The “Missing Middle” of Finance in Africa

About this Mini-Course:

African Small and Medium-Sized Businesses (SMEs) face a “missing middle” of finance, a gap in available capital due to perceived high risks of these frontier markets by traditional financial institutions. Addressing this gap is essential for fostering entrepreneurship, boosting local economies, and enabling sustainable development across the continent.

In this mini-course, we will explore together how this gap came to be and how we can create models that address the needs of the global South, while offering a return–on impact and investment.

Interested in participating? Sign up here!

The Syllabus

This mini-course will consist of four sessions:

Session 1: Laying the Groundwork on Investing in Africa

  • Explanation of the missing middle in African capital markets and why it persists
  • Types of Capital attempting to plug the gap
  • Discussion of performance to date and reasons
  • Discussion of potential impacts resulting from investment
  • Discussion of risks
  • Liquidity
  • Innovation on fund structures
  • How do we think about returns? What are the right levels given the jurisdiction and class of investments?

Session 2: The Investors’ Viewpoint I – Impact and Return

  • How does global South impact investing differ from impact investing in U.S. marginalized or BIPOC spaces?
  • How do we measure systemic impacts which can be harder to attribute to causal actions?
  • How do we live with our inability to measure everything? What is a faith-informed approach to measurement and control?
  • Performance and nature of returns when investing in AfricaHow do we avoid the technocratic paradigm taking over? eg. How do we live with our inability to measure everything?Should we be trying to measure everything? What is a faith-informed approach to measurement and control?

Session 3: The Investees’ Viewpoint

  • Predictors of success
  • Challenges for enterprises receiving capital
  • Key Lessons that apply to this context
  • Developing the Ecosystem

Session 4: Africa Investing in a Globalized World

  • Global view of investing in Africa
  • What factors will change this view
  • Potential implications for current global re-alignments
  • How do we as faith-oriented investors fill the gaps left by the institutional world?
  • How do we define fiduciary duty with a faith lens?

Our Mini-Course Teachers

David Harlley

Lead Facilitator

David Harlley is Co-founder and CEO of ThirdWay Capital, an impact investment firm making equity investments into SMEs in Sub-Saharan Africa. Prior to co-founding Third Way Capital, David held executive positions in engineering firm WSP where he specialized in corporate restructuring and strategy and led regional operations. David gained his MBA from IE Business School in Madrid, Spain, holds both levels of CAIA (Chartered Alternative Investment Analyst) and is currently an adjunct lecturer at IE University, teaching on the subject of Distributive Capitalism. David grew up in Accra, Ghana and now lives in Toronto, Canada with his wife (Sarah) and two daughters (Sena and Eden).

Alicia DeLia

Co-Facilitator

Alicia is an economist, fundraiser, and impact advisor dedicated to advancing economic empowerment and prosperity. With over 15 years of experience in the global microenterprise, philanthropic, and impact investing sectors, Alicia leads DeLia Impact Advisors, helping social enterprises grow by securing financial resources and partnerships. Alicia has mobilized over $120 million for enterprises led by underrepresented leaders, and their focus is on catalyzing restorative investments that prioritize both people and the planet.

Jini Sebakunzi

Co-Facilitator

Jini is the Partnerships Manager at the Global Solidarity Forum, an NGO focused on catalyzing partnerships for vulnerable groups, including migrants and refugees, across private, development, and faith-based organizations. Originally from Rwanda and having lived in Switzerland, the UK, Nigeria, the US, and Brazil, Jini has developed strong cultural awareness through his diverse experiences. With over 20 years of experience, he is also passionate about storytelling, coaching entrepreneurs in emerging markets, and teaching students about projects aligned with sustainable development goals.

Sebastian Waldburg

Co-Facilitator

Sebastian Waldburg is the Founding Partner at Oryx Impact, responsible for overall operations and investments. With over 25 years of experience in climate finance, energy investments, and private equity, he has built expertise in emerging markets and venture capital. A seasoned team leader and entrepreneur, he co-founded SI Capital, one of Europe’s pioneering climate finance VCs.

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Friday, April 17, at 12pm EST Register here

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