African Venture Capital Association presents Africa, The Rising Giant AVCA 9th Annual Conference

The Performance of African Private Equity

DAVID WILTON Chief Investment Officer &

Manager Global Private Equity IFC

Accra, April 22nd, 2012

The Performance of African Private Equity

David Wilton, Chief Investment Officer, Manager Global Private Equity, IFC

A  Very  Posi+ve  Contribu+on  From  Africa  

4  

IFC has out-performed the Emerging

Market Index with a much more

geographically diversified exposure.

*  Includes:  Agribusiness,  Cleantech,  Midcap,  Mining,  Pharma,  SME,  VC  and  Healthcare  Funds  **  Includes:  Agribusiness,  Cleantech,  Midcap,  Mining,  Pharma,  SME,  VC,  Healthcare,  Debt,  Forestry,  Infrastructure,  Listed,  Real  Estate,  Secondary  Funds  ***  All  PE  Fund  types  excluding  Forestry,  Infrastructure,  Real  Estate,  and  Secondary  Funds  ****  Iden+cal  cashflow  stream  converted  into  cumula+ve  MSCI  shares;  valued  as  the  new  terminal  value  (on  6/30/11)  for  the  series  of  cashflows  

African  Market  is  Evolving  

5  

Late 1990s – early 2000s: South Africa

Early-mid 2000s: Large pan-Africa expansions

Nigeria

Mid-2000s to date: Sub-Regional expansions

6  

First Time Fund Risk is Lower Than Expected

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

> -40

-40 -20

-19 - -10

-9 - 0

0 - 9 10 - 19

20 - 40

> 40

1st Time

Non-1st Time

Early Mover Advantage reduces risk on

1st Time funds in Emerging Markets

IRR Range

% of Funds

African Venture Capital Association presents Africa, The Rising Giant AVCA 9th Annual Conference