In this episode, Babacar Seck and I discuss how he started his career in venture capital and private equity, Proparco’s distinct characteristics as an LP and how it evaluates funds, how DFIs’ ESG standards benefit African VC, common mistakes that GPs make while fundraising and how the process works against them, why Africans, women, and first-time GPs struggle to raise money; what drives fund underperformance generally and how LPs can help; and what micro and macro factors will drive future adjustments in the African VC space.