While the Covid-19 pandemic has had a clear impact on some of the private equity firms’ fundraising timelines and targets, this was partly offset by increased development finance institutions’ (DFI) activity, which meant that the private equity sector was in general resilient in 2021. We expect that DFIs will continue to have a meaningful impact on the PE landscape in 2022 and beyond, as they take a longer-term view than the private sector firms. Recent surveys conducted by the African Private Equity and Venture Capital Association (AVCA) and the Southern African Venture Capital and Private Equity Association (SAVCA) show that although there was initial slowdown in fundraising in 2020, private equity activity is picking up and is expected to accelerate further in 2022.