<h1 style="text-align:center;">We Hit 100!</h1><figure class="image"><img src="/uploads/toast_5a775dbfe1.jpg"></figure>This past month, the Impact Angel Network hit an important milestone: It reached 100 members. Only one order of magnitude from our vision of thousands of investors investing into hundreds of companies across 20 countries on the continent of Africa.&nbsp;Perhaps it's worth explaining why this milestone, and RENEW’s vision for a thousand-member network, is so important.First, there is much more to this story than angel investing.If we go back in time, to the point when nations start to accelerate beyond their agrarian roots, to industrialized countries and a thriving private sector that pulls many out of poverty into the middle class – it’s entrepreneurs that are at the center of that story. The young and determined that went on to claim the title of captains of industry. While far from perfect, Rockefeller, Carnegie,&nbsp;and Morgan, and then Jobs&nbsp;and Gates, did amazing things for my country. And yes, they all started as an idea, then a garage and then a mid-size company, that they grew into great ones. They were determined, passionate, hard-working and visionary. And they had some help along the way…from investors.We believe this talent can be found on the continent of Africa. You must seek them out, but they are here, working hard at innovating and bringing value to their markets. They are overlooked by much of the world and definitely underserved by the local capital market. There is virtually no medium-term, risk capital available for these young Edisons. There within lies the problem and the opportunity. RENEW’s Impact Angel Network seeks to find and invest in these future business legends, and unlock the massive economic force inside each nation. In doing so, we create&nbsp;jobs,&nbsp;and provide better access to healthcare, education and clean water for the thousands we employ and eventually the millions living in the communities where these legends build their companies. Read more in our latest <a href="second-annual-impact-report.html">Impact Report.</a>Recently,&nbsp;the UN Secretary General, António Guterres,&nbsp;<a href="https://news.impactalpha.com/deadline-2030-less-than-5-000-days-and-counting-to-meet-global-goals-7bde7d7e4085">asked for the private sector's help&nbsp;</a> in achieving the Sustainable Development Goals (SDGs).&nbsp;Well, I am proud and inspired by the more than 100 amazing families that I have personally gotten to know since the IAN was founded in 2013 that are already taking up this call-to-action. And I am also incredibly proud of the hundreds of amazing entrepreneurs who I personally know who are working day-in and day-out to build companies that bring new products and services to their markets, creating valuable jobs, and acting as good stewards in their communities. Here is a peak at a few of their <a href="https://youtu.be/FhLyVJwqS9c">stories</a>. I believe this is exactly what Mr. Guterres is asking for.<figure class="image"><img src="/uploads/first_trip_1_45d7edd176.jpg"></figure>Many people have told us that building an angel network dedicated to investing in growth business on the continent of Africa was impossible: we’ve heard “They will ask you too many questions, and it will be awful to manage.” Or “You will have so many problems investing in small and medium sized businesses in Africa; they are too much work.” Thankfully, I find solace in these statements of doubt; it means RENEW and the IAN are onto something disruptive and game-changing! We’re trailblazers.So, find us when we get to 1,000, or join us now and be part of the adventure. We'll still be here, driving entrepreneurship; playing our part in building Africa's private sector; providing a platform for conscious capitalists to invest good companies; and I believe making a dent in the&nbsp;<a href="http://www.undp.org/content/undp/en/home/sustainable-development-goals.html">SDG goals.</a>This is the story and the vision of the Impact Angel Network. <a href="http://renewcapital.com/impact-angel-network/join">Join us!</a><figure class="image"><img src="/uploads/grow_build_leave_tagline_1_3a96cb57f5.jpg"></figure>

The Impact Angel Network crosses the 100-member mark

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We Hit 100!

