After nearly nine years at the helm of the African Private Equity and Venture Capital Association (AVCA), Michelle Kathryn Essomé, CEO has announced her departure plans.

“Whilst I take some time to spend with my son and consider my next steps, please note that wherever my next role takes me, Africa will always remain in my heart,” she said.

AVCA team declined to comment on who will be the next CEO.

AVCA is the pan-African industry body which promotes and enables private investment in Africa.

This year marks AVCA’s 20th anniversary.

“Africa today is in many ways light years beyond where we stood in 2000. Since then, governance has improved considerably, economies have opened up, extreme poverty, mortality and illiteracy have all fallen to historic lows, while the GDP of sub-Saharan Africa has more than tripled,” said Essomé.

“The PE industry has a critical role to play in the continent’s continued transformation, by accelerating the progress made over the last 20 years and driving innovation, and by acknowledging and addressing the areas where progress has not matched expectations.”

“More will be asked of LPs, GPs and other industry stakeholders as we enter this new chapter. I’m confident the industry will rise to the occasion and generate even greater impact over the next two decades.”

As an organisation, AVCA remains committed to harnessing its resources, networks and expertise to promote and enable private investment in Africa.

“I would like to thank all of you who have played a critical role in creating, galvanising and building AVCA over the past 20 years – board members past and present, management, team, members, partners and stakeholders. The Association has grown considerably since I joined in 2011, both in numbers and capabilities,” said Essomé.

“Our research team has become the most authoritative source of private investment data on the continent and our annual conference, the industry highlight, grew from less than 200 attendees in 2012 to over 500 in 2019. Over the last decade, our membership has grown significantly, with over 150 today, collectively managing over $1.5trn in assets. I’m particularly proud of the Association’s work in mobilising much-needed commercial capital to the continent over this period.”