Venture in Africa: A Primer for Pension Funds

At First Circle Capital, we see local capital mobilisation, particularly from pension funds, insurers, and domestic asset managers, as critical in building durable technology ecosystems across the continent.

Local capital matters:

• It is naturally long-term and patient, aligned with domestic growth cycles
• It provides stability when global risk appetite contracts
• It strengthens local governance, talent retention, and accountability
• And it ensures that a greater share of value creation remains within local economies

Mobilising local capital, however, is not just about allocation targets.
It requires education, appropriate risk frameworks, regulatory clarity, and institutional trust built over time.

We’ve been working with NSSF Uganda on creating awareness on this topic for African pension funds and published a practical primer for African pension funds on venture capital.

Please find the full report here: https://drive.google.com/file/d/1d9wDsKQ0rD1USGErsnwfxRGHI60vVrxZ/view?usp=drivesdk