure class="image"><img src="/uploads/graphic_renew_ethiopia_pipeline_diagram_150e5297b5.png"></figure>Since 2005, members of the RENEW team have been exploring opportunities in Ethiopia. Anticipating the country’s growth, RENEW spent years building relationships with local partners and members of the Diaspora, learning the business environment, and witnessing the impressive growth across Addis and other cities throughout Ethiopia.In 2012, RENEW formalized our presence in what many believe to be one of the fastest growing economies in the world. In February, RENEW opened our East Africa office in Addis. In addition to navigating the formal registration process, our team has begun to develop a quality pipeline of investment opportunities, and we are currently closing our first investments.We have a strong network of local technical assistance (TA) partners, development organizations, and professional firms including lawyers, accountants and consultants that share our vision to establish an angel investment market in Ethiopia. We have begun organizing a number of investors throughout the U.S. and Europe, and our investment activity will increase over the next two years.FIND OUT MORE ABOUT OUR PROJECT IN ETHIOPIA: <a href="https://www.renewcapital.com/newsroom/Ethiopia%20Angel%20Trip%201%20Overview%20and%20Photos">Ethiopia Angel Trip: Overview and Photos</a> <a href="https://www.renewcapital.com/newsroom/Ethiopia%20Angel%20Trip%201%20Overview%20and%20Photos%20Cont">Ethiopia Angel Trip: Overview and Photos, Continued</a> <a href="https://www.renewcapital.com/newsroom/In%20the%20Field%20with%20RENEW" target="_blank" rel="noopener noreferrer">In the Field with RENEW</a> <a href="https://www.renewcapital.com/newsroom/In%20the%20Field%20with%20RENEW%20%20Part%202" target="_blank" rel="noopener noreferrer">In the Field with RENEW - Part 2</a> <a href="https://www.renewcapital.com/newsroom" target="_blank" rel="noopener noreferrer">Visit RENEW's Ethiopia Blog Page</a>

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 Case Study: Ethiopia

<h1 style="text-align:center;">Introducing Our New Website</h1>Welcome and thank you for visiting our “renewed” website.I’d like to provide a brief overview of the changes we’ve made. Our primary goal for the new website is to enhance your experience. Your experience is woven into everything we do. We are fundamentally an impact investment company, but what we do goes far beyond facilitating direct investments into businesses in developing countries. The RENEW experience provides our investors with stories, memories, relationships, opportunities to explore, learn and teach, and the means to impact nations and achieve financial returns. So why should you have to wait until you travel with us to start enjoying your experience? We hope our website provides you with the first of many directional signposts on the journey of a lifetime. Here’s an overview:Simple navigation: Knowing that investing in developing countries can be daunting, RENEW’s brand and services are designed to make the process easy and enjoyable. You will find clear symbols and simple language on the website to guide you to resources, tools, opportunities and stories about investing in developing countries.Customized pages: New pages have been created for our investors and partners. Because RENEW is optimizing impact creation in developing countries through investing, we rely on strong collaboration and partnerships with development organizations to make investments profitable and efficient. A <a href="../../new-strategy/partners.html">“For Partners”</a> link on the homepage directs current and prospective development partners to information about our model, our services, our past performance and some of the partners we have worked with in the past. A<a href="https://www.renewcapital.com/investing" target="_blank" rel="noopener noreferrer"> “For Investors” </a>link on the homepage directs current and prospective investors to the Investor Lounge. This is an evolving page where we add new features for investors to explore investing in excellent opportunities in developing countries. In the Investor Lounge you can learn about our services, explore the steps to investing, learn about our “econ-tourism” trips, see example investments and more.A simplified message: “Impact investing,” or whichever term you chose to describe investing for financial and social returns, is an emerging field in finance and philanthropy. Success stories are only starting to emerge and the field is packed with what can be confusing, academic jargon. We do our best to keep it simple and make it easy for investors, partners and business owners to engage in a new strategy for development. To reduce ambiguity we put what we do front and center on our homepage – We facilitate direct investments into promising businesses in developing countries.There’s much more on the site that we hope you enjoy including quotes, blogs and a full description for a new strategy for how the West can engage Africa and other developing countries. We will be making more changes in the future, so please stay connected with us and please send us your thoughts and feedback!

Welcome, and thank you for visiting our “renewed” website.