<h1 style="text-align:center;">What about China in Africa?</h1>In June 2017, McKinsey &amp; Company published a report, "Dance of the lions and dragons: How are Africa and China engaging, and how will the partnership evolve?" about the Chinese presence in Africa.The report analyzes data from on-site interviews with more than 100 senior African business and government leaders, as well as the owners or managers of more than 1,000 Chinese firms and factories spread across eight African countries. Together, they make up approximately two-thirds&nbsp;of Sub- Saharan Africa’s gross domestic product (GDP).McKinsey evaluated Africa’s economic partnerships with the rest of the world across five dimensions: trade, investment stock, investment growth, infrastructure financing, and aid. China is in the top four for Africa in all these dimensions. No other country matches this depth and breadth of engagement.<figure class="image image_resized" style="width:99.22%;"><img src="/uploads/screen_shot_2017_07_26_at_11_42_29_am_0_d552fd2da6.png"><figcaption>All Images are from McKinsey &amp; Company's Report linked below</figcaption></figure>The 8 countries surveyed were classified in four archetypes:<ul><li>Robust partners: Ethiopia and South Africa - &nbsp;both countries have translated their national economic development strategies into specific initiatives related to China.</li><li>Solid partners: Kenya, Nigeria, and Tanzania.</li><li>Unbalanced partners: Angola and Zambia.</li><li>Nascent partners: Côte d’Ivoire.</li></ul>Highlights:<ul><li>McKinsey identified 10,000 Chinese-owned firms operating in Africa, which 90% are privately owned.</li><li>1/3 are involved in manufacturing, 1/4 in services, and around 1/5 in trade and in construction and real estate. In manufacturing, they estimate that 12% of Africa’s industrial production—valued at some $500 billion a year in total—is already handled by Chinese firms. In infrastructure, Chinese firms’ dominance is even more pronounced, and they claim nearly 50 percent of Africa’s internationally contracted construction market.</li><li>The firms surveyed are profitable; nearly one-third of them reported 2015 profit margins of more than 20%.</li><li>It concludes that there is a net positive balance of Chinese involvement in Africa: job creation (From the surveyed companies, 89% of the employees are Africans); transfer of new technology and knowledge and; financing and development of infrastructure.</li><li>They also mention areas that require significant improvement: Only 47% of Chinese firms' sourcing was from Local African companies.</li><li>Major labor and environmental violations by Chinese-owned businesses (ranging from inhumane working conditions to illegal extraction of natural resources).</li><li>In the last two decades, China has become Africa’s biggest economic partner. Across trade, investment, infrastructure financing, and aid. The Chinese “dragons”—firms of all sizes and sectors—are bringing capital investments, management know-how, and entrepreneurial energy.</li><li>They argue that there is considerable upside for Africa if Chinese investment and business activity accelerates.</li><li>At the macroeconomic level, African economies could gain greater capital investment to boost productivity, competitiveness, and technological readiness, and tens of millions more African workers could gain stable employment.</li><li>At the microeconomic level, however, there will be winners and losers. Particularly in sectors such as manufacturing, where African firms lag in global productivity levels, African incumbents will need to dramatically improve their productivity and efficiency to compete—or partner effectively— with the new "dragons".<ul><li>They also identified 3 gaps to be overcome by African countries with this partnership: corruption, personal safety, and language and cultural barriers.</li></ul></li></ul>Overall, the report provides an idea of the size and depth of the Chinese influence, and Ethiopia is one of the biggest partners. However, the report does not provide any critical perspective on the impact on African SME's which is extremely relevant to address with the countries surveyed,Read a full copy of the report, <a href="http://www.mckinsey.com/Global-Themes/Middle-East-and-Africa/The-closest-look-yet-at-Chinese-economic-engagement-in-Africa">Dance of the lions and dragons: How are Africa and China engaging, and how will the partnership evolve?</a> by McKinsey &amp; Company.

Highlights of the recent report from McKinsey & Company on the Chinese presence in Africa

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What about China in Africa?

