Private equity financing is not easy to come by, even in a market as hot as Africa. The competition for funding is fierce, and the way the numbers play out is part of the bottom line. Businesses need to demonstrate not only success to date, but a strong potential for growth, expansion, and of course exit potential. Thus, as Erika van der Merwe, chief executive officer of the Southern African Venture Capital and Private Equity Association, explained to AFKInsider in an email interview, “The bulk of private equity funding across Africa is for established businesses with proven revenue and profitability.”