Introducing Our New Website

<figure class="image"><img src="/uploads/ag_forum_logo_2_49cb82a1d9.png"></figure><h1 style="text-align:center;">MNCs: You Can Be Angels Too...</h1>Last week in Addis Ababa the Corporate Council on Africa, in partnership with USAID and several international agriculture companies, hosted the U.S.-Africa Agribusiness Investment Forum at the beautiful Sheraton Hotel. The forum provided an excellent meeting place for multinational companies, investors and development organizations to discuss the opportunities and challenges of investing in Africa's lush and untapped agriculture sector. I met so many interesting people working on great projects. The Ethiopia Commodity Exchange, Agriculture Transformation Agency, Overseas Private Investment Corporation, Africa Development Bank and a host of other important players participated in the forum. The panel discussions showcased new models for starting, growing and investing in agriculture business in Africa. However, I observed that there were only a handful of African-owned businesses in attendance. Granted, that may not have been the target market for the forum, but it made me wonder about one particular way our (the West’s) model for entering Africa could evolve. Here’s my reasoning:One of the common stories I hear about “Africa” is how challenging it is to do agriculture here. The list is long - including issues with land rights, climate, supply chains, local unrest, limited willingness to trade with neighboring countries, etc. The predominant model for entering Africa it through joint ventures with large local companies, greenfield expansions, acquiring privatized government companies, or acquiring a majority stake in a large local companies. "Go big or go home" is the main way the West enters – because that’s how the economics of agriculture typically work.I wonder if there’s a different approach for how the West can enter Africa’s agriculture market. MNCs usually have a CSR department, and for Africa that often means a fund to support the local community where the MNC is working - building school, drilling water wells, building a clinic, etc. In this way, the MNC begins providing what the local government cannot. Sometimes these programs work; sometimes they don't. But what if two years before entering an area in Africa in a big way, the company's CSR team took a different approach? The MNC could identify local companies (likely SMEs) along their supply chain. They could then use their CSR budgets to make strategic investments in the local companies, with the goal of building up capacity and quality to meet the MNC's standards. If successful, when the MNC is ready to enter the market, their brand would already be strong with the local community because of the investments they had made in the local economy and the jobs that were created. The returns they receive from these investments could be pooled in a fund, and perhaps matched by foundations and development organizations, to finance more “social” programs such as schools, wells, etc. Could this become a fully sustained system that grows together off successful business ventures? If I were the MNC, I would feel more secure about doing a big project, because over those two years of investing I would have learned a whole lot about the economy, working with the government, and I would have built strong relationships with the national, regional and local governments. The business community would know my name as it is associated with “MNC Ventures.” My MNC would have become an “impact angel” investor!In light of this strategy, it would be interesting at next year's Forum to have a breakout session with an MNC, a co-investor and a portfolio of pre-selected companies along the MNC’s supply chain. The local businesses would pitch their company’s products and services, their investment needs and their projected returns to the MNC and investors. The MNC, as the future customer and the investor, would select the most promising companies that align with their future business needs, and then have another meeting with local partners and co-investors to develop an investment plan that would build the capacity of these local businesses to meet the MNC’s future needs. As a result, the MNC would be committed, because they are investing their money instead of donating it (and may be less likely to back out on year two), the development community would have a clear business focus to support, the co-investors can share the risk, and the local businesses... well, let’s ask them.<figure class="image"><img src="/uploads/dsc_0413_0_352c80ea3f.jpg"></figure>

Is there a different approach for how MNCs can enter Africa’s agriculture market?

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MNCs: You Can Be Angels Too...

<h1 style="text-align:center;">Why I Was Drawn to RENEW</h1><figure class="image"><img src="/uploads/egypt_door_69c2cb9035.jpg"></figure>When I was first introduced to RENEW several years ago, I was not yet familiar with the concept of impact investing or angel investors. I had yet to travel to Africa, and I didn’t know the statistics that countries in Africa are becoming some of the fastest growing economies or that the U.S. is significantly behind China and other foreign countries in investing in Africa.I didn’t know many of the things I know now about impact investing, but what I did know was this: pure and simple development as the U.S. has known it – handing out money to this organization and that – isn’t enough. I had traveled, studied and learned about many countries, impoverished communities and development organizations, and I was about to move to Cairo, Egypt, a city with more than 17 million people, 20 to 30% of whom live below poverty level. Even before moving to Cairo and seeing the story of poverty and development first-hand, I knew that the traditional model of development was lacking. For a country, a business, an individual to grow and move forward, handing them a dollar a day isn’t good enough. What happens the next day? They need another dollar. And another the next, and the next, and the next. The cycle is endless and it seems that the very act of continuously giving money actually perpetuates itself. No matter how much money is raised and given, the country/business/individual will likely need even more the next year, and the cycle will continue.I had already discovered these things about development when I became acquainted with RENEW’s work three years ago, and that is why I knew RENEW’s model of connecting investors to growing businesses in Africa was not only brilliant, but necessary.In the interim, my time living in Egypt and traveling to various other developing countries confirmed my beliefs. I saw countless situations in Egypt where development dollars left a community just as unable to help themselves as before. In many cases it actually reinforced the mindset of poverty, rather than helping communities and countries move forward into social and economic stability. Although I believe there is certainly a time and place for giving aid to people in need, the continuous act of providing aid can undermine that group’s ability and drive to look for the opportunities around them. Many of the impoverished people I met in Egypt were stuck in a cycle of poverty that was fueled by the continuous aid they were receiving. If there were abundant opportunities for businesses there to receive investments and growth capital, expand, hire more people and grow, the story of many individuals I have met would look very different. Investing in promising businesses creates jobs, strengthens the economy and is a golden opportunity to help people help themselves. This is the work that RENEW is doing, and as I learned more about the opportunities and issues in developing countries, the more I saw how important this work is.<figure class="image"><img src="/uploads/egypt_mt_sinai_0_84bc755899.jpg"></figure>Now, it’s been several years since I first grew acquainted with RENEW. I’m thrilled to become a member of the team and more excited than ever about the work RENEW is doing. RENEW’s vision of redirecting money going into Africa into investing in promising businesses rather than simply giving is the next and necessary step for how the U.S. needs to interact with the developing world. I believe that each dollar going toward an investment in a great business will have a far greater impact on the community, country and economy as a whole, and I believe we need to move in that direction. &nbsp;&nbsp;

When I was first introduced to RENEW several years ago...

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Why I Was Drawn to RENEW

<h1 style="text-align:center;">In the News…The Africa Beats</h1>Welcome to RENEW's In the News…The Africa Beats. The following post includes highlights on topics such as U.S.-Africa relations, Ethiopia, Impact Investing and more:US and Africa SABC News - The American government is moving forward with plans to increase investment in Africa and build up America’s commercial relationship with Africa, as part of President Obama’s strategy toward sub-Saharan Africa. The ‘doing business in Africa’ campaign is part of this new initiative, and the Obama administration plans to take steps to encourage more trade, investment, and economic growth in Africa through educating US businesses about the ripe investment climate on the continent. <a href="http://www.sabc.co.za/news/a/b1c6a1004da11644aaf2fbe570eb4ca2/US-to-intensify-Africa-investment--20121129">Read full article</a>Ethiopia Ventures - Ethiopia’s Prime Minister, Hailemariam Desalegn, who took office in September 2012 following the death of his predecessor, Meles Zenawi, has started taking steps to open the country up for more foreign investment. Last week, the prime minister signed a deal that will lift domestic restrictions on investors from their closest neighbor, Kenya. This is hopefully the first step of many in inviting more foreign investors into the country. <a href="http://www.ventures-africa.com/2012/11/ethiopia-opens-up-for-investment/">Read full article</a>Invest in Africa Business Day Live - Foreign direct investment in Africa is still on the rise, according to positive comments last Wednesday from the Rand Merchant Bank (RMB). RMB confirmed that South Africa is still the most attractive country in Africa for foreign direct investment, and that, despite the country’s continued battles with poverty and inequality, purchasing power remains strong. Egypt, Ghana, Nigeria, and Tunisia follow close behind South Africa in terms of attractive investment climates, and RMB reported that investors are seeing expansive opportunities for foreign direct investment in sub-Saharan Africa, especially in the resources sector. <a href="http://www.bdlive.co.za/world/africa/2012/11/29/africa-gains-popularity-as-investment-destination-says-rmb">Read full article</a>The East African - A survey by the Emerging Markets Private Equity Association (EMPEA) released last week shows that 76% of private equity firms polled have more interest in investing in emerging market funds, as opposed to those who were interested in developed economies-focused funds. The survey also showed that sub-Saharan Africa-focused funds are expected to perform ahead of other emerging markets such as North Africa, Central and Eastern Europe and the Middle East, with Africa-focused firms expected to return an average of 16% per year. The survey revealed that sub-Saharan Africa is expected to be one of the most lucrative markets for private equity in 2012. <a href="http://www.theeastafrican.co.ke/business/Africa-is-most-attractive-for-investment-says-survey/-/2560/1628052/-/pr2mvh/-/com.coremedia.mauritius.cae.contentbeans.MauArticleImpl$$[id=1628052]&amp;title=Africa is most attractive for investment — survey/">Read full article</a>Impact Investing Harvard Business Review - The number of women investors in the angel investment realm is on the rise, and with good results. Although historically women have made up just 10-15% of angel investors and venture capitalists, that number is starting to increase. The Kauffmann Foundation recently found that venture funds with more women involved tend to invest in companies founded by women 70% of the time, and that women entrepreneurs bring in 20% more revenue with 50% less money invested. Investors who are looking to expand their network should take note. <a href="http://blogs.hbr.org/cs/2012/12/a_wave_of_angel_investing_orga.html">Read full article</a>Conferences/Forums African Business Review - The second annual African Capital Markets Conference took place last Thursday, December 6, in London. On the agenda were discussions centered around the investment landscape of sub-Saharan Africa, including the growth of Africa’s currency debt markets, assessment of corporate funding options, how to promote growth and confidence in Africa’s debt markets and the role of developmental finance in the investment market in Africa. The conference included participants who are already active in investments in Africa, along with others who are looking to capitalize on the wealth of opportunities there. <a href="http://www.africanbusinessreview.co.za/money_matters/african-investment-is-on-the-agenda">Read full article</a>

Investing in Africa