<h1 style="text-align:center;">ANDE’s 2016 State of the Small &amp; Growing Business Sector Report</h1>The Aspen Network of Development Entrepreneurs (ANDE) recently published their 2016 State of the Small &amp; Growing Business Sector Report. Within it, they look at the current state of the small business sector and the organizations supporting entrepreneurs in emerging markets. Similar to RENEW and the Impact Angel Network, ANDE believes in small and growing businesses (SGBs) ability to pull countries out of poverty.In the report, ANDE argues that the most sustainable way to achieve development objectives is by support entrepreneurs. Businesses create jobs and can help communities create their own story. Throughout the report a strong correlation is made between thriving SGBs and achieving the Sustainable Development Goals (SDGs). (pg. 5). SDGs are 17 global goals that have 169 targets covering very broad sustainable development issues. They address topics such as gender inequality, climate change, and education.ANDE then goes on to focus on key challenges of the SGB sector, including: capacity development, corporate engagement, acceleration and talent. They note that aside from access to finance, talent is a key challenge for entrepreneurs globally, but it becomes increasingly difficult in emerging markets. ANDE points out the correlation between human capital and financial capital and the importance of having a strong middle management in place in these businesses.<figure class="image image-style-align-center image_resized" style="width:45.07%;"><img src="/uploads/andepic1_db5a8fbbea.png"></figure>The report also outlines several investment trends over the past decade by comparing investment vehicles that were launched between 2012-2016, compared to the previous five years. Between 2012 and 2016, there was a noticeable shift towards Asia. Vehicles launched in South Asia have increased to 35%, whereas those in Sub-Saharan Africa now only make up 25% of vehicles, compared to 37% from the previous five years. They also noticed a large shift towards health and financial services, as well as a shit towards agriculture in the past five years.The report lastly touches on 6 main emerging markets: Brazil, Central America &amp; Mexico, East Africa, India, South Africa, and West Africa.We focused on the section on East Africa, due to RENEW’s current location in Ethiopia. Below are the statistics from the report, along with key entrepreneurial trends outlined for East Africa.&nbsp;&nbsp;<figure class="image image_resized" style="width:99.68%;"><img src="/uploads/andepic2_2ae1e11cbc.png"></figure><figure class="image image_resized" style="width:98.76%;"><img src="/uploads/challenges_0_883cc13202.png"><figcaption>All Images are from ANDE's State of the Small &amp; Growing Business Sector, 2016 Impact Report</figcaption></figure>Key Entrepreneurial Trends:<ul><li>One key sector in East Africa for 2016 was Fintech. There was a growing interest in solar energy and the off-grid sector. Logistics and distribution were also becoming an emerging interest.</li><li>Early stage ventures in the region improved in quality throughout 2016. They noted that entrepreneurs are better able to cope with the challenges than in prior years.</li><li>There is an increase in the number of investors supporting early-stage ventures. This has allowed increased options for businesses and entrepreneurs in the region.</li><li>Companies within East Africa are beginning to look past Kenya and are looking to alternative countries and cities.</li><li>Lastly, they see that 2017 will be a challenging year for SGBs to have access to further finance (pg 29).</li></ul>Read the full <a href="https://www.andeglobal.org/wp-content/uploads/2021/04/ANDE-2016-Impact-Report.pdf">State of the Small &amp; Growing Business Sector Impact Report by ANDE</a> to get a deeper understanding of the other emerging markets mentioned.Be sure to also check out <a href="https://www.renewcapital.com/resources/blogs/The%20Second%20Annual%20Impact%20Report">RENEW’s Second Annual Impact Report</a>. The report gives key insights in the IAN’s vision, the portfolio in Ethiopia and the IAN itself &nbsp;

RENEW takes a closer look at the Impact Report’s findings.

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ANDE’s 2016 State of the Small & Growing Business Sector Report

<h1 style="text-align:center;">Upcoming Econ-Tourism Trips</h1>Join RENEW for our upcoming Econ-Tourism Trips to Ethiopia. IAN Members will have the opportunity to visit their investments, meet local entrepreneurs, and experience the country’s culture. Our two upcoming trips are being held:<ul><li>September 17 to 23, 2017</li><li>February 18 to 24, 2018</li></ul>RENEW encourages investors to travel to Ethiopia to gain a better understanding of the economic and investment environment of the country. RENEW believes these trips allow our members to come away with a deeper appreciation for the diverse culture and investment opportunities Ethiopia has to offer.Learn more&nbsp;about Econ-Tourism Trips and read about IAN members Andrew Umhau, Beth Marquette and Jodi Morris' personal trip experiences.Contact Erin O’Connor at&nbsp;<a href="mailto:eoconnor@renewcapital.com">eoconnor@renewcapital.com</a> if you are interested in learning more or participating on one of these upcoming trips.&nbsp;

