In this episode, Babacar Seck and I discuss how he started his career in venture capital and private equity, Proparco’s distinct characteristics as an LP and how it evaluates funds, how DFIs’ ESG standards benefit African VC, common mistakes that GPs make while fundraising and how the process works against them, why Africans, women, and first-time GPs struggle to raise money; what drives fund underperformance generally and how LPs can help; and what micro and macro factors will drive future adjustments in the African VC space.
The Trajectory Africa is a “pop-up” podcast exploring the trajectory, or pathway, of venture capital and startup formation in Africa. With the unique African landscape—market characteristics, business environment, goals, and culture—as a starting point, The Trajectory Africa aims to identify a destination for African tech, as well as the sign posts that signal direction of travel. It’s modeled on the concept of a mixtape, in which each episode, or “track” will feature a conversation with a “guest artist”, and a playlist for inspiration.