Here is the paradox: well-structured infrastructure projects in Africa can deliver returns of up to 20% – among the highest globally – yet private capital still accounts for only around 11% of total infrastructure investment.

That gap is narrowing. Sovereign credit upgrades, regulatory reforms in countries such as Rwanda, Kenya, Ghana and Morocco, and improving PPP frameworks are shifting the landscape.

We view infrastructure as a long-term conviction bet. The OECD and African Union analysis is compelling: scaling annual infrastructure investment to $155 billion could more than double Africa’s GDP by 2040.

The difference between perceived and actual risk remains one of the most attractive asymmetries for experienced capital. We continue to build positions accordingly.