744 Broadly, it is common to state that private equity has not worked well in Africa. Private equity generated much hype in the noughties, a period of stagnation for global markets. Large buyout operations came looking for large ticket sizes in a market that was, simply put, not large enough to deliver the right portfolio or sophisticated enough to provide the right exits. A number of players made high-profile exits from the market, and the stain never washed out.