Private equity is a great way of investing in uncertain, high growth environments. Strange then, that the African private equity industry is so small. In fact, Stephane Bacquaert, managing partner of Adenia Capital, argues that the mature Western private capital industry has systematically misunderstood the African opportunity, and its risk profile in particulare. In this Fund Shack podcast with Ross Butler, he talks about managing one of Africa's largest buyout funds, and the value that so many investors are missing out on.