Fall and Winter Econ-Tourism Trips to Ethiopia

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Upcoming Econ-Tourism Trips

<h1 style="text-align:center;">From India to Ethiopia</h1>Travelling has always excited me, even when it’s an hour-long drive to an unexplored territory. In May, I had the opportunity to go to Ethiopia; it was my first international trip, and I was quite excited. It was the longest flight I’ve ever been on – about 8 hours long.For me, being in Addis was like travelling to India fifteen years ago. The growing construction activity, booming fashion trends, busy traffic and street food, reminded me of India a little more than a decade back. Moreover, I witnessed people celebrating their weddings with car parades, which reminded me of the weddings in India.There were many things that I loved about Ethiopia, but there were two things that stood out: the weather and the exotic cuisine. The weather was pleasant and slightly chilly which made the entire journey enjoyable. Weather in India varies across the country and my hometown usually has high temperatures (about 42 degrees) in summer and low temperatures (about 0 degrees) in winter. While I was in Addis, the temperature was a comfortable 25 degrees most days. I have always preferred cold areas to hot or humid areas. Cold and pleasant weather always keeps my mind and my body going.<figure class="image image_resized" style="width:98.3%;"><img src="/uploads/unnamed_4_0_d7c735e249.jpg"></figure>Having a passion for cooking, I am always up for exploring new food cuisines. Trying out food in different food joints in Addis made the entire stay memorable. My favorite dish was grilled chicken, which my colleagues and I enjoyed at a food joint near our office.Another thing that I loved while I was in Addis was the specialty coffee. In India, instant coffee is quite popular. My favorite coffee was Robera coffee, and I bought sufficient amounts for my personal consumption back home. I bought about five different kinds of coffees while in Addis as I was quite excited to taste as many as I could.<figure class="image"><img src="/uploads/2017_07_05_d36eae898f.jpg"></figure>Weekdays were busy with getting to know my colleagues and understanding more about the organization. Whereas the weekends were mostly occupied with a city tour and other fun activities. An interesting aspect of the city tour was the visit to the market – vegetables, spices, clothing and utensils, were all available in one place. It seemed ironic how such narrow lanes were equipped with all your needs.Overall, I loved my trip to Ethiopia especially because of the pleasant weather, exotic food and awesome coffee. Above all, spending quality time with my colleagues made the entire journey memorable.

Neetesh’s first trip out of India to Ethiopia

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From India to Ethiopia

<h1 style="text-align:center;">The Second Annual Impact Report</h1>RENEW announces the Impact Angel Network’s (IAN) second annual impact report. We hope it will give you key insights into the IAN’s vision, the portfolio in Ethiopia and the IAN itself, and in doing so, we will take you back to the source of some of Ethiopia’s greatest resources.With seven investments in Ethiopia, the IAN now supports 1,490 jobs, with 812 having been created post investment. Our portfolio companies now source from more than 4,300 small holder farmers. Read our Impact Reports: •<a href="https://latest-api.renewcapital.com/uploads/RENEW_Impact_Report_2017_c0d6c8251c.pdf"> Impact Report (June 2017)</a> • <a href="https://latest-api.renewcapital.com/uploads/RENEW_LLC_Impact_Report_2016_d7bb848962.pdf">Impact Report (June 2016)</a><figure class="image"><img src="/uploads/renew_report_cover_fotor_001380ba9e.jpg"></figure>

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The Second Annual Impact Report

