13 African and 4 global hubs reviewed using the new Fund Domiciliation Maturity Diagnostic Tool. 60% of Africa-focused funds are domiciled abroad — and countries like Mauritius, Rwanda, Morocco and Ghana are showing the way home.
Domiciliation is the legal address of a fund, and with it travel the audit fees, legal fees, custodial fees, and the financial-services jobsthat grow around them. Today six in ten Africa-focused vehicles are housed offshore. The study below maps the jurisdictions changing that.
of Africa-focused investment vehicles are domiciled outside the continent
Oryx Impact, 2023
Africa’s share of global assets under management
AUC / OECD, 2023
MSME funding gap across
emerging markets
Collaborative for Frontier Finance
of a permitted 10% is what
Kenyan pensions allocate to
alternative vehicles
Kenya RBA
Luxembourg, the Netherlands, and Delaware together hold 41% of the vehicles raising and deploying capital on Africa’s growth thesis. The capital still reaches Africa; the service economy around the fund does not.
The Fund Domiciliation Maturity Diagnostic Tool (FDMDT) scores any jurisdiction on sixteen parameters across four pillars that drive where funds choose to register. It is built to be reused: a practical instrument the wider ecosystem can adopt to benchmark readiness and target reform.
Each market below is scored on the FDMDT. Select a jurisdiction to see where it stands.
The Fund Domiciliation Maturity Diagnostic Tool (FDMDT) scores any jurisdiction on sixteen parameters across four pillars that drive where funds choose to register. It is built to be reused: a practical instrument the wider ecosystem can adopt to benchmark readiness and target reform.
committed into local funds by KEPFIC (Kenya) and AOFSA (South Africa) combined
into the Mahlako Energy Fund, managed
by two Black women
the gap between what Kenyan pensions
allocate to alternatives and what
regulation already permits
Policy reform brings funds home. What turns that into jobs and local value is the ecosystem and the people who run it.
committed into local funds by KEPFIC (Kenya) and AOFSA (South Africa) combined
Legal, fund administration,
custody, compliance, audit and advisory services are needed to operate funds locally.
Skilled professionals across these functions enable high-quality, efficient and compliant operations.
Fees, profits and institutional spend stay in-country, building tax revenue, resilience and career pathways for African talent.
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