1423 Development finance institutions (DFIs) have traditionally been cornerstone investors in African private equity, helping to stimulate the local private sector by providing a way for small and medium sized enterprises to access capital. Over the past few years a few very large and well-known fund managers have been able to reach a first close without DFI capital. However, there has since been a significant downturn in macro-economic performance and an increase in instability in emerging markets that has tended to reduce global capital inflows into Africa.