<h1 style="text-align:center;">The Economic Outlook of Ethiopia: An Overview</h1>Working in Ethiopia, we experience firsthand the economic challenges and opportunities faced by the country. Recently, two reports were published which outline the current economic state of Ethiopia and Sub-Saharan Africa. These reports give a great snapshot of the economic stability in Ethiopia, and the current outlook for opportunities and risks going forward in 2017 and beyond.The World Bank Group took a holistic view of Sub-Saharan Africa and found that growth within this region is recovering due to “rising commodity prices, strengthening external demand, and the end of drought in a number of countries” (World Bank, 2017). In the coming year, it is expected that growth within Sub-Saharan Africa will increase to “2.6 percent in 2017 and 3.2 percent in 2018” due to rising commodity prices and improvements to macroeconomic imbalances. Growth on output over the next three years is projected to be at 0.7%, a level where we are not likely to meet the poverty reduction goals within the region.When focusing on Ethiopia specifically, however, the report was more positive. The World Bank Group claims that countries which are non-resource intensive should have positive growth due to support from “infrastructure investment, resilient service sectors, and the recovery of agricultural production” (2017). Ethiopia particularly is slated to expand by 8.3% in 2017, 8.0% in 2018 and 7.9% in 2019, largely due to public investments. The country somehow maintains its position with the fastest and highest growth rate forecasted for any African country, followed by Tanzania and the Ivory Coast.UNDP takes a slightly more negative stance on the economic outlook over the next year, due to continued drought in parts of the country (as a result of the El Niño) and increased fuel prices which put added “pressures on inflation and foreign exchange reserves” (UNDP, 2017). UNDP found that Ethiopia’s economic growth in 2015/16 slowed down to 8%, compared to previous years where growth was around 10%. Currently, the service sectors and government expenditures are the primary reasons for the continued growth for the country.<figure class="image image_resized" style="width:99.22%;"><img src="/uploads/screen_shot_2017_06_30_at_6_35_34_pm_0_1987176991.png"></figure>One major growth driver on the demand side was government expenditures. In 2015/16 these expenditures grew to 27.2%, “gross domestic savings grew by 21.4 percent and savings as percent of GDP reached 22.4 percent and gross capital formation was 28.4 percent” (UNDP, 2017). These indicators show an investment and saving gap of 16.1% of GDP. One of the main sectors affecting the country’s export earnings is the agricultural sector. In Ethiopia, this sector accounts for 73% of current workforce and generates 70% of export earnings.During the first quarter of 2016/17, inflation appears to have been contained. There has been general increases to the price of goods at 8.5%, price of food is up 9.8%, and other items by 7.3% (UNDP, 2017). These food increases include Ethiopian staples such as wheat, teff and sorghum. Inflation price of food is usually due to the “seasonality in agricultural production” (UNDP, 2017). Interestingly, inflation usually occurs during May to October and deflates after the main harvest in November.The Ethiopian Birr is still slowly deprecating at a rate of 6.4%. When the UNDP published the report, the Birr was exchanging at 22.81 Birr to 1 USD. The Real Effective Exchange Rate however shows the Birr appreciating in the second quarter 0f 2016/17. Money supply growth was also up during this period by 25.1% on an annual basis, compared to the same time last year, where it was at 21.7%. The main contributor to this increase was the growth in credit over the past year.During the second quarter, exports of merchandise totalled USD 575 million, which is 20.5% lower than the same time as last year. This is due to international prices of goods declining and supply constraints affecting items such as: oilseeds, gold, flower, and leather. Imports into the country also decreased by 6% to USD 3.9 billion. This decrease, alongside rising fuel costs, indicates a lack of available foreign currency.“Export performance remains to be the challenge of the Ethiopian economy” (UNDP, 2017). The diversification is low since agricultural exports account for 70% of items exported, and manufactured products at 4%. In order to increase performance in this area, a heavier emphasis needs to be placed on exporting processed items such as leathers and textiles.These two recent economic reports paint an outlook for Ethiopia that identifies the challenges but is still hopeful. Despite the country’s slowed economic growth, it is still ahead of all other countries in the region. Upcoming challenges, including extended droughts for parts of Ethiopia, will continue to challenge the economic outlook and will add to the pressure “on domestic prices (inflation) and trade balance as import of food will be required” (UNDP, 2017).For more in-depth information on Ethiopia, the two economic briefs can be found here: <a href="http://pubdocs.worldbank.org/en/710231493655506452/Global-Economic-Prospects-June-2017-Regional-Overview-SSA.pdf">A Fragile Recovery Jun3 2017 World Bank Group</a> <a href="https://www.dropbox.com/s/g15sllurj3hrv27/Quarterly Economic brief 2017-1 (3).pdf?dl=0">United Nations Development Programme Ethiopia Volume 1 2017</a>

A look at the UNDP Quarterly Brief on Ethiopia and WBG’s Global Economic Prospects

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The Economic Outlook of Ethiopia: An Overview

