The African Private Capital Association (AVCA) is the nexus of private capital in Africa, championing and enabling private capital investment. As the pan-African industry body, AVCA plays a significant role as an effective change agent for the industry and acts as the trusted independent source of information. AVCA represents a community of capital allocators, investors, fund managers, advisors and entrepreneurs.

Our partnership with AVCA helps foster a more robust and informed investment landscape in Ghana, enabling pension funds and other institutional investors to engage effectively with private capital markets.  

The Knowledge Exchange Initiative (KEI): This 12-month joint initiative by AVCA and GhISP was aimed at equipping Ghanaian institutional investors—such as pension fund managers and corporate and public sector trustees—with foundational knowledge and practical skills related to private capital investments. Led by AVCA, the programme is delivered through in-person deep dive sessions, online training modules and webinars, and individual consultations on topics that include:

• Private equity and venture capital.

• Risk assessment and investment strategies.

• Opportunities for peer-to-peer learning among 36 participants from corporate and public sector institutions.

The Knowledge Exchange Initiative has strengthened the capacity of pension fund professionals and asset managers to understand and allocate private capital. Fellows reported increased confidence in evaluating investment opportunities, with 75 per cent noting improved institutional openness toward private capital and 66.7 per cent indicating the programme influenced internal allocation decisions. These shifts have triggered internal reforms, including policy revisions, trustee seminars and improved investment memos. The initiative also fostered peer-advisor engagement, with shared tools improving documentation, due diligence and governance processes. 

The KEI Baseline Report sparked critical conversations within institutions and across the sector by highlighting that less than 1 per cent of pension assets were allocated to private capital. This has encouraged dialogue around mandate revisions and alternative asset strategies. AVCA is now using this evidence to engage key regulatory actors, including the NPRA and GVCA, to shape more enabling policies. 

Research report: Pension Funds and Private Capital in Ghana. Alongside the KEI programme, we commissioned AVCA to prepare an industry research report, Pension Funds and Private Capital in Ghana. The report examines how Ghana’s pension funds can evolve from passive capital holders into active allocators within Africa’s private capital ecosystem.The report will be launched on our channels in October 2025.

The Chamber of Corporate Trustees of Ghana has been a pivotal partner, facilitating member engagement in the KEI, baseline study and the research report.

Overall, the AVCA–GhISP collaboration is showing strong systemic outcomes. Institutions are adjusting internally, advisors are better engaged, and the groundwork is being laid for broader market reforms that could unlock increased funding for SMEs and private capital in Ghana.