Marc Lasserre | Managing Partner | S O Capital Advice #PIAFRICA

Question 1 :
As a specialist private assets advisor, how do you see the role of private equity, private debt, and
infrastructure evolving within African pension fund and sovereign wealth fund portfolios over the
next few years?

Private assets still represent a relatively small share of African pension fund and sovereign wealth fund
portfolios, but I expect allocations to grow significantly in the coming years. To support this evolution,
the private assets ecosystem on the continent will need to strengthen transparency and improve the
reliability of performance data.

This shift is being encouraged by the strong performance of some private asset strategies with
differentiated cash-flow profiles. It is also driven by two structural factors: the limited depth and size of
African public markets, and the global reality that pension funds are among the most important
contributors to the private assets industry worldwide.

By investing in private assets funds particularly SMEs ones, African pension funds can both support
economic development and build more sustainable, long-term pension systems on the continent.

Question 2 :
From your advisory perspective, what are the biggest practical hurdles preventing greater
institutional allocation to private markets in Africa—governance, regulation, risk perception, or
capacity—and how can these be addressed ?

The main hurdles today lie less in regulations and more within the private assets industry itself. Limited
transparency, driven by inconsistent performance data and uneven fund track records, continues to
constrain confidence among pension funds and sovereign wealth funds.

In addition, a structural mismatch persists between domestic investment mandates of pension funds
and the regional or pan-African focus of many private asset funds. While recent improvements in fund
performance and a gradual expansion of pension fund mandates are encouraging, sustained progress
will be key to unlocking larger institutional allocations over the coming decade.

Question 3 :
PI Africa convenes asset owners, regulators, and managers in one forum. What discussions are you
most eager to engage in this year, and how do you see S.O. Capital Advice contributing to more
informed decision-making around private assets on the continent ?

S.O. Capital Advice has sponsored PI Africa for the past two years because we strongly believe that
Africa’s long-term future depends on pension funds allocating more capital locally, rather than
predominantly to highly liquid foreign assets. Our objective is to help facilitate greater investments by
pension funds into private assets either through funds or directly; a transition already underway, as
illustrated by recent initiatives such as Ivory Coast CNPS’s investment in the Novamed hospital chain in
Côte d’Ivoire.

This year, we are particularly eager to engage with pension funds, asset owners, and regulators on how
private equity and other private assets can be more effectively integrated into long-term portfolio
construction and contribute to financing Africa’s growth, especially through SMEs.
During our session scheduled for the second day of the conference, we aim to highlight the recent
evolution of the private assets industry in Africa and showcase concrete projects currently being studied
or implemented by pension funds across the continent. While private assets have historically been
approached with caution, we have seen a clear positive shift since 2022, with well-selected managers
delivering strong and differentiated performance.

As an advisor and intermediary, S.O. Capital Advice contributes by sharing insights on performance
trends, fund structures, and cash-flow dynamics, supporting more informed decision-making and
helping pension funds better align their liabilities with long-term return opportunities in private assets.