This study authored by Grassroots Capital Management and sponsored by Calmeadow, the Financial Inclusion Equity Fund, Norfund, and Fintech Africa, aims at assessing how the governance was conducted. The study evaluates strategy setting and resetting, investment decisions and portfolio management from the standpoint of the primary forces that comprise governance of the fund: the Board and its committees.
It also explores what aspects of the fund’s structure and governance were most influential. Was governance conducted appropriately and did the Board and its committees, as well as the Investors/Shareholders, conduct themselves according to the mandate of AfriCap? The study explores these and other questions, collecting information and perspectives through interviews with AfriCap managers, staff, board members and investees, and other, publicly available information
Written by: Paul Di Leo and Amit Brar. March 2015.