Investment Philosophy

We utilise a disciplined investment process, combining rigorous analysis with comprehensive due diligence. We seek out compelling investment opportunities where we can obtain exclusive terms and rational pricing. Our approach leads us to focus on opportunities with some of the following characteristics, which we believe offer the most attractive investment profiles. We invest anywhere in Africa.

Emerging Middle Class

The emerging middle class, as defined by consumption, has been a notable phenomenon of Chinese and Indian growth in recent years. DPI believes that a similar phenomenon is taking place in Africa, where the demand for “middle class” consumer goods and services is growing faster than the economies as a whole. Companies that will profit from this phenomenon will focus on providing goods and services to this emerging middle class: users of mobile handsets; drinkers of bottled beer, rather than sorghum; buyers of packaged food, rather than loose food from the market; drinkers of mineral, rather than tap, water; users of bank accounts and other financial services; people who buy insurance; users of hotels; shoppers in secure shopping malls; buyers of modern apartments; and users of private education, health and security services.

Underinvested, Newly Liberalising, and Post-Conflict Markets

Most investment has flowed to a few key countries: Egypt, Kenya, Morocco, Nigeria and South Africa. These countries continue to offer attractive investment opportunities and ADP I will have investments in these countries. But DPI believes there is significant scope for investment outside the traditional economic centres, and we will devote particular attention to post-conflict and newly liberalising economies such as Angola, Algeria, Burundi, Democratic Republic of the Congo, Ethiopia, Liberia, Libya, Madagascar, Mozambique, Rwanda, and Sierra Leone.