Africa and private equity seem like a perfect fit. Private equity can provide capital and management expertise while the continent offers the potential for growth, particularly in consumer-driven sectors. Investors have taken note and money from large international investors has flooded in.

African investment veterans Helios closed the first billion dollar African fund, and fundraising by private equity firms reached a six-year peak at $4.3 billion in 2015, according to research compiled by the African Private Equity and Venture Capital Association. Yet with record levels of capital ready to invest, deal flow has plummeted. The value of deals completed has fallen to just $109 million in 2016 to 21 June, the lowest figure for a six month period since the second half of 2010.