<h1 style="text-align:center;">Resources on Global Markets</h1>In the following post, we bring your attention to some key players in the global markets as well as insightful commentaries that are helpful in learning about global supply chains. Below are four articles that we’ve found helpful to better understand global markets: &nbsp;<ul><li><a href="https://www.bloomberg.com/features/2017-blackstone-steve-schwarzman-interview/?utm_source=Daily+AR&amp;utm_campaign=423ccc88a9-RSS_EMAIL_CAMPAIGN&amp;utm_medium=email&amp;utm_term=0_c08a59015d-423ccc88a9-140324189">Interview with Steve Schwarzman</a>: Steve Schwarzman is the Blackstone co-founder, chairman, and chief executive officer. In this interview, he shares his learnings from decades of investing in private equity deals across the global markets. Blackstone has $368 billion assets under management and is a major private equity fund in global markets. &nbsp;</li><li>Daniel Schwartz, a 36-year old who turned around the global fast-foot chain Burger King by understanding&nbsp;the operations of the business from cooking burgers and cleaning toilets at a Burger King restaurant in Miami, Florida and by simply walking around. Learn more about his incredible story in his <a href="http://www.businessinsider.com/how-wall-street-prodigy-daniel-schwartz-saved-burger-king-2017-6">public profile</a>. &nbsp;</li><li>As Ethiopia becomes increasingly integrated into global supply chains, an executive should understand the global economy in an effective way. Avondale&nbsp;Asset Management posts frequent&nbsp;<a href="http://avondaleam.com/company-notes-digest-6-9-2017/">commentaries</a>&nbsp;by global CEOs and CFOs and finds out their views on the global economy. You can subscribe to Avondale's commentaries&nbsp;<a href="https://avondaleam.us2.list-manage.com/subscribe?u=01d425b8d26d70d5169b67771&amp;id=76c97944c3">here</a>. &nbsp;</li><li>The Internet is changing the world and is slowly evolving into a utility like power, water and other services. These changes are shaping economies and businesses across the globe. &nbsp;<a href="https://dq756f9pzlyr3.cloudfront.net/file/Internet+Trends+2017+Report.pdf">Mary Meeker's report on Internet Trends 2017</a> highlights this important resources trend. Mary Meeker is a partner at the Silicon Valley venture capital firm Kleiner Perkins Caufield &amp; Byers.</li></ul><figure class="image image_resized" style="width:98.76%;"><img src="/uploads/world_network_1_1_0_472c15fd82.jpg"><figcaption>Source: <a href="http://www.terem.com.au/blog/should-australian-innovators-be-connecting-to-global-markets-sooner-2/">Terem Technologies</a></figcaption></figure>

Take a few minutes to look at global markets like industry leaders do

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Resources on Global Markets

<h1 style="text-align:center;">The State of Private Equity and Venture Capital Sector in East Africa&nbsp;</h1>The private equity and venture capital sector has been growing sharply in East Africa. The number of firms in this space doubled in 2015 and 2016, as well as funds raised for East Africa investments have also increased. There was an estimated total of USD 1.1billion raised for private equity investment in East Africa for the past two years.The region has seen impressive growth in the number of strong private enterprises with scalable business models and we have seen a growing appreciation on the strategic value of private equity investments. Especially with second generation business leaders who are eager to scale their businesses to the next level of growth, as we can observe in RENEW’s portfolio companies such as Mama Fresh.East Africa has presented positive economic growth over the last years, and Ethiopia is certainly leading this growth trends. According to the most recent African Economic Outlook 2017, published by the African Development Bank Group ADBG “FDI should increase slightly in 2017, but remain volatile due to domestic and global risks FDI flows to Africa are expected to grow by about 2% in 2017, reaching USD 57.5 billion. Ethiopia is expected to be one of the largest (USD 4.4 billion).” KPMG and EAVCA recently surveyed 28 private equity and venture capital funds with activities in East African Countries. Here are some of the highlights from the report published this month:<ul><li>A total of 115 PE backed deals in East Africa have been reported by respondents from 2007 to 2016 (36 were reported from 2015 to 2016), with an estimated value of over USD 1.4 billion (USD 600 million for the 36 deals in 2015 to 2016).&nbsp; &nbsp;</li><li>Increase in the average investment size grew to USD 17 million in 2015 to 2016 from USD 10 million as per 2014 Survey.&nbsp; &nbsp;</li><li>An increased number of exits over the last two years. &nbsp;</li><li>There has also been a shift in exits method - &nbsp;7&nbsp;of the 34 exits have been through secondary exits to financial investors and 13 through sale to strategic investors. There has been a decline in the share buyback method from 11 in 2007 to 2014 to 2 in 2015 and 2016.&nbsp; &nbsp;</li><li>Of the responses received, the average reported actual IRR has been 19%, 3% lower compared to a target IRR of 22%.</li></ul>As PE activities increase in East Africa, the region still presents many opportunities. The number of PE deals recorded in the region has steadily risen over the years and investors foresee new opportunities in rapidly expanding markets, including Ethiopia and Tanzania, which should replace more traditionally favoured destinations such as Kenya.Please see the link to the full report:&nbsp;<a href="http://eavca.org/2017_KPMG_and_EAVCA_Private_Equity_in_East_Africa_Survey_Final.pdf"> KPMG and EAVCA Private Equity in East Africa Survey Final 2017</a>