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Obstacles to US pension fund investment in Africa

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dc.contributor.authorDaniel,Preston
dc.date.accessioned2026-04-02T10:55:05Z
dc.date.available2026-04-02T10:55:05Z
dc.date.issued2025
dc.description.abstractThe Africa Finance Corporation (AFC) has been unable to raise capital from US pension funds despite its success in attracting investment from a diverse range of institutional investors. This article combines a case study of the AFC, consultations with senior-level professionals and experts, and a review of academic literature and industry reports to identify the reasons for the lack of investment in the AFC and the overall small share of investments in African entities by US pension funds. The research indicates institutional obstacles in the US pension fund investment ecosystem are mostly responsible for US pension funds forgoing investment in the AFC. More broadly, the research suggests inadequate returns, elevated risks, unsuitable investment characteristics, limited investment opportunities, higher costs, and poor liquidity are impeding investment in Africa. Efforts by development organizations and governments to accelerate capital market development, improve political and macroeconomic stability, and grow their capacity to deploy risk sharing mechanisms could help increase US pension fund investment in Africa. US pension funds could benefit from reevaluating their investment policies, considering a larger allocation to fixed income investments abroad, and incentivizing investment consulting firms to build their capacity to provide investment advice for African markets.en
dc.identifier.citationDaniel, P 2025 'Obstacles to US pension fund investment in Africa' Working paper, no. 205.
dc.identifier.issn2975-9692
dc.identifier.urihttp://hdl.handle.net/10400.5/117844
dc.language.isoeng
dc.publisherCEsA ISEG Research
dc.relation.ispartofseriesWorking paper
dc.subjectSDGs
dc.subjectAfrica
dc.subjectInvestment
dc.subjectDevelopment
dc.subjectPension funds
dc.titleObstacles to US pension fund investment in Africaen
dc.typeworkingPaper
dspace.entity.typePublication
rcaap.rightsopenAccess

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