ACFTA
The African Continental Free Trade Agreement
AFDB
African Development Bank
AUM
Assets under management
AVCA
African Venture Capital Association
BRIC
In economics, BRIC is a grouping acronym that refers to the countries of Brazil, Russia, India and China, which are all deemed to be at a similar stage of newly advanced economic development.
BRVM
Bourse Régionale des Valeurs Mobilières SA. The regional stock exchange serving Benin, Burkina Faso, Guinea Bissau, Ivory Coast, Mali, Niger, Senegal and Togo
BPOPF
Botswana Public Officers Pension Fund
CASE
The Cairo and Alexandria Stock Exchange
CDC
CDC Group plc (formerly the Commonwealth Development Corporation, and previous to that, the Colonial Development Corporation) is a development finance institution owned by the UK government. The Department for International Development is responsible for CDC, with shareholder duties managed by the Shareholder Executive. It has an investment portfolio valued around £4.8 billion (year end 2016) and since 2011 is focused on the emerging markets of South Asia and Africa.
COFIDES
Compañía Española de Financiación del Desarrollo is a joint-stock company of mixed capital, whose object is to give financial support to the projects that are carried out in emerging or developing countries in which there is some type of Spanish interest
Cost of Equity
Investors evaluation of risk that the enterprise is exposed to
DB
Defined Benefit
DC
Defined Contribution
DFI
Development Finance Institution
DRC
The Democratic Republic of the Congo
EBITDA
A proxy for operating income [Earnings before interest, tax, depreciation and amortisation]
EIB
European Investment Bank
EV
Enterprise value, A measure of a company's value [Market cap plus debt, minority interest and preference shares]
EV/EBITDA
Earning multiple calculated as Enterprise Value divided by EBITDA Foreign direct investment
Free-float-adjusted
Market capitalisation of a company, adjusted to reflect the number of shares readily available in the market
FDI
Foreign Direct Investment
FTSE
The Financial Times Stock Exchange
GDP
Gross domestic product
GEPF
Government Employee Pension Fund
GFC
Global financial crisis
GIPF
Government Institution Pension Fund
GLA
Gross Lettable Area
GNI
Gross National Income
GPW
Gross Premiums Written
IESE VC&PE
Refers to the IESE Business School Venture Capital and Private Equity
IFC
The International Finance Corporation is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in developing countries
IMF
International Monetary Fund
IPO
Initial Public Offering
IT
Information Technology
JSE
Johannesburg Stock Exchange
LUSE
Lusaka Stock Exchange
M&A
Mergers and acquisitions
Market capitalisation
Total dollar market value of all of a company's outstanding shares
MIT
Mexico, Indonesia and Turkey
MINT
Mexico, Indonesia, Nigeria, Turkey
MSCI
A US-based provider of equity, fixed income and hedge fund stock market indexes, and equity portfolio analysis tools
MUSE
Stock Exchange of Mauritius
Nominal basis
GDP at current prices
NGSE
Nigerian Stock Exchange
OPEC
Organisation of the Petroleum Exporting Countries
OPIC
Overseas Private Investment Corporation
PE
Private Equity
P/E
Price to Earnings multiple
PPP basis
Purchasing power parity basis, taking into account the relative costs of a basket of goods in each country, reported in current international dollars
PE
Private Equity
PENCOM
National Pension Commission
Rebasing of Nigeria GDP
The Nigerian GDP was recently rebased to a base year of 2010. This means that the National Bureau of Statistics recalculated GDP using a base year of 2010 (previously 1990), taking into account the production structure and prices in that year
Sample period
RisCura private equity deal database covering transactions from 2003 to 2013
SAVCA
Southern African Venture Capital Association
SWIX
Shareholder weighted index
SDG
Sustainable Development Goals
Turnover ratio
A measure of stock liquidity calculated by dividing the total number of shares traded over a period by the average number of shares out standing for the period
United Nations Conference on Trade and Development
United Nations Conference on Trade and Development
UNECA
UN Economic Commission for Africa
WFE
World Federation of Exchanges
WGBI
World Government Bond Index