Currency devaluations and swings in commodity prices have taken their toll on many a private equity investment in Africa in recent years, particularly for those who invested at the height of the Africa bull market between 2005 and 2013. These days, sponsors are picking their targets carefully, with a focus on domestic consumers and non-commodity exporters.

Investors have welcomed Nigeria’s new FX regime that was merged with the interbank rate in August, but doubts remain, as the market still grapples with multiple official rates.

It is not just corporations and states that have built up record debt levels: the indebtedness of the booming sub-sovereign market – especially among state-owned enterprises – can be difficult to see until something goes wrong. Should investors be spooked?

The calming of the political shock of Brexit, with oil prices now receiving Opec support, is preventing global risks from worsening, yet with a referendum looming in Italy, elections in the US and Europe to come, not to mention frail banks and several countries mired in difficulties, it might be the calm before another global storm.

Angola

Political instability, falling commodity prices, central-bank policy uncertainties and conflict were the principal negative risk factors for investors to contemplate at the turn of the year, as China’s troubles were brought into focus by another round of financial volatility.

Incensed by their failure to reform, Brics policymakers have established a flawed rival to the World Bank and IMF. Rhetoric aside, the west dismisses emerging-market dissent over the broken financial architecture at its peril.

Comprised of Sub-Saharan Africa research and Best managed companies in Sub-Saharan Africa surveys

Overall results

Best managed companies by sector

By Sector

The Sub-Saharan Africa survey is comprised of two parts: Best Sub-Saharan Africa research house and the Best managed companies in Sub-Saharan Africa.

Best managed companies in Sub-Saharan Africa

Want to invest in repackaged loans for low-cost black housing? Or the City of Johannesburg? South African telecommunications? The lifting of sanctions on South Africa could unleash a pent-up demand for funds totalling $3 billion to $4 billion a year or more.

It is the deal of the year, the financing that had everything. This was the second jumbo financing for the Federal Republic of Nigeria. It was also the second within a year. The first jumbo, for $1 billion, was signed in January, having run into major problems over pricing and the information